Originally Posted by Aviator321
If the max hsbc will loan someone to do OAAs course is £50k, how are people getting £100k in debt? Seems the max debt will be £50k, the rest will have to be saved up before starting.
Originally Posted by clanger32
As for £100k in debt, I do wish people would stop manipulating things in order to make their own argument more cogent.
The quoted price on a course is for the minimum required hours which is what most people seem to budget for so assuming they put up 10-20k of their own money which could easily come from remortaging or a credit card to cover the remainder of the cost of the course (i've seen it done) we're up to 60-70k debt.
As with everything in life, things never go quite according to plan and it's not difficult to rack up some large unforseen bills. I've just checked Bristols hourly instruction rates.You're looking at £200/hr for a Warrior, £260/hr for an Arrow and £360 for a Senneca plus £20 per landing and £20 per approach .
Add to the original 60-70k a few extra hours for the ppl, a few for the imc, a few for the cpl and few for the IR, throw in some extra touch and goes and some extra approaches along with the odd exam resit and skills test retake and you wont see much change from 10k.
This happened in the past and it will continue to happen, most people I knew borrowed from family or put it on the credit card. Be advised, you are quite likely to go over hours for all aspects of flight trainning and it's a costly business. Add on 30K for a type rating and 100k doesn't look so inconceivable.
Originally Posted by "kwokwinguk
G CEXO, There are 2 paths to choose. One is to take a loan and see what the outcome will be after completing the course. The other is totally opposite not to take the loan and always wondering what will happen. What will you choose G CEXO?
Nobody here is suggesting that anyone should give up on their plans, just hold off on them, little cliches like those in your last 2 sentances are frankly irresponsible at a time like this, you can't sum up the descision making process required for spending vast sums of money with a few lines that sound like they could have come out of a soppy Hollywood film....you're not the marketing manager of a flight school are you ?
At this moment in time, if you really have to start, modular seems like the logical way to go, i'd listen to WWW's advice, it gives you the flexibility you need at a time like this. Once you've got your ppl/imc, go somewhere sunny (and cheap), rent an aircraft and learn to fly, not just pass skills tests, flying on your own or with mates, exploring a different country (or part of the country) is where the fun is at.