Yes my credit rating will be screwed for the next few years, but I could not have borrowed more, or moved funds around when the cheap offers dried up.
That is the big issue when it comes to IVAs.
Is it all worth it?
In which other trade or profession would you to expected to take out a loan to the amounts quoted and then (possibly) consider an IVA in order to get you out of the financial mess?
It really is all madness for a career which may or may not prove to be the Utopia imagined.
Fianancial problems for years and credit issues after that!
The financing of pilot training is in a mess - but so long as people are willing to sell their futures for someone else's benefit I'm sure the likes of MOL, PM and those in the 'orange' company will smile all the way to the bank.
It is without precedent that so little sponsorship has been offered relative to the expansion of the industry.
When I was a lad the whole of my training was paid for, including exams, college, day-release - it would have been unheard of that I should be expected to pay for it myself.
In respect of flying training, the costs up to CPL and FI rating are reasonable if you want to fly for recreation. The cost of an IR and ATPL are unreasonable, but accepted these days as airline entry requirements. But to have to pay for a TR (other than by bonding) and then line training is outrageous in my opinion.
But so long as there are numpties out there willing to chase their dream, the employers will continue to take advantage.
No point complaining - the situation is a self-perpetuating and one fuelled by the candidates, not the employers.
The perception is that it's the big bad employers who take advantage - not so - it's the air-brained pilots who enable the situation to exist.
So don't complain, the problem is of our own making.
KR
FOK