To answer the beak, my point is Oxford have been doing these schemes a long time in various form
Yes, but they're getting worse every time!
Only three years ago myself and another 23 OAT graduates (Integrated and Modular) went through GECAT selection (there were not the same company then) and offered a DIRECT ENTRY First Officer position at EZY. The catch: we had to pay for the TR and base training (the latter because EZY simply had no spare capacity - the summer of hell). Cost: GBP 20K. I really had to think hard about it, but in the end went for it. I was Modular and had paid for most of the training so far from savings. It seemed acceptable.
Three years later, I have an SFO salary with Boeing and Airbus ratings and I paid the TR loan back.
Compare that with paying for 34K for a six months contract - where you only get paid when you fly. A bit worse, I would say!
P