Everyone, just like to say it is good to see a thread where everyone is making good rational and reasoned counter arguments to my own post without turning this into the usual anti pay to fly slanging match. STS, Horsebox, Alpha Adrian, Mike Hammer, again I wouldn't dispute any of the points you have made and all things that need to be taken into consideration.
I apologise if I am drifting the thread into a more generic SSTR P2F/ Training bond/low salary debate, but I feel the discussion so far has been raised some very worthwhile issues and is worth continuing.
STS, it was more than two years back I was laid off from my last flying job, the only thing that would make my application attractive to Eastern is the fact I do have turboprop (although not much) time on something alot heavier than a jetstream. I did revalidate my instructors rating 6 months after losing my tp FO job, but have yet to find any part time instructing work to keep the flying CV active. The pay cut I took to go full time instructing in the space of 12 months was easily the same value as an eaglejet pay to fly scheme.
Also you are correct it is easier to find a job when in a job in that field; in 2007 after a season of full time instructing I did get invited to 6 interviews/assessments, misfortunately 3 of those came just as I was about to start employment at a turboprop operator and already signed up to a large bond. Two of those were for jet operators as well, both of which were offering bonding agreements; very frustrating though there is no guarentees that I would have got the other jobs. I suppose the gamble is if you took a job at Eastern and do then get offered a jet job else where, after a year or two on that low salary are you in a position to pay yourself out of the bond/loan agreement.
Alpha Adrian, has hit the nail on the head, it does depend on your personal circumstances, after losing my turboprop job I walked back into well paid aerospace contract engineering work, (it takes me aweek and a half to earn the same monthly pay as an Eastern FO), so this is probably what makes an ptf scheme more viable for me. However I fully appreaciate that not everyone has the benefit of a well paid back up career (also my own circumstances could change and the contract work could dry up). However the benefit of modular training was it allowed me to coincide an engineering career and flight training; so I should make no apologises for gaining a back up career prior to flying.
Horsebox, again agreed to spend a further 30K after training is a bit of a hit, but as my training was a few years back I have now paid off most of my flight training (infact most of my debt comes from money borrowed to support living expenses while working as a full time instructor rather than the flight training itself), again that is my own personal circumstances, doesn't apply to everyone, but there will be others out there who have come out of training with minimal or no debt.
Anyway, I haven't yet been offered an interview with Eastern yet; although my thread has referred to my own personal circumstances, I am sure there are those that are in a similar situation.
Again if I did get a call from Eastern I certainly wouldn't rule it out, but it is something I would need to consider very carefully.
Again, thank you everyone for keeping the discussion constructive.