Rob
We are sort of in the same boat - I am fortunate that I have equity in my house so I wont have to go into debt but then I am giving up a Partnership at the age of 31 and I have a young baby to think about.
The other comments are spot on about regretting it for the rest of your life.
I am also happy, at 31, to get a job as a flying instructor in the hope that eventually a job will present itself.
My problem is that I was intending to train in the states beginning next Summer. With a J1 Visa I can stay for two years in total and work as a flight instructor after my training. I will therefore descend on the UK job market with an ATPL in Summer 2004 when things may be just a little easier.
This option might not be available depending upon America's new "Foreign Policy" which we await with baited breath.
I am lucky in that I can wait and see what happens for the remainder of this year - but I feel that the nature of the business will lead to the industry surviving and flourishing once more.
Hope these words lend support to any other wannabes in a similar position.
"Keep the Faith" (someone has to train to become a pilot - why not you!!)
p.s. if you think this is complete naive boll*cks please dont tell me - I am actually having a good day