To any guys and girls who get caught up the spin that is CTC (same probably goes for any high cost secured loan training provider) is the only way forward please work out your income and expenditure before signing over 100k.
I now know 8 ex-cadets that have now gone bankrupt! Most of these are working for easyJet under flexicrew. And these are the ones I know about! These are people who went under recently (last 1-7 months ago), not 2 years ago!
Or at least ask CTC at their next open day how many people are defaulting on their loan? The last rumor (it was just hearsay in the crew-room) I heard was that one of the director's was saying that NOBODY had even defaulted!
If the courts don't think you have enough income to survive on the current pay deal then why would people risk their or their parents houses! It is bad enough dealing with banks when you are arguing over an unsecured loan.
I don't want to put anybody off a flying career but I couldn't recommend handing over so much money in one go.
There are better options out there than CTC
If it helps just one person out there, here are some rough figures for someone that is single and living in a very small flat not in London:
Loan repayments: 1200 a month (With V low APR at the minute)
Rent: 550
Council Tax: 100
Phone:30
Food:190
TV:12
BALPA:10
Car Servicing:20
License Insurance: 22
Fuel:200
AA Cover: 15
Home Insurance: 17
Internet:20 (Could get it cheaper but remember on flexicrew you have 1 months notice until you may have to move)
Clothing 30
Car Insurance (Varies but mine is about 50)
Medical Class 1: 20
Hairdressing:15
Precipitations 8
Dentist:10
Water: 17
Medical Insurance: 7 (Have a close look at the flexicrew cover!)
Socilaising: 50 (I'm guessing that going out once a month would be in your mind - after all I can't be the only one who went into flying to impress the girls - hasn't worked of course)
Holiday: 25 (One 300 holiday a year - won't get you much but it is a holiday)
Electric/Heating 40-80
So all in all, for somebody with a Student Loan without calculating any extra loans for a type rating you would need to be earning a starting salary of more than
£49000 just to keep yourself from ending up in court! (£44000 with out Student Loan).
I'm sorry but the numbers just don't add up at the minute - and this is before the interest rates go up. (I'm not an economist but I am sure that they will over the next 7 years!)
Even if you maxed out at 900 hrs a year, every year you will only be earning £43000 with flexicrew. Even CTC don't think you will be averaging that!
But you may be thinking by the time I get there I will go straight into easy full time. In which case your starting salary will be about £39000 including sector pay.
Of course, this doesn't include deposits for rent etc and all those other one off payments such as presents/uniforms/food/Christmas whilst at training days in Luton etc.
And one last thing, lets hope you finish on time as 8 months on 1200 a month before you start getting paid doesn't do very far.
Anyhow, for what is worth. The instructors I had at CTC were V good. I have huge respect for them. However, I can't recommend CTC as a school.
On a side note, I was talking to a EZY Trainer recently in Burgess Hill when I was having my Sim and he was saying that there was real concern over the quality of the recent cadets from CTC. (This was not about the cadet's potential ability but on how and what they have or not have been taught on the TR).
I only mention this as if CTC ever loose the contract were would all these cadets go.....?