Repayments
Hello everyone.
Sorry to stick my head above the parapet, but I'm wrestling with the finances (as a number of users appear to be) and wondered if anyone is in the same boat.
I can fund myself through the 18 months of training, taking the BBVA loan of at least £84k, but then when it comes to beginning work with BA and starting the repayments, I will have so little left to take home each month for rent, bills, food etc that I'm really not sure I can afford to do this. I have no access to any other funds (parents etc) so what I save now and borrow during the course is all I've got.
I've had to assume a number of things in my calculations, and used FateHunter's spreadsheet for the loan repayments (@ £84k, interest at 3.9% above base rate), but I come out as having a take-home of approx £1,100 per month after making repayments. I have based this on receiving a £22k salary, £8k flying and duty pay and £12k return of the bond paid to APL. But having spoken to a Senior FO in the company, he reckons you have to spend about a third to a half of your flying pay when 'down route' on meals and general living costs, and that's without going mad.
Have I over-estimated this or are others realising the same sort of thing? Anyone got some words of wisdom or is it a case of 'if you want it badly enough you'll have to make do, sunshine'?