What those who act the way Mike Edgeworth et al appears to have done is reprehensible. But even without such behaviour, flying schools go tits up. Sometimes it's inept management, sometimes just a poor economy that can't support the business model, and sometimes it's through dishonesty. The point is you have no way of knowing the financial circumstances of a school. Even publicly owned companies' books aren't entirely clear.
That doesn't change the fact that handing over tens of thousands of pounds to any organisation, without any form of funds protection, for what is little more than a nice promise for future value received can't be defended as a particularly sensible way to arrange your flying training.
Pilotbear, you're wrong about your mortgage analogy. You gain the ownership of the property if you complete the contract terms eg the exchange money for the property. If you get the money using a typical loan arrangement then it's the mortgage company that's taking the risk that you're going to pay them back and they - sensibly - don't give you the money without insurance in the form of a mortgage on the property. As long as if you make the loan repayments until the loan is completely paid off then the house is yours.
Would you loan $50,000 or $100,000 to a stranger without security? Because that's pretty much what paying up front is doing.
If you accept a part sponsorship, it's because you think it will fast track you into a nice, shiny jet. If it involves paying large amounts up front then that's a risk you *choose* to take on your route to a jet job, even though there are alternative ways to eventually get there.
Last edited by Tinstaafl; 24th Jul 2012 at 12:48.