I'm not the ex-cadet you are looking for: there are several lurking here. Do a search on CTC and you'll find them (and, perhaps, answers to your questions).
On the subject of money, I understand they pay an allowance which is tax free. £1000 per month springs to mind, but don't quote me on that. You'll get expenses on top of that, so the net result is that you'll probably be as well off as a TP FO while you are on the scheme. Once you've graduated, you'll be on a pretty good starting salary.
