Hsbc Again.

[p.savage]

Ok, so since the nice loan company people promise me the world and them take it away again, I have been feeling somewhat urm, ****ty. So, once again I am going to try my luck with the HSBC. So heres the rundown:

1. I don't bank with the HSBC
2. I need £45,000.
3. Unsecured (I said I was going to try my luck!)
4. Repay over 6 years.
5. Take mortgage with HSBC.
6. Smile and be nice.

The last time I was in with the HSBC in Belfast, (the only one) they didn't know the product they where selling very well. So much so I had so show them the leaflet I had recieved a couple of days earlier. So, they sent me home and and asked me to come back a week later, when they told me that I didn't qualify for this loan because I didn't have a degree. Now, from what I have read on these forums, as I understood a degree was not essential. Can anyone clarify this for me, once and for all?

I don't have any security to offer. I don't own a house, and my folks mortgage it maxed out, becauase Father Savage has just expanded his business. :ugh: So if they ask for security I'm stuffed. Again.

It really gets to me that the government will fund so much for other professions, like Law for example. I have a friend who is in her first 3 months at University and she has, apparently everything paid for her, because her family is on benefits. And yet, the government won't atleast HELP fund the careers pilots, one of the most important people in the fastest growing industry in the world! What gives?

Anyway, thanks for listening to my rant!
Wish me luck with the HSBC and anyone who has advice about them, please don't hesitate to contact me!

My e-mail address is [email protected]
(I can't figure out how to change it in PPruNe)

NB: Before someone starts, yes I have already searched this, for crying out loud I started the whole HSBC degree's and loans thingy!

Take it easy.

P. Savage

[SAW]

45,000 pounds=approx 90,000 canadian dollars not sure US dollar value why not get some price quotes from JAA rated schools in the US it will be much cheaper by at least 1/2. Might be easier getting a loan for 15-20 thousand pounds.:ok:

[pa28biggles]

You do not need a degree for the Proffessional Studies loan for Commercial Pilots Licence (That is how they quote it I think in their literature.)
As I am sure you know, HSBC sell a product that most branches know nothing about. When I went to my local branch in Halifax (West Yorkshire), nobody had a clue. They said without a job at the end of the training no chance. They made me wait a week to tell me that.
I went into the branch in Leeds, since Leeds is a large city, with the logic that the larger branches would possibly be a bit more clued up. They seemed to be a bit more clued up, although they still seemed a little unsure of the Proffessional Studies loans for CPL. I think that they had a bit of experience with Proffessional Studies loans for post graduates.
In the end they were going to give me £30K secured. My parents thought a gaurantee meant that if I couldn't make the payments they would. It didn't. A gaurentee meant HSBC wanted second rights to the house. If I couldn't pay they would take the house of my parents. My parents didn't like this, so I was unable to take the loan.
If I remember correctly, they said that they would give me £10K maximum unsecured. I'm bearing that in mind....

[Spike001]

Hi

I've about to visit HSBC and a few others in the next few weeks to talk about my loan.

The thing I've noticed that many people, if not most of them who are after a loan go for a loan in the region of £45,000 (to complete all of the training in one whole block). Firstly, if you have no house, no security, then your chances of getting this type of loan are diminished, they'll give you the money, but how are you going to pay it back (that's half the challenge).

I've financed my PPL on my own, and been in the Simulator Software development industry for a while now, and going for a £45,000 is just not a sensible option. You may get it, but extremely unlikely.

I wouldn't be willing to put my parents at risk by the bank taking our house if I couldn't afford to pay back money owed. The parents have already stated that I'm on my own on this one.

This is one of my plans, it's structured, and also it allows me to pay the loan off in an easier way instead of such a LARGE chunk over many years:

Finish PPL - this month

Get approx. £15,000 loan

Start ATPL groundschool in March

Hour build in US

CPL in UK.

....from here on, I will be able to start paying back this sum over e.g. 2 yrs.

I've also planned in advance, allowing me to have income coming into my bank account while doing these courses - so already I've started to pay back the loan. I also manage my own business, so I'm able to bring in a good bit of cash when I need too.
..Plus taking a £15,000 is much more sensible when concerning security.

Being a flight instructor is also an option during this period.


Once I've paid my loan off, it's then onto the next loan, this time to complete my IR - MCC (if I haven't managed to get sponsorship to complete it by then).


I just hope things go well with HSBC, and I wish you all the best of luck. :ok:

[blueb0y79]

Guys

DONT LET THEM BULL##IT U !!

I got a Prof. Studies loan from the HSBC about 1 year ago. I got 30K UNSECURED and ive been cleared for another 10K to finish of my training. My advice is to walk into a poular branch of the HSBC (Give the Crawley branch a ring and talk to them, they know what its all about and arrange a meeting), look professional so unfortunately its a suit and tie job, go in there knowing how much everything is going to cost or at least make them think u do, so a financial plan is a must, and dont let them con u into putting down your house or something as security, IT IS NOT MANDATORY, just be adament that theres no way that u are able to do it this way. The decision primarily rests upon the advisor/manager who u have this meeting with, although he does require a signature from his gaffer, if u can expain things to him and confince him properly he is then able to put a good story across to his boss and hey presto, after one and a half years u have to pay the little bleeder back !!!! :-(

So theres how, but please make sure u know what u are getting yourself in for, as u have to pay over the top odds back in my opinion.

Happy flying

[slow_bird1]

blue do you have examples of your financial plan that you used succesfully?

thanx:O

[p.savage]

Today I went to see the HSBC Belfast with my Business Plan.

A lovely lady talked to me for an hour and then went away to talk to someone 'higher'.

They came back with the answer no. Due to the fact that I cannot provide security.

Any body have any ideas?

Paul

[no sponsor]

You could have asked for a meeting with the 'someone higher'. At least the three of you could have discussed it there and then.

I wouldn't think it unreasonable for someone to ask for security, and I presume they mean a house, for that sort of money.

Two other options:

Try your luck at a HSBC branch where you know they have accepted these for pilots. Obviously, you'll have to travel to somewhere like Oxford. Making appointments and chatting on the phone prior to your visit may indicate if it will be worthwhile. Also ask about security and loan amounts prior to the trip.

Go back to the HSBC branch and ask for details on the amount that you can get unsecured.

Hope that helps.

[Spike001]

P.Savage..

Were you attempting to go for the £45,000 loan, or did you consider going for something a bit less, around the £15k - 20k mark?

...because if you were going for the £45,000, i'm not suprised with your outcome.


Cheers

[blueb0y79]

Guys,

Im TELLING you go to the Warrington branch (primarily) or the Crawley and talk to the guys there. I'd advise you to speak to a lady called Michelle in Warrington, she knows what she is talking about and security is NOT required for the loan ( even if its 30k !!!) BELIEVE ME I DID IT and i recently got another 10k too !!!

End of story

[Buter]

Check with the HSBC branch in Bournemouth. They deal with the students from EPTA and are thoroughly farmiliar with the professional studies loan. I haven't heard of anybody walking away from them unhappy.

Best of luck,
Buter

[Funkie]

p.savage.

A couple of points that I have picked up on your initial post;

I would suggest that you start to bank with the HSBC, in fact I think it’s part of the qualification requirements for the loan! Get a credit card with them and use is wisely. This will offer you the opportunity to build up a history with them - if you don’t take the p!ss.

You note that you wish to pay the £45k back over 6 years. That’s circa £840 a month at 6% for that period - that may be the reason for the “no chance” answer. How much do you expect to earn in the first couple of years as a pilot (assuming you get a job!!!).

I think you may need to review the costs involved, the terms and the implications of the professional studies loan. Wee Weasly Welshman gave a brief, yet concise review of the associated costs in a recent thread, I think it was about £38k - that should work out at about £322pm over 11 years, again at 6% (the normal terms). Much more affordable, but still not cheap!!

The decision is based on your risk. To me, it would appear that you are a high risk. The loan, although not advertised as secured may require security depending upon your risk. Remember, it’s not a computer that makes this decision, it’s a human, which makes a change!!

If, as it would appear, you are having issues obtaining the loan, look at other options. As others have suggested, borrow smaller amounts with the option to review and borrow more as you progress with your training.

Make contact with other braches (I understand the Oxford branch is good), or their head office. Discuss your needs with someone who knows the product, if the person you initially speak to does not know that product, ask for someone who does….

I stand to be corrected if the above is inaccurate, however this is how I understand the terms.

Good luck

Funkie:ok:

[p.savage]

Thank you all for your replies.

So, generally you are saying that requesting a smaller amount to start with is a better idea?

Just as a note, I also guaranteed her a job, although not in aviation when I qualified.

Also, aswell as security she also wanted a fair amount of savings and acceptance onto an INTEGRATED course. Apparently the HSBC 'prefer' that to the modular route. DO you think it is possible that I am being discriminated against, because I live in N.Ireland? I mean, I hear of all these reports that guys get unsecured loans for £30k from branches in England. Whats going on?

Paul

[Leezyjet]

Hey this is gr8. I've been wondering for ages how to finance my quest for flight and I've stumbled accross this thread basically telling me where to go and who to speak to all at once !!.

I've been working in Flight Dispatch for about 10 years but now I want to start learning to fly this year as I'm due to get a pay rise and also pay off a bank loan so I should have an extra few hundred quid each month to pay for it.

Can anyone give me a rough idea as to how much it would cost to go from zero to say 737 type rating. I have the Flyer magazine special they did last year on flight schools etc. but there is nothing that tells me how much I can expect to pay for the whole lot.

Also if anyone can let me know which is the best route to take this would be useful too.

I know I'm swaying from the thread so sorry !!.

Hey just realised one of my best mates is now a bank manager for HSBC so I'll have to call him tomorrow !!! - you know what they say - it's not what you know but who !!!. ;)

:)

[Northern Highflyer]

p.savage

HSBC would only loan me £15000 as I didn't bank with them. I had a business plan, have a reasonably well paid job and a house, but that was the maximum they would offer me at this stage as I have no credit history with them.

As the lady I dealt with said, if I need more money in a years time I will then have a history with them, and they then have a vested interest in my success.

Leezyjet

Budget for £40 - 50000 (modular), £60000+ (integrated) to complete training for the licence and ratings required. A type rating is extra on top but personally I wouldn't pay for one.

As to which method is best, search these forums for past threads on modular v integrated for plenty of views on that one. Which one you choose depends on your circumstances and what you feel best with.

[CapedVulture]

This thread has been just what I`ve been looking for too.
I`ve got the JAA Frozen ATPL and multi IR and paid for it all myself. I need a 10 - 12 000 pound loan to do an FI course, but just got an application for the HSBC Postgrad loan turned down as I have no security i.e. I am not a homeowner and could not guarantee them a job at the end.

However I do have 5 years solid computing experience in London city and managed to save £40 000 in just 2 years to fund my flying.
I should have no problem getting another computer contract if I had any problem paying the loan off on my instructors salary. I could instruct part time.
I explained all this to them and explained that the instructors rating also improved my chances in some ways of getting properly paid employment with an airline, as I would be increasing my flying hours and yet was still turned down.

I think I`ll be knocking on this threads suggested branches next week. Will let you guys know what happens....

[p.savage]

Blueboy,

I took your advise, and I'm flying over to Liverpool (to go to Warrington) on Tues 27th Jan to speak to Michelle, who sounds like a lovely lady. The Belfast HSBC just don't know what their selling. I will let you know how I get on.

Paul

[Big-Bird]

I have also had trouble with finding the right hsbc branch to go to.

I was straight away turned down from my local branch (swindon). But was advised to try the guys down at christchurch (bournemouth). After a few phone calls it is all looking a lot more positive. Offering 30K secured - am i mad????? :confused: :confused:

[Spike001]

Hi all,

I'm thinking that in my situation, an HSBC loan might not be worth it for the moment. I'm looking at doing ATPL in June instead of March on a Career Development Loan, enabling me to save before hand, for hour building in the US after I complete the course.

I need to look into the true details of the CDL, and how soon I'll need to pay it back.

Luckly I'm in a good job, so it won't take me long to save for CPL, then onto IR - maybe with a small loan for that.

Keeping out of debt is the best option if you can do it ;)


Good luck all :ok:

[Dude~]

I went into HSBC the other day to ask about interest rates and other details on a £14,000 loan and they actually offerred it to me then and there but I said I'd have to have a think about it, but its good to know I could get the loan without security. To think I didn't even take any quotes or training proposals and was dressed like a student!

[Tim_Q]

One point I don't think has been mentioned here is that the branch does not make the decission whether they will go with you or not, it is done further up the chain.
The branch will fill in the paper work and hopefully provide you with sound advice. I was lucky as the HSBC branch I dealt with were very clued up on this. Whether they prefer integrated courses, I doubt they really care all that much. It's all down to risk and for the majority of people borrowing this sum of cash means security is needed.
There are obviously a lucky number who have done this unsecured, someone said earlier in this thread 'don't let them bull**** you' with regard to needing security. I think this is beside the point, each application will be examined individually, if you say 'no, I can't provide security' your chances of getting a loan will be considerably reduced but if you can't, you can't!
I think you are doing the right thing to at least visit a branch that know there stuff. Best you can do is sell yourself as best you can. You only need a small business plan to show you have worked out precise costs, a strategy for finding work, state of the industry, expected salaries that kind of thing.
I would suggest that if the answer is still no, perhaps ask how much they would be prepared to lend you unsecured. Maybe they can compromise, these things aren't set in stone.
Goot luck matie! ;)

Dude, there does seem to be a big cuttoff around £15K, below that people seem happy to throw cash at you with no security, but try and get more and it's a very different story! Banks-very strange.

[Jonny]

Can any of you lot recommend a branch of HSBC in central london that they know have offered a Very Big Loan, secured or otherwise.

(god i wish you could search this forum... is there a reason we can't. So much duplicate posting must waste loads of bandwith)

[Awyrennwr]

The HSBC Loan as I have been advised by a very clued up HSBC loans advisor.
You can get an unsecured loan for the full cost of your training plus £6000 expenses in theory. However there are things that help.
You must be accepted onto a course & provide exact costs etc.... and also write a convincing letter to the bank manager.
A very big plus is having passed the ATPL theories, it shows the commitment is there.
You do not require a degree, but an aviaition related eduction or employment history is highly advantagous.
The modualr route is favoured because the bank is trying to avoid lending to the people who get out of bed one morning and suddenly decide they want to be a pilot. They want people already activley persuing a career.
Also good is a class 1 medical, morrisby results, GAPAN or similar aptitude test results, a reference from an instructor (ground and flying).
All this should be submitted with the application form to a compitant loans advisor, who will then put your case to a loans/bank manager who will then ask you in for an interview and make a decision from there.
My advice, go to your branch and ask your loans advisor about a proffesional pilots loan, if they say "A what?" go to another branch until you find someone who knows what they are talking about.

Hope this is of some use, best of luck to all who apply.

[jonathoninglesby]

ok this is how you dont do the whole hsbc thing.

1 walk into branch
2 except a nice large loan of £25,000
3 take £15,000 to start yourself off
4 come back to blighty expecting the rest of the money.
5 expect the member of staff that offered you the loan to still be there to hand the rest of the cash to you .because they wont be!

with over 200 hours,night,multi,100pic,and all that jazz,i still cant get the rest of the cash out of them .
written very long letter to the branch manager , went to a branch in another town, tried contacting another {more understanding branch} still waiting on reply after 30 phonecalls and three weeks.
nothing seems to work :hmm: would be quicker to get a job at hsbc and work myself up to branch manager (prob only take two days,its not like you need to know the product your selling)then give myself a nice fat loan.
just be sure to get anything in writing if your thinking of going the same route .good luck to you all:ok:

[Farrell]

Your email address is from egg........i'm sure they can bend the rules if you need them to.

W

[HiWing]

Hi,

Having recently dealt with this stuff I can pass on some useful info.
The bank manager at Hythe (Southampton) is a good place to start. He's very clued up and lends 60K + unsecured to CTC McAlpine cadets.

Not having a degree wont help. It gives them confidence that youre a high achiever. Also a fall back.

I suspect that as you dont have one you will have to make up for it in other ways. As suggested GAPAN would be good. Maybe fly the Trident Sim Nr Biggin. You will need to show a huge commitment.

They like to lend over 7 years at 2% above base, ie 6% now.

You should def move banking to them. They give you a behaviour score 1-90 and this helps too.

They helped me but I do have a science degree.

Good luck.

[YDN]

Can only say what I know of my loan with HSBC. Most branches are unaware of the Proff Studies loan in relation to flying training. My local branch weren't that helpful but I ended up going through the Christchurch branch. They've done loads of these and are really helpful. Security in the form of property wasn't an issue when I took the loan but know from the staff there now that it is now a requirement with them. As I said, I can't speak for other branches. The loan itself was over a maximum of 11 years but can be repaid sooner than that. Interest is 2% above base and a £35,000 loan currently costs about £370 a month - obviously would be more if you shortened the repayment period. I've since finished all my training and all I can say is that they were really helpful throughout the training period especially when the course ended up taking three months longer than I anticipated.

Good luck.

[HN1708]

Hi,

I've made a couple previous posts on this topic, and just thought i'd let you know that i've just had a £30K secured loan from the HSBC approved.

I'd got a knock back before and seem to have got my loan for sheer persistence. The last time they knocked me back was because i intended to do modular training that was 'not popular with the airlines', 'had no guaranteed job offer' and 'wouldn't be able to manage repayments on top of my present debts'.

I politely pointed out to them that i had friends who had recently gained airline jobs, and who had trained via the modular route. Pointed out that even sponsored students job offers were subject to market forces when they qualify. Paid off a shed load of personal debt, to make my ability to pay off a £30K loan more believable.

They agreed to reconsider my application on the points i made above, and gave me the loan last week. The loan was secured and i have been assured that they don't do unsecured loans over £15-20K despite what i had heard. So unless you have property, or some elses properety, they claim they won't entertain you. They also require a heavy life insurance policy and a business plan. All i need to do now is pass a shed load of tests and i'll be on my way!

For any more info please PM me.:ok: