HSBC withdrawal of loan... huge blow for modular schools?

[Grass strip basher]

My understanding is that HSBC have withdrawn their professional studies loan. However I have read that potential Oxford integrated students still have access to finance via a deal done by Oxford avaition with their local HSBC branch and also the integrated guys and gals going to Jerez can of course still get a loan from BBVA (a big Spainsh bank).... but what about the poor old modular student!?!

This must surely be bad news for the modular schools if all modular students are now going to have to effectively save all the cash required for each step of their training before they can start!

As someone who has just started down the modular route I am curious to know what the modular schools view of this news is for their future business... Send Clowns, African Drunk any views??

[Wright]

Hey GSB,

yes I can confirm your findings - am due to join Jerez soon on the integrated course and 'only' had the finance to arrange - went to HSBC and the manager said (ater some digging around) if I had gone to them a month ago funding would have been fine but their list of approved colleges has changed and now only includes OAT and CTC. No reason was given but would imagine it is nothing to do with the rep. of FTE (which is very good after a recent visit there!).

Am now exploring other avenues - does anybody else have BBVA loans? I am always quite apprehensive about taking large loans from people I've never heard of so any advice is much appreciated! Apologies if I'm hijacking a modular thread!

cheers. :ok:

[African Drunk]

Grass strip basher

Interseting point need to look into this a bit more will come back to you tomorrow.

[Grass strip basher]

Wright

I wouldn't have any concerns about BBVA.... they might not be so well known in the UK but they are a huge banking group (Spains's second largest bank and one of the biggest in Europe).... they are the Spanish equivalent of a Lloyds or Barclays.... a very reputable organisation.... now we just need them to buy a UK bank and start offering loans over here!

GSB

[jamojdm]

HSBC stopped doing the loans :eek:

Damn I was going to head into town today and inquire about it too.

Now where can I get the £40K i need? :confused:


Jamo

[African Drunk]

We checked our students and none currently here are on these type of loans. Also this loan is relatively new so I don't think it will greatly affect modular training.

As to other options try CDL's I know it is alot less but might help for those near the end of training. I have asked my commercial manager to look into this and speak to various banks so if he comes back with any good news on other sources I will pass it on. Sorry not more help.

[Mattd]

Hi guys,

Just curious as to where this info has come from.....

I've been sorting out my PSL with HSBC for the past few days, and they seem to know nothing about this 'withdrawl'....

I'm thinking they're probably just a bit behind!

Let me know! :ok:

Thanks,

Matt

[Troydi]

I had the same problem. I'm off to Jerez (hopefully) next week, and am now left with BBVA as my only option. I went to HSBC and after a week they told me they'd stopped the funding for the CPL, but other professional studies loans were ok... :(

Cutting it a bit fine. They didn't seem to realise it beforehand, and all the leaflets still say funding for commercial pilots licence.

I was a little peeved.

[G SXTY]

Surely this would be worse news for integrated schools.

If people have less access to huge chunks of cash, aren’t they more likely to have to pace themselves and train in stages, i.e. follow the modular route?

[zedex7rrrrrrr]

This might sound unbelievable, but it's true... I went the integrated route because I could get an unsecured £60000 loan for the appropriate school but couldn't get any more than £15000 to go the modular route, which I had originally intended.

[niraj.patel]

Hi everyone!

zedex7rrrrrrr, if you don't mind me asking, where did you get an unsecured loan for £60,000 from? I presume "appropriate school" you are referring to is FTE. I have some details on the BBVA loan for FTE cadets which I have already posted here. (http://www.pprune.org/forums/showthread.php?s=&threadid=181083&perpage=15&pagenumber=2)

[zedex7rrrrrrr]

The unsecured loan from HSBC was through their Chiswick branch. That was 2 years ago and I don't know what they are offering now. At the time, I had to provide a letter of acceptance from the school and be interviewed in Chiswick by the branch manager, showing a backup plan in case I did not get an airline job.

[Fretwanger]

Lol, I had made an agreement with my bank manager to sign the loan on the friday but he phoned in sick therefore delaying it until the monday.

The monday comes and HSBC cant offer me the loan I want, wow I was furious. Because of previous problems i dont qualify for a CDL with barclays (despite me working for them now as a PB), havent tried RBS or the co op as i dont have an account with them, anyone got any feedback on RBS or the co op's CDLs?

[ph81ds]

Not sure if it's any use to anyone, but I managed to get a pretty hefty loan from Tesco's last summer. A reasonable intersest rate, and a short payment holiday.

ph