Financial aid.

[antic81]

Hey guys and girls, I was just wondering if anone out there knows about any type of financial aid for my ATPL training.
I have a PPL with night rating and am currently sitting on 130 hrs.
I have just spoken to a local HSBC bank with regards to a loan and when they heard it was for a professional pilots licence they told me they didn't do it anymore.
My problem is this, I obviously cannot do an intergrated course, because I'm to far in (afaik), plus I already have taken a loan for my hour building, which has now dried up,so I have to work just doing admin type stuff to pay my expenses, and I'm currently studying my ATPL's through the distance learning at Bristol GS.
Problem is I've hit a bit of a bump, due to the lack of funds I can't even afford to fly 1 hr a month at the moment!
I am am young thou, well if 24 is young and I dont have to support anyone, so the question is, does anyone know who would lend about 25K as a loan that does not require repayment immediately, that would cover the last bit of hour building (20 hrs or so) and my ATPL's ,Com, IR , MCC and a FI rating so that I can potentially start my hour building that way, any ideas would be welcome and much appreciated!

Cheers

Anthony

[Wannabe24]

Hi anthony,

Same age and position as you but with a few more outgoings / overheads / responsibilities. About a month ago I went for an interview with HSBC for a loan towards the rest of my modular training. I did get the offer but refused it in the end as I had a last minute change of mind regarding my choice of school. Mark Lineham (the HSBC rep for pilot training loans) scrutinised my earnings and was really keen to hear about my contingency plans. To be frank, I think the only reason I got the offer was because I offered good repayment prospects even if I was out of a flying job. This is what you need to prove to them if you are interested in the only deferred payment loan around the 20k mark that is out there. Also, the loan is only offered if you train at Oxford which means you would have to do the ATPL theory with them........sharks, all of them!

I've been doing my research for quite some time now and there is nothing out there. Natwest do a similar loan but Professional Pilot Training is not covered. I think it's going to have to be a standard loan for me with my savings paying it off whilst I'm in training, either that or the car.

[antic81]

Thanks for the reply!
I guess we're pretty much in the same boat... did I forget to mention my expenses??hehe, I to have a car and a previous loan and rent...those are my biggies, it is bloody hard, but I've come this far and quiting is not in my nature!
I've even given the thought of going to do private security work in Iraq, excellent pay, just survival rate not looking to good!
God I remember the days when my account had money in it!
I saved 10K over 3 yrs and then took 15K loan on top to build the hrs, so now I have zero savings no degree or anything to fall back on, which is most unfortunate!
Actually thinking about it, maybe I should go to Iraq!

[Wannabe24]

15k to build up just 100 hours or including the PPL???

[antic81]

That was to build up the hours, but now that you questioned it, I'm starting to question it to!
My PPL I did at Biggin Hill,got my night rating whilst still training so to save cost on having to send my licence back for updating, I got in minimum hours, but it was still more expensive than planned, you know how it is, you get a quote and they forget to mention all the other costs that are associated, landing fees, fuel surcharge etc.
Went to South Africa for my hour building, much cheaper and I grew up there, so my family are there.
I did a few international flights into Neighburing countries and some unofficial IFR flying with a mate of mine who is an instructor with an IR, great learning experience!
Then had to come back after 2 months of solid flying to an office job here in London.
Thats depressing!
Just trying to work out the next step forward, I mean I know what I need to do, however its just getting the funds together to do it!

[Lord Flashheart]

Hey Antic81,

"does anyone know who would lend about 25K as a loan that does not require repayment immediately, that would cover the last bit of hour building (20 hrs or so) and my ATPL's ,Com, IR , MCC and a FI rating"

If you're doing all of the above training in the UK i'd love to know where, because you're going to struggle to do all that for 25k.

I'm not trying to piss on your mr chips here as i realise how difficult it can be, you just need to make sure you borrow enough to complete all of the above as holding half an IR is at the end of the day, no IR at all.

You could maybe save by doing an MCC or FI. You don't need an MCC, or an IR for that matter to instruct. If you want to apply to the airlines then you don't need an FI for example.

Best of luck.

[antic81]

Hey Lord Flashheart,

The hour building will be done in South Africa, perhaps I've cocked up my sums, I was working on the round figures of 12K for the IR and 5K for the Com flying, I thought a MCC was around the 2K mark, not sure thou, about £3500 for the ATPL exams - I already have the material for them thru Bristol GS.
Actually after reading your post in which you quote my request for a loan I cant help but get the sinking feeling that I must have been mad, it sounds like a bloody rediculous request doesn't it? :ugh:

[Lord Flashheart]

Antic 81.

Quote; "after reading your post in which you quote my request for a loan I cant help but get the sinking feeling that I must have been mad, it sounds like a bloody rediculous request doesn't it?"

The only thing i'd say to that is don't give up mate. I realise how serious taking such a loan is. Obviously you've got to realise how that might affect you in the future etc. However, there are many people out there bumming around in a damn sight more than 30k's worth of debt. Britian is on it's arse with people maxing out their cards and taking loans they cannot afford.

Best of luck, hope it works out for you.

[smith]

Sell your car for a start, will reduce a whole lot of outgoing expenses, sell your house if you have one. £8000 is available from a careed developement loan (CDL). If all else fails give Mark Oaten a call!!