Raising cash 4 training

[Broke with ambition]

So, when I was younger I always wanted to be a pilot and got myself some flying experience and loved it. However for long and boring reasons I got on another career path. However with a change in circumstances I am again trying to get into a career in flying. So I am now applying for a few part sponsorship schemes.

Now, I am assuming most people dont have 40k lying around gathering dust so I thought I would seek some advice from seasoned professionals on how to raise this sort of money for training. If I walk into a bank and say I want a 50k unsecured loan to become a pilot will I get laughed out the door? Probably working for 5 years to save the cash isn't an option for me due to my age so I was just wondering how other people raised the cash 4 their training.

Thanks for any help you give
Cheers
Broke with ambition

[AlphaMale]

I think there are 5 types of groups.

I for one am getting no funding/sponsorship/hand outs which means I am running an apartment on my own and saving £35k for my modular 0-fATPL through working 9-5 and picking up freelance work. I'll apply for an £8k CDL though.

Some people get a sponsorship with Flybe etc and only need to find £17k / £20k as the other £50k is done through the airline.

Some people have rich Daddies that pick up the bill.

Some people take out a loan secured on their property.

Some people re-mortgage their houses and sell everything they own to get the cash together.

How old are you by the way?

[coodem]

I don't do debt, hence its taken me till now to be able to start my training full time, and put all my effort into it. I'm selling my car, buying a cheaper one, sselling the house, moving into rented accomodation, and being real nice to my partner for supporting me. Gave up a good well paid job,

If you want something bad enough you will be surprised what you will give up, I know it will make me work harder to make sure I get there in the end, and can start getting the house, the nice car back again. But even more important a job, that I actually want to do, and always have wanted to do

[Broke with ambition]

I am currently 27, unfortunately I dont have any assets to sell right now. I am sort of looking at the ctc programme and the flybe programme currently, might try a high street bank even to see just how hard they laugh!!

[Superpilot]

About 6 years ago at age 20, after failing a number of sponsorships I was about to take out a loan to complete my flying. A wise man said to me, sort your life out and get your finances in order before becoming a pilot. So I did. Got into another career, got married, moved out (wrong order I know), purchased a house with the Missus, fixed the house up, switched from perm job to contract job (better rates and absolutely no question of unemployment due to great demand for my skillset), 1 year in and I've saved enough to finally complete modular training full time. I can now afford 3 months out of work without a single worry or any debt to think about.

The flying had to wait about 5 years but that's no biggie (kept the PPL going throughout). Look how much I've gained in that amount of time, and I'm just about to enter my late twenties now! I only wish more wannabe's did it like me. It would certainly help the market situation :E

[boogie-nicey]

Well done Superpilot, that's certainly commendable actioning.

[Wodka]

Very similar story to superpilot for me.

If all your usual avenues - banks/sponsors/parents etc are not available then contracting is the way to raise cash fast... it can be tricky to get into, esp if your not into ditching a perm job but once your up and running you can expect to earn sig. more than perm employees.

You don't get holiday paid or any benefits really, even sick days are lost money BUT who cares... your only doing this for one reason!

Depending on industries, jobserve.com is a good place to look for high paid contract work and has a good balance of skill level requirements. It used to be IT only but is more broad now.

[AlphaMale]

Proof that it can be done! And like Superpilot I just wish everybody did it the right way and worked for it. Many people (usually younger than me) come on here expecting banks to bend over backward to give them £50k+ and then expect the airlines to track them down and offer them a job. Some people need a reality check.

I had close to half my 0-fATPL savings in my account but decided to buy an apartment, it has delayed the process somewhat but it has taken the pressure off me that there is no need to worry about getting on the property ladder anymore, and as a bonus is going up in value should I need to release some equity or even sell up in the future.

I'm 25 so not much younger than you and I'd like to have my fATPL by the age of 30 ready for a 30 year career in aviation :ok:

I'm looking to go into contracting next year. By the time I sell my car and bike I'll have over £6k, if I get a CDL that's another £8k leaving me with a £20k / £21k to find. I'll be looking to change my mortgage in 3 years time from capital & interest to a buy to rent mortgage (or whatever is best at the time) and I'll let my place out for 2 years which will hopefully cover my mortgage.

3 years and £21k to find ~ £7k per year or £600 a month :ooh:

[Superpilot]

broken with ambition,

To be honest and fair to you. Getting on to one of the new 'approved' schemes is going to get harder by the day, primarily due to your age. In the past most sponsorships had an upper age limit of around 26. Even with the new legislation concerning ageism, although companies are no longer allowed to stipulate an upper age limit they still actively discriminate against those who are slightly older for whatever reason they decide on.

From this then you only really have two ways forward.

Work your bloody socks off for the next 6 months to a year in you present industry and try to maximise on your savings. If you've been sticking at the same thing all your working life then you should be able to command a decent salary.

After this head towards the States to complete your PPL training and hour building (up to 150). US suggested so you don't have to time/money waste hanging around for British weather to get better.

Head straight back to the UK, start long distance ATPL Theory (will take you a year if working full time at the same time). After this take out a loan (you should require a very small loan at this point as you would have been working fulltime during the ATPL Theory and thus saving!) and do your CPL, IR, ME, MCC. Perfectly doable with £25k and in 3 months. If you're committed the whole thing will take you two years from this point onwards and you should be in minimum debt at the end.

The other way is join the Integrated Course club, so you can gain access to a £60k loan (for which you wont have to worry about until you gain employment). But do consider that the loan is likely to cost you £100k before you can actually pay it off.