I'm gutted - No Money

[ACARS]

I asked the bank for a loan of 5000 today and they said no....b******s.

This means no PPL in Florida this year. They will review it in two months if I have savings. 50grand a year between me and the wife and I still can't get a loan!!! http://www.pprune.org/ubb/NonCGI/confused.gif

I'm gutted, depressed............



[This message has been edited by ACARS (edited 12 January 2001).]

[Brian Clough]

ACARS

who are you talking to ? Even if you have approached HSBC, did you go through one of the branches known to be helpful in this area ?

Where did your application go wrong / what didn't they like ?

------------------
Life is a waste of time, time is a waste of life, so get wasted all
of the time and have the time of your life.

[ACARS]

No savings and my 1 credit I have is at its limit......

Its a bank in Ireland....

[Token Bird]

Surely if you had savings you wouldn't need a loan. Don't give up. There are plenty of organisations that will jump at the chance to lend you money. It's not a large amount of money,

Token Bird
:) :) :)

[WX Man]

I spoke to a guy who was training to be a bank manager with Barclays once. We got talking about what I was doing (being a wannabe in debt), and he said that the best thing to do would be to apply for a loan 'for a car'.

So, do you really want to spend it on a 'PPL', or do you want to spend it on a 'car'? ;)

[willbav8r]

Either a car loan, or to do up your flat/house. I even had a bank manager years ago tell me to put down the above, and address the remainder of the loan to be for a holiday! (Of course, that was the truth, then)

Never admit that it is for flight training (IMHO).

Try again telling them you want a new car. Chances are it will work just fine.

Keep the faith.

Wil.

[helimutt]

If I can manage to acquire 4 loans for my training over the last two years, there can be no reason for you to be turned down!!!!!!!! I sometimes wish I had been turned down now. You cannot say it's for flying training unless you go for a career development loan. That round the world holiday of $5000 looks good though....that might work?
Mine were for various things from cars to motorbikes to a conservatory. Needless to say I have no bike, no conservatory and separate car loans! Tell your bank manager you want the loan or you will take your account and business elsewhere. I threatened to take my rather considerable overdraft to another bank and it worked. Doh!!!
Hope you get sorted out.

[Grandad Flyer]

I had a home improvement loan, twice, and a car, twice, had to remember what I'd written on the previous form though, and be a little bit careful!! "Credit card consolidation" loan also works as a reason.
So agree with that advice.
However, it did strike me that you haven't started flying yet, you say you don't understand why you weren't offered a loan, earning £50k between the two of you, but then you say you have no savings and your credit card's up to its limit.
Now I am the last person to say this really, but, if I were your bank manager I think based on what you've said, I would say no too. You obviously have no spare cash each month and currently spend more than you earn, and now you want to go and commit yourself to spending even more per month on repayments so that you can go and get a PPL. How are you going to keep it current? And I really hope you are not considering a commercial course at this time? I suspect if you pay off your credit card and saved around £500 that you would get the loan.
Sorry for the reality check.

[Chilli Monster]

ACARS

On what you've said I wouldn't have lent you the money either. Bank managers like to see regular savings - it means you're capable of putting money aside to pay them back.

Got to agree with Granddad Flyer here. If you can't afford a share in an aircraft then to keep current a club will expect you to fly probably once a month. If you take the quick fix of getting a loan for the PPL you then have to pay that off PLUS pay out to stay current.

If you're on 50K combined but have no savings then, in all honesty, do you REALISTICALLY think you'll be able to put enough aside to fly in addition to your other commitments (I'm on less but I manage to fly, having a share in an aircraft). You can't even put your flying on your credit card as it's at its hilt. If you want it that much you hve to be brutal and say to yourself "Where is the money going. Where is it being frittered away".

You've mentioned elsewhere that you wouldn't mind becoming an ATCO - maybe it wouldn't be a bad idea in channeling your thoughts towards that first - you never know, you might get it and get the CAA to pay for your first 15 hours.

My advice to you would be this - if you can afford to save for your PPL you'll be able to afford to keep it current, but if you can't......... http://www.pprune.org/ubb/NonCGI/frown.gif

Sorry to sound so brutal - but that's the realities of life.

CM

[NIMBUS]

ACARS,
I got a 4K loan (in Naas) for house improvement, and a few months later another 3K top-up for garage improvements
No. It was not cheating. I truly believed the place looked a lot better with a Kawasaki 750 parked outside!

The best part..?

I didn't even own the house...! http://www.pprune.org/ubb/NonCGI/eek.gif

[Sensible]

I understand that banks like to see a history of loans that are managed properly and repaid on time as payments become due. It seems that they do not view large credit card debt as being an organised loan, more an indication that someone is unable to organise their finances properly. As GF points out, the bank is going to be asking the question 'how is this person going to finance repayments?' Your 50k income is irrelevent if you are spending 50k+ a year! The thing to do is to prove to the bank that you are able to finance the repayments of a new loan by saving on a regular basis, the equivalent of the proposed loan repayment installments. This would be best demonstrated by reducing your credit card debt.

[Jimmy Mack]

I was looking for loans the other day. Went round the Career Development Loan etc etc...which didn't help.

Then a friend gave me this web site - which compares the best deals around...

Give it a try - might help!

http://www.moneyextra.com

[RVR800]

Try easy-quote.co.uk

[Don D Cake]

When me and the missus wanted to buy a house a few years ago, we had enough income to satisfy the mortgage lenders but no deposit. I went to my local airport owning bank, asked them for 5K and told them what it was for. The nice lady smiled and said "I think we'll put it down as a car loan". I got the money. When the mortgage lenders asked me how much deposit I had saved, I told them none but I had loaned 5K. They didn't mind, we got the mortgage and the house.

Don't despair, there are loads of lenders out there and you won't have to lie to them either.

Don