getting £53000 for OATS

[Speedbird744]

Apart from being sponsored or doing the modular course at Oxford, how in the world does someone get 53000 pounds??
Any suggestions?
Thanks John.

[touch&go]

Work you butt off and save the money or get daddy to pay for you.

Or do a Post Office......only joking

[SKYWRITER1]

I went to the local HSBC last week with a business plan done on powerpoint. I put fees additional costs, likelyhood of getting a job. future wage etc. They asked my dad to secure it, which was extremely good of him :) (We are not rich by any means) but my dad does have faith in me not to let him down. The bank basically said yes to £55000 there and then. I should be starting at BAE in Jerez at the end of may. You get 6 months after you finish before the payments start (to hopefully get a job etc)The payments are about £700 a month for 11 years!!!! but you can increase that or pay off lump sums with no penalty.

hope this helps

Skywriter

[Tosh McCaber]

Good for you Skywriter. Good luck with your course. Just to add to your comments relating to a business plan, another thought for any wannabe- you’ve come out of school, college, university or college, you’re in a “temporary” job, waiting for the magic sponsorship (which unfortunately for most, may never happen), or gradually saving to get enough money for the course (a long shot, which again may never happen if you are in a low/ medium paid job.)

Look into the future. Let’s say that you are making £10,000 pa at your existing job, and you have been waiting around for 3-5 years for that elusive pot of gold, which may never be found. As an ab-initio pilot, you would hopefully be making, say, £25000 pa in your first job, climbing from there.
That means, discounting your first year of solid training for the integrated course, you have lost out on 2-4 years of an enhanced salary, at a minimum of £15000 pa.

In other words, there’s no time like the present- the later you start the course, the more that you are going to lose out on that enhanced salary which will repay the loan that you have managed to get. This also, in my opinion, makes the integrated course, more financially attractive than a long drawn out modular route.

Whilst it circumstances may make it impossible for some to obtain that illusive loan, for anyone who possibly can- do it now! And put the above options into your business plan.

And you can get a Career Development Loan of £8000 (Government Sponsered) from the Clydesdale Bank at very good rates, and you dont start paying that off until a few months after the course finishes




[This message has been edited by Tosh McCaber (edited 01 April 2001).]

[touch&go]

One thing that is realy wrong with the UK is that about 9k of your couse fee is VAT, we should not have to pay VAT on education courses,and they have stopped NVQ as well.

Hope you get the money for your course,the career loan from the banks is a good start.

[Desk-pilot]

Skywriter,

Well done! If you don't mind I'd really like a copy of your presentation. Also I would appreciate knowing where you got the projected earnings from. I have had a look at the thread on here but it seems very variable indeed what people earn with different carriers. I'm also presuming that the figures on here are including allowances much of which gets spent whilst away.

Look forward to info.

Good luck with the course!

[SKYWRITER1]

yeah, I used the figures from BALPA. I found it on the BALPA website, by downloading their 'how to become an airline pilot'. Back page it says "30-40k as FO then £55-70k as captain. Whether this is 100% right or not I'm not sure, but if you have to show the bank, I think this is as good a legit source as any (well it worked for me!).

Hope this helps

regards
Skywriter

[trolleydollylover]

HSBC My Ass!

[trolleydollylover]

Oops pressed the wrong key...

Have been an officer in HM Forces for 5 years, Flew for them and now looking for funds to complete training.

Spoke to HSBC told me to wait for 6 months and re apply. I had banked with them for 15 years and I earn £30K, and they told me to wait, I even have a mortgage with them and no rug rats. Dont think that they will help, especially if you bank with a provincial branch. Look towards the big smoke and try all avenues.

I started up my own company while working for Her Majesty. Now I have the money by going above my bank manager and complaining about the poor service, my funds come from hard effort and not taking no from an answer. Be very careful about those who talk the talk but will always stay wannabes.Pick your school well and dont rush into signing up, remember that they are a buisness and need your money, if you dont like the service mention it, PPSC have just suprised me and it wasnt for a good reason...remember some of these chief instructors are crumblier than the CAA, go into everything with an open mind. Some couldnt teach at a primary school.

Up and at em!

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Whoa there bigfella, whoa!

[SKYWRITER1]

Thought you'd just had a bad day.

Well from the rest of the post, it just goes to show how messed up and complicated the whole system can be. I must admit it took me a fair while just to sort out what licence I should be going to get and who does it.

Good for you going over the manager. Sounds like you were getting a ****ty deal off him anyway.

Alll the best
Skywriter

[Duncan2]

SkyWriter
My Dad trusts me too but he cannot provide any guarantee since he does not own a house or anything worth more than £400. I assume that it was necessary for your father to own something like a house in order to be your financial guarantor. Please tell me if I am wrong. Anyway, you are a lucky bugger and from where I am standing you certainly are rich. I wish you the best of luck. If I get sponsorship or manage to save enough myself maybe I will fly with you sometime! :)

[Sagey]

Don't want to sound negative etc, but 700 quid for 11 years is £8400 per year, hell of a lot of money to find if you cannot find a job after the 6 months grace period.

I would suggest trying to find as much money as you can from relatives/friends etc, trying to get savings together prior to getting that final loan from a bank. Means reducing the interest etc, and reducing the chance of getting into severe financial problems.

Look at all the avenues before jumping to the banks.

Best of luck to everyone

Sagey

[trolleydollylover]

If you fellas are still young, dont rush...there are plenty of opportunities to get the doh, stay away from loan sharks. I got my biggest amount of money secured on a house with a 100% mortgage, I let a room in it and get somewhere to live to boot, plan, be devious and have several alternative routes, just dont give up. If you cant afford to move onwards at the moment, get on a distance learning course and go straight for the jugular and start your ATPL writens, if you pass them the banks will be in a better position to loan you the money, some schools may even let you pay in installments. (A Tip speak to Air Atlantic, Small and very professional, I am very happy with their professional and one to one service even on distance learning). Good luck,

Eyes Right

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Whoa there bigfella, whoa!