Loans for funding flying training.
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Loans for funding flying training.
Having been accepted on the integrated fatpl course at Jerez, I now need to get some money sorted to fund it!
I'm in full-time employment (20k income a year approx) and my parents would be prepared to secure the loan with the house.
Any thoughts or advice on what the better option may be?
I'm in full-time employment (20k income a year approx) and my parents would be prepared to secure the loan with the house.
Any thoughts or advice on what the better option may be?
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My personal experience of Spain says avoid BBVA and Banco Santander like the plague.
Barclays in Jerez are pretty helpful and of course have a UK arm. Normally, I would steer clear of Barclays, but it says a lot about the Spanish banking system when I say that Barclays are better than any Spanish bank!
Barclays in Jerez are pretty helpful and of course have a UK arm. Normally, I would steer clear of Barclays, but it says a lot about the Spanish banking system when I say that Barclays are better than any Spanish bank!
Join Date: Jun 2005
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HSBC (With Apologies)
Firstly my apologies for opening yet another finance thread, however my question is specific and I cannot resolve it by seraching etc.
Basicaly, applied to HSBC for £30K to further my training, under the PSL, which has up until now been sold to me as being unsecured, HSBC in Sheffield now have rung to tell me that yes they would be delighted to offer me the loan if my parents are willing to give their house to the Hong-Kong and Shanghai banking Corporation for the duration of the loan.
They are not willing to do this as I am most unfortunately not an only child,
. Up until this point they kept telling me it was an unsecured loan and there would be no problem. So now I'm just wondering if anyone here with more experience of HSBC could help me.
Cheers
Chris
Basicaly, applied to HSBC for £30K to further my training, under the PSL, which has up until now been sold to me as being unsecured, HSBC in Sheffield now have rung to tell me that yes they would be delighted to offer me the loan if my parents are willing to give their house to the Hong-Kong and Shanghai banking Corporation for the duration of the loan.
They are not willing to do this as I am most unfortunately not an only child,
. Up until this point they kept telling me it was an unsecured loan and there would be no problem. So now I'm just wondering if anyone here with more experience of HSBC could help me.Cheers
Chris
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Bluesteel705,
I went to the HSBC in Leeds a few years back to enquire about a £40K PSL loan; at that stage I was making enquiries. They said that the loan must be secured on the house.
If I remember correctly, I think that they said that £10K was the maximum that they would lend unsecured. However, people on this forum have reported borring much more than £10K unsecured. I think the branch you choose to visit is key. Apparantly (from this forum), the Oxford branch seems to be the one to visit.
Incidently, I didn't take the loan in the end.
POL
I went to the HSBC in Leeds a few years back to enquire about a £40K PSL loan; at that stage I was making enquiries. They said that the loan must be secured on the house.
If I remember correctly, I think that they said that £10K was the maximum that they would lend unsecured. However, people on this forum have reported borring much more than £10K unsecured. I think the branch you choose to visit is key. Apparantly (from this forum), the Oxford branch seems to be the one to visit.
Incidently, I didn't take the loan in the end.
POL
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Ploe is dead right I think. Some branches seem more in tune than others. Perhaps we should have a sticky on which branches will lend unsecured!!!! For what it's worth Chester wanted security
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Thats very true. I'm not sure if the size of the branch is key though. My local branch in Chesterfield (Which is just of being a city) were a little clueless as to the PSL and even told that they could only match whatever I out in 50/50, this was after they phoned Delhi to make sure they could accept Pilots.
Sheffield on the other hand were much more optimistic, apparently they deal with this most weeks, (Must be a lot of pilots from Sheffield???) they just seemd to have changed track all fo a sudden
Sheffield on the other hand were much more optimistic, apparently they deal with this most weeks, (Must be a lot of pilots from Sheffield???) they just seemd to have changed track all fo a sudden
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Yes. It does matter alot who you speak to. Before going to Britannia cadet selection a few years ago (which I didn't get!) I managed to get the Holmes Chapel manager to agree to lending me 15000 pounds unsecured if I got on the course.
That pales into insignificance compared to the amount being lent to, for example, the CTC cadets unsecured. The level of selection that both Britannia and CTC use may have something to do with that though...
That pales into insignificance compared to the amount being lent to, for example, the CTC cadets unsecured. The level of selection that both Britannia and CTC use may have something to do with that though...
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http://www.pprune.org/forums/post1930578Hi Muppet hopefully I can shed some light on the situation?
I was accepted for the June 27th start date but couldn’t make it due to funding and work circumstances (I work in sales I got a bonus that my company wouldn’t give me if I said I was leaving). Anyway with June start date past and a bonus in the bank I’m looking at getting on the next course.
Initially applied to HSBC with what the manager said was an excellent business plan (it should have been to I had help from an expert!). I finished Uni 3 years ago so everything I have earned has been paying off loans, credit cards & over drafts etc up to the amount of 12K so not much saved! Anyway basics of my loan were focused on my current job which is very well paid with qualifications to re-enter it if flying went tits up, security from my dad in the way of a bond (amount of which is more than what was applied for or house which ever they preferred) Medical, acceptance letter from FTE forecasted earning etc…………………..
however they wouldn’t entertain it as I wasn’t putting enough capital into the proposal, but said if I met them 1/3 of the way they probably would!
This gave me two options
1. Apply to a different branch (even the guy in Chester said different branches make different decisions)
2. Try a different Bank
3. Try and get your parents to take out an interest only mortgage
I have tried BBVA as my friend has said it’s a good deal, I am still waiting for an outcome, I have explained all I know about the BBVA loan on this thread
http://www.pprune.org/forums/post1930578
Need anymore help PM me
And hopefully I will be in Spain soon
Flying on Empty
I was accepted for the June 27th start date but couldn’t make it due to funding and work circumstances (I work in sales I got a bonus that my company wouldn’t give me if I said I was leaving). Anyway with June start date past and a bonus in the bank I’m looking at getting on the next course.
Initially applied to HSBC with what the manager said was an excellent business plan (it should have been to I had help from an expert!). I finished Uni 3 years ago so everything I have earned has been paying off loans, credit cards & over drafts etc up to the amount of 12K so not much saved! Anyway basics of my loan were focused on my current job which is very well paid with qualifications to re-enter it if flying went tits up, security from my dad in the way of a bond (amount of which is more than what was applied for or house which ever they preferred) Medical, acceptance letter from FTE forecasted earning etc…………………..
however they wouldn’t entertain it as I wasn’t putting enough capital into the proposal, but said if I met them 1/3 of the way they probably would!
This gave me two options
1. Apply to a different branch (even the guy in Chester said different branches make different decisions)
2. Try a different Bank
3. Try and get your parents to take out an interest only mortgage
I have tried BBVA as my friend has said it’s a good deal, I am still waiting for an outcome, I have explained all I know about the BBVA loan on this thread
http://www.pprune.org/forums/post1930578
Need anymore help PM me
And hopefully I will be in Spain soon
Flying on Empty
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HSBC Loans no more!
Just had an meeting with hscb bank who kindly informed me that they are no longer offering professional studies loans for aviation training! could not believe it!
they changed the rule just on friday and have removed pilot training from their web site on PSL's.
anyone know any more or what other banks are offering the scheme ket me know!
all the best.
steve...
they changed the rule just on friday and have removed pilot training from their web site on PSL's.
anyone know any more or what other banks are offering the scheme ket me know!
all the best.
steve...
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In the long run this will probably reduce the amount of low hour pilots in around 2 years time, so maybe good news for job-seekers, however if I hadnt only JUST had my £32k approved today (Applied a few weeks ago) I may be a little less optimistic. Was going to wait till August to apply as well.
Timing does indeed appear to be everything.
Timing does indeed appear to be everything.
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Oh man, spent a week arguing over this, in the end I won 
Basically I took them my forms from the RAF IOT Selection centre saying I passed the aptitude tests for Pilot, (Failed Eyesight for that though) WSO/ Fighter Controller etc and they let me off the security.
This was a bit of a gamble as though they seem to realise that recruitment is a little slack for the aviation industry, they dont seem to realise that currently its nonexistent for the RAF.
Has its good and bad sides though, luckily if I went back to my current job and lived like a monk I could repay the loan on time. So not as bad as it could be.
Basically I took them my forms from the RAF IOT Selection centre saying I passed the aptitude tests for Pilot, (Failed Eyesight for that though) WSO/ Fighter Controller etc and they let me off the security.
This was a bit of a gamble as though they seem to realise that recruitment is a little slack for the aviation industry, they dont seem to realise that currently its nonexistent for the RAF.
Has its good and bad sides though, luckily if I went back to my current job and lived like a monk I could repay the loan on time. So not as bad as it could be.
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