Unsecured Loans
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(is that English what I am typing?)
It's close enough to do the job Dartagnan.
I'm not sure that the Airlines will struggle to find Pilots. The Pilot Shortage myth has been kicking around since the first seminar I attended on commercial aviation. That was the month after GW1 finished, so that rather dates it. It was bollocks then, it's bollocks now. When the traffic on this board falls to zero because the airlines are camping outside the training school gates to hire graduates, then believe it. Until then, it's all kiddology and grist for the multi million pound machine that is the training industry. The young people with a dream believe it because they want to/need to, to justify getting into horrendous debt.
All that will happen with the credit tightening WWW has pointed out is that those with old money and independant means will have the ability to start those nice integrated courses. Little Johnny Borrowlots will not now be on those courses. People may cry and holler over that, but it's no one's right to be able to actually borrow huge stacks of cash to follow a dream. Sad but true.
However, as WWW has managed to hit the nail on the head squarely with the hammer, those who had planned to be funded by mum and dad treating the family home like an ATM via Mortgage Equity Withdrawl (the eponymous MEW) will find that route firmly closed to them.
MEW is already going to put quite a few old people at risk as they have used the house, when in a rising market, to bale out the juniors who have been merrily hooning the metrosexual lifestyle of 'party now, pay never'. In a falling/stagnating market, it all gets rather more difficult and it may mean a revision to the (shock horror) days of people actually saving up the money to do whatever course enables their dreams. in this case, aviation.
Hard life
It's close enough to do the job Dartagnan.
I'm not sure that the Airlines will struggle to find Pilots. The Pilot Shortage myth has been kicking around since the first seminar I attended on commercial aviation. That was the month after GW1 finished, so that rather dates it. It was bollocks then, it's bollocks now. When the traffic on this board falls to zero because the airlines are camping outside the training school gates to hire graduates, then believe it. Until then, it's all kiddology and grist for the multi million pound machine that is the training industry. The young people with a dream believe it because they want to/need to, to justify getting into horrendous debt.
All that will happen with the credit tightening WWW has pointed out is that those with old money and independant means will have the ability to start those nice integrated courses. Little Johnny Borrowlots will not now be on those courses. People may cry and holler over that, but it's no one's right to be able to actually borrow huge stacks of cash to follow a dream. Sad but true.
However, as WWW has managed to hit the nail on the head squarely with the hammer, those who had planned to be funded by mum and dad treating the family home like an ATM via Mortgage Equity Withdrawl (the eponymous MEW) will find that route firmly closed to them.
MEW is already going to put quite a few old people at risk as they have used the house, when in a rising market, to bale out the juniors who have been merrily hooning the metrosexual lifestyle of 'party now, pay never'. In a falling/stagnating market, it all gets rather more difficult and it may mean a revision to the (shock horror) days of people actually saving up the money to do whatever course enables their dreams. in this case, aviation.
Hard life
Join Date: Jul 2006
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I firstly must apologise for asking yet another very like question on a never ending thread. However, currently in my final year at university studying LLB Law expected to get a 1st and then hope to move onto training. Unfortunately like many others the problem is finance. Nor I or my family have a pot to pee in and there is no way of getting any financial support apart from begging the bank to give me the 60k for an APP course at either OAT or Cabair via a good business plan. I’ve read of people being given high unsecured loans from the bank if they have security not of the property kind but with extra strings to their bow, i.e. degree or qualification of some kind. Realistically what is the maximum unsecured loan I as a person with average credit rating but no security whatsoever can roughly expect from the banks? Either way the bank is going to have to lend me more money than my student loan as if I cant get the funding for APP, do my Bar Vocational Course next year and attempt to save and go modular or save and do the APP. However I’m not getting any younger and don’t want to miss the boat!
Any advice would be greatly received.
Docash1983
Any advice would be greatly received.
Docash1983
You would be very lucky to get more than £15k of unsecured loan in the current market.
WWW
WWW
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Docash, good luck. You'll need it to be on your side.
The banks, or any lending institution, will look at you now as someone who has racked up the inevitable student debt getting a Law Degree, and who has now changed his mind about what he wants to do with his life and wants someone else to fund the change. All without either asset nor parental security, and still with a big minus on the balance sheet. Your a risk, and with bankrupcy now easier than ever, not a good risk for the banks. The pay off from letting the 'want it now' generation get out of jail easier is that honest individuals who want to borrow are finding it's harder. Banks do not like to lose money. They like sure things.
As WWW states, you'll be very lucky to get 15k or more, and even then it'll be on a sore interest rate.
The other point to consider is what if you do the gold plated integrated course, and don't get hired at the end of it. Not all do, and their is definate 'Who you know' elements of recruitment into this industry as there is with all others. Thats life, and I wouldn't even say it's wrong. You help your own, after all. So, could you service that sort of Uni+training debt without a flying job of you had to go back to Law?
Credit is getting far, far tighter. I have close family and friends who work in finance at some fairly senior levels (European Controller for a 'household name' financial provider type of level) and so pick up on work chat from them, hence my opinion.
Easiest way to put it. When I cancelled my Abbey National Credit Card a few years ago, they offered me a 20k loan, interest free for 6 months, on the card, if I would retain it. Would that get offered now?
Doubt it.
The banks, or any lending institution, will look at you now as someone who has racked up the inevitable student debt getting a Law Degree, and who has now changed his mind about what he wants to do with his life and wants someone else to fund the change. All without either asset nor parental security, and still with a big minus on the balance sheet. Your a risk, and with bankrupcy now easier than ever, not a good risk for the banks. The pay off from letting the 'want it now' generation get out of jail easier is that honest individuals who want to borrow are finding it's harder. Banks do not like to lose money. They like sure things.
As WWW states, you'll be very lucky to get 15k or more, and even then it'll be on a sore interest rate.
The other point to consider is what if you do the gold plated integrated course, and don't get hired at the end of it. Not all do, and their is definate 'Who you know' elements of recruitment into this industry as there is with all others. Thats life, and I wouldn't even say it's wrong. You help your own, after all. So, could you service that sort of Uni+training debt without a flying job of you had to go back to Law?
Credit is getting far, far tighter. I have close family and friends who work in finance at some fairly senior levels (European Controller for a 'household name' financial provider type of level) and so pick up on work chat from them, hence my opinion.
Easiest way to put it. When I cancelled my Abbey National Credit Card a few years ago, they offered me a 20k loan, interest free for 6 months, on the card, if I would retain it. Would that get offered now?
Doubt it.
Join Date: Jul 2006
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Thanks WWW and Chukkablade for your opinions
I know the odds are significantly stacked against me. The law was not done as a career choice, it was done as purely a back up so that if I never managed to get through the aptitude tests or lost my medical I would have options open to me.
Chukkablade, you are absolutely right by the ‘want it now’ element, I am trying to think of every angle in which to get into the industry. I have come to accept that finance for the course is very difficult to come by, and to be fair I’m running out of ideas as to how to combat the colossal financial hurdle. Like I said in my previous post, the BVC option is a viable one which would eventually allow me to pay off my debts and save up through the modular to get to the right hand seat. However like I’ve said this was always the second best option and could take a significantly long time, seeing me in probably another £17k worth of debt.
I know the odds are significantly stacked against me. The law was not done as a career choice, it was done as purely a back up so that if I never managed to get through the aptitude tests or lost my medical I would have options open to me.
Chukkablade, you are absolutely right by the ‘want it now’ element, I am trying to think of every angle in which to get into the industry. I have come to accept that finance for the course is very difficult to come by, and to be fair I’m running out of ideas as to how to combat the colossal financial hurdle. Like I said in my previous post, the BVC option is a viable one which would eventually allow me to pay off my debts and save up through the modular to get to the right hand seat. However like I’ve said this was always the second best option and could take a significantly long time, seeing me in probably another £17k worth of debt.
