Finance for CTC
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Join Date: Nov 2007
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Finance for CTC
hi guys...just looking for a bit of advice, having spoke to CTC they have said that the cadets now need to arrange their own finance for the £60,000 deposit adn need to speak to their own banks.
having phoned and spoken to each and every major high street bank, none of them will put up the full amount let alone deferring payments for the 2 years whilst training
does any one have any ideas as to where i can get this kind of financial agreement?...(i dont have any rich parents/grandparents or any other family!!)
thanks!
having phoned and spoken to each and every major high street bank, none of them will put up the full amount let alone deferring payments for the 2 years whilst training
does any one have any ideas as to where i can get this kind of financial agreement?...(i dont have any rich parents/grandparents or any other family!!)
thanks!
Join Date: Feb 2005
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Here is some tough, frank and but truthful advice:
Forget CTC!!
Work hard for the next two-three years, save up and pay from out of your own pocket. Dont owe anybody! Trust me, you will not be missing out on much over the next two years. Now is not a good time to look for an airline job. The market is already over subscribed, (more pilots than jobs) and its gonna get worst with experienced pilots being laid off and in the job hunt too.
Be honest and think about it realistically; Would you loan some stranger £60-70K to pursue a dream in a career that is notoriously unstable, in todays market!? I dont think any bank in their right mind would do so without security (house). And banks are very unstable now (HBOS, Lehman, Nothern Rock).
Just work and save, do it the modular way, and you'll be smiling at the end!
Forget CTC!!
Work hard for the next two-three years, save up and pay from out of your own pocket. Dont owe anybody! Trust me, you will not be missing out on much over the next two years. Now is not a good time to look for an airline job. The market is already over subscribed, (more pilots than jobs) and its gonna get worst with experienced pilots being laid off and in the job hunt too.
Be honest and think about it realistically; Would you loan some stranger £60-70K to pursue a dream in a career that is notoriously unstable, in todays market!? I dont think any bank in their right mind would do so without security (house). And banks are very unstable now (HBOS, Lehman, Nothern Rock).
Just work and save, do it the modular way, and you'll be smiling at the end!
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Hey Sarah, i think the next few months you'll be not alone trying to find out a solution on how to finance your flying carrer!
A solution i was thinking about was that: ' why not splitting the 60k £ in 2 or 3 less risky loans? '
May be they (banks)don't let you do this but there could be a way how to overcome this hurdle..
A solution i was thinking about was that: ' why not splitting the 60k £ in 2 or 3 less risky loans? '
May be they (banks)don't let you do this but there could be a way how to overcome this hurdle..
I give up.
WWW
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reason!
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A solution i was thinking about was that: ' why not splitting the 60k £ in 2 or 3 less risky loans? '
May be they (banks)don't let you do this but there could be a way how to overcome this hurdle
May be they (banks)don't let you do this but there could be a way how to overcome this hurdle
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If you don't admit you have other loans when applying, you will essentially be fraudulently obtaining the money.
But, the banks will know, because the credit checks will be against your history, and any loans will also be flagged up on the credit history. And in anycase, how would you pay it back during your training with no 'payment holiday'.
You'll have to do it the hard way. Earn the money, then spend it on your training. If I did it, then so can you!
But, the banks will know, because the credit checks will be against your history, and any loans will also be flagged up on the credit history. And in anycase, how would you pay it back during your training with no 'payment holiday'.
You'll have to do it the hard way. Earn the money, then spend it on your training. If I did it, then so can you!
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I'm afraid Jay Solo is spot on and there is no easy way round this financial turmoil. Enjoy your training, but don't overspend at the moment.
ps i went through CTC for a type rating and was appalled by the whole setup. 11 different instructors for 13 sim rides most of which didn't know alot about our SOPS! £25,000 better spent in the US and A i think
Keep the dream alive just make the dream a little longer to start with
ps i went through CTC for a type rating and was appalled by the whole setup. 11 different instructors for 13 sim rides most of which didn't know alot about our SOPS! £25,000 better spent in the US and A i think
Keep the dream alive just make the dream a little longer to start with
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That's what I am doing (saving money of course
)but still faaaaaaar away from 75k£ and in any case if you already have a job banks borrow you money,may be difficult to explain why you need to postpone the first repayment
)but still faaaaaaar away from 75k£ and in any case if you already have a job banks borrow you money,may be difficult to explain why you need to postpone the first repayment
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CTC are crooks
Please do not involve yourselves in this debacle.
A bunch of training captains lining their own pockets.
I said it 8 years ago and I say it now.
Ask Egg about their manipulative practices and their bonus schemes.
These guys have raped the industry for years because newbeeies have accommodated it.
A bunch of training captains lining their own pockets.
I said it 8 years ago and I say it now.
Ask Egg about their manipulative practices and their bonus schemes.
These guys have raped the industry for years because newbeeies have accommodated it.
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silverhawk.......easy there fella. ctc have their faults, but its basically a good organisation with good people. as an ex-cadet would def recommend the wings programme. there's not many better ways of going from zero hours into the right hand seat of an airliner in less than 2 years.
and for what its worth, would also back-up what jay_solo said - get some cash put aside before you begin the course, saves you worrying about repayments at the end if you dont land a job straight away.
and for what its worth, would also back-up what jay_solo said - get some cash put aside before you begin the course, saves you worrying about repayments at the end if you dont land a job straight away.
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Just be aware that not all cadets are getting jobs at the end of their 6 month airline placement. Have a look at the easyjet threads. Somehow I don't think Easyjet will be alone in this for the forseeable future.
Last edited by Husky One; 27th Sep 2008 at 13:04.
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Silverhawk, slightly harsh but if you have your reasons for saying things like that then fair point.
CTC and HSBC I believe have ended their relationship WRT to finances cadet pilots. It now has to be secured against an asset of somekind.
I have been told first hand that 22 cadets have not been kept on after their 6 month probabtionary period. CTC have pocketed their salaries! Easyjet and CTC will be no more.
I would guess that if you're graduating from CTC (or have recently as they're people in the hold pool waiting) between now and say the end of next year you have zero chance of gaining employment.
Think very hard before you spend all that money secured on your parents house!
CFM.
CTC and HSBC I believe have ended their relationship WRT to finances cadet pilots. It now has to be secured against an asset of somekind.
I have been told first hand that 22 cadets have not been kept on after their 6 month probabtionary period. CTC have pocketed their salaries! Easyjet and CTC will be no more.
I would guess that if you're graduating from CTC (or have recently as they're people in the hold pool waiting) between now and say the end of next year you have zero chance of gaining employment.
Think very hard before you spend all that money secured on your parents house!
CFM.
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Since it seems CTC is going downhill and I was considering applying I am starting to get very concerned about what to do. If you guys had the money available would you still go for CTC??
Also everyone keeps mentioning modular training, if you think integrated courses are a bad idea at the mo, where would you do this training and with whom?
Also everyone keeps mentioning modular training, if you think integrated courses are a bad idea at the mo, where would you do this training and with whom?
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The only reason integrated is a bad idea now, is that when you graduate in 14months, we all know there wont be any jobs. If you were thinking of integrated, still follow that route if thats what you want, but dont start out until you see integrated lot getting jobs again. Anyway, flybe talking of MPL - id look into that...
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Once upon a time, CTC were THE best route to become an airline pilot. They were taking 1.5% of all initial apllicants, training 6 new cadets a month who would fly every day, all of whom were going straight into airline jobs. HSBC were happy to fund these cadets as there was no question over them getting jobs as they were all quality pilots who the airlines loved.
Then CTC got greedy...
They started trying to train 14-16 new cadets (£60,000 each) a month, as a result, they had to lower their standards letting 5% of the initial aplicants onto the course, sending them to New Zealand when they knew that there were not enough aircraft or instructors to train them. Cadets would fly once a week. Standards dropped, a higher percentage of cadets got chopped.
Then they started the Wings ICP scheme. Using the CTC name to brand a course you can do at any flying club.
Then the industry went tits up... 14-16 cadets a month finishing training, zero jobs available. Hold pool rapidly filling. HSBC gets nervous, cuts funding to the cadets.
End result? CTC is now no different to Oxford, FTE, Cabair or any other flying school. Don't be dazzled by the name.
Then CTC got greedy...
They started trying to train 14-16 new cadets (£60,000 each) a month, as a result, they had to lower their standards letting 5% of the initial aplicants onto the course, sending them to New Zealand when they knew that there were not enough aircraft or instructors to train them. Cadets would fly once a week. Standards dropped, a higher percentage of cadets got chopped.
Then they started the Wings ICP scheme. Using the CTC name to brand a course you can do at any flying club.
Then the industry went tits up... 14-16 cadets a month finishing training, zero jobs available. Hold pool rapidly filling. HSBC gets nervous, cuts funding to the cadets.
End result? CTC is now no different to Oxford, FTE, Cabair or any other flying school. Don't be dazzled by the name.