Pilot training loans secured over a property
Join Date: Dec 2008
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@CaptainDan don't do it with a loan! Trust me a frozen Atpl with plus minus 200hrs is worth nothing these days! As the job market looks today you have to expect to pay for your T/R aswell.. And even this won't guarantee you a job!
Look at me: I had enough money to pay for my FATPL without a loan. I'm 26, had all first time passes and more than 90% on every bloody ATPL exam. Plus I would pay 30-40k for a T/R in an eyeblink if I would get offered a plus 2 year contract! And guess what, after more than 150 cvs and applications sent I didn't even get a single interview....
Look at me: I had enough money to pay for my FATPL without a loan. I'm 26, had all first time passes and more than 90% on every bloody ATPL exam. Plus I would pay 30-40k for a T/R in an eyeblink if I would get offered a plus 2 year contract! And guess what, after more than 150 cvs and applications sent I didn't even get a single interview....
Join Date: Nov 2005
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Securing any form of loan on a property is totally and dangerously foolish!
Securing anything to do with aviation on a property....well...
You will have to bear with me as my vocabulary does not have the capability to find words to describe such a thing
You get my drift
Securing anything to do with aviation on a property....well...
You will have to bear with me as my vocabulary does not have the capability to find words to describe such a thing
You get my drift
Join Date: Jan 2007
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Ive made a couple of comments concerning close friends of mine who chose UNSECURED loans, "when times where good" at CTC.
1 of the 4 has a permanent job and is still struggling for cash at BA.
1 never managed to find anywork.
2 Managed 6 month temp. contracts with Easy and then were let go.
All have x amount to replay. ( Almost 85% of the original loan )
There are one or two sponsorship options plus modular in this country or abroad.
How about a flying instructor or twin engine pilot with a CPL to allow renumeration through work.
I mean is 1 in 4 a good odds to risk your parents house on?
You could also look at this way are you willing to bet £70000 of your parents security on England being knocked out of the 2010 World Cup Quarter Finals? The odds are the same.
3 to 1 against/1 in 4
Surely you would want even odds in your situation? Where its a 100 percent guaranteed ROI.
ROI = (Immediate Guarenteed Job + Abilty to meet Loan Payments for 84 months) - Loan Payments
Its about making +ve EV plays in life not just at the poker table.
1 of the 4 has a permanent job and is still struggling for cash at BA.
1 never managed to find anywork.
2 Managed 6 month temp. contracts with Easy and then were let go.
All have x amount to replay. ( Almost 85% of the original loan )
There are one or two sponsorship options plus modular in this country or abroad.
How about a flying instructor or twin engine pilot with a CPL to allow renumeration through work.
I mean is 1 in 4 a good odds to risk your parents house on?
You could also look at this way are you willing to bet £70000 of your parents security on England being knocked out of the 2010 World Cup Quarter Finals? The odds are the same.
3 to 1 against/1 in 4
Surely you would want even odds in your situation? Where its a 100 percent guaranteed ROI.
ROI = (Immediate Guarenteed Job + Abilty to meet Loan Payments for 84 months) - Loan Payments
Its about making +ve EV plays in life not just at the poker table.
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I think its far less than 1 in 4 now days.
I'm still in contact with most guys from my groundschool. And out of 27 guys only 2 landed a flying job more than 1 year after graduating.
Those 2 had really good contacts in high positions... Everybody else is still jobless! The funny thing about this, is that those 2 who are flying now, struggled in groundschool and failed exams and their ME-IR... (one of them was even 43 years old whe he finished groundschool)
This shows that contacts are everything in this industry. I think the most important things u need to land a flying job are: (in this order):
1.Contacts
2.Luck
4.Cash
5.Dedication and Talent
My advice to anyone who wants to do comercial flying training is: Only go for it if u have huge amounts of cash, so you do not have to pay loans back in case u can't get a flying job for a long time. Or if you have contacts who can really help you in getting a job!! Everything else is like going to a casino with a 40k bank loan!! Probably your odds would be better in a casino...
I'm still in contact with most guys from my groundschool. And out of 27 guys only 2 landed a flying job more than 1 year after graduating.
Those 2 had really good contacts in high positions... Everybody else is still jobless! The funny thing about this, is that those 2 who are flying now, struggled in groundschool and failed exams and their ME-IR... (one of them was even 43 years old whe he finished groundschool)
This shows that contacts are everything in this industry. I think the most important things u need to land a flying job are: (in this order):
1.Contacts
2.Luck
4.Cash
5.Dedication and Talent
My advice to anyone who wants to do comercial flying training is: Only go for it if u have huge amounts of cash, so you do not have to pay loans back in case u can't get a flying job for a long time. Or if you have contacts who can really help you in getting a job!! Everything else is like going to a casino with a 40k bank loan!! Probably your odds would be better in a casino...
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18 months from now:
"Mum, Dad - I'm very sorry and I know I've spent the £50K getting a licence but I now need another £30K to get a type rating and £7K to get an Multi-crew course thingy"
24 months from now:
"Mum, Dad - err, I'm afraid I didn't get that job either"
36 months from now:
"Mum, Dad - Look, I'll try and pay you back as soon as I can. This guy recons that Picadilly Circus is a better place for trade - can a borrow a few quid more so I can get a prettier lipstick?"
DON'T DO IT. In your name yes, but not your parents.
PM
"Mum, Dad - I'm very sorry and I know I've spent the £50K getting a licence but I now need another £30K to get a type rating and £7K to get an Multi-crew course thingy"
24 months from now:
"Mum, Dad - err, I'm afraid I didn't get that job either"
36 months from now:
"Mum, Dad - Look, I'll try and pay you back as soon as I can. This guy recons that Picadilly Circus is a better place for trade - can a borrow a few quid more so I can get a prettier lipstick?"
DON'T DO IT. In your name yes, but not your parents.
PM
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There's an easy answer to all this - Queens flying club! You're 18, in two years you could be flying a Eurofighter at 600 miles an hour 300 feet off the deck in the Lake District earning £30k a year for doing it with no debts.
Better flying, free training, better salary, cheaper beer, cooler aircraft. Why the heck anyone of your age would even consider being an airline pilot when they could fly for the RAF is beyond me...
Desk-pilot
Better flying, free training, better salary, cheaper beer, cooler aircraft. Why the heck anyone of your age would even consider being an airline pilot when they could fly for the RAF is beyond me...
Desk-pilot
Never continued though 'cos my eyesight falls a few increments shy of perfection unfortunately... oh well, guess I'll slog on with the CPL!
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Halfbaked,
IF you passed OASC then why not apply to join the AAC??
The AAC is rather more understanding on the eyesight "thingy".
(When you come to leave military service you will graduate with two licences - Rotary and fixed!)
BN
IF you passed OASC then why not apply to join the AAC??
The AAC is rather more understanding on the eyesight "thingy".
(When you come to leave military service you will graduate with two licences - Rotary and fixed!)
BN
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you will graduate with two licences - Rotary and fixed
Join Date: Jan 2003
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BigNumber,
Thanks for the input buddy - I'll be honest and say now I'd completely overlooked the AAC (as most of my military knowledge stems from an air cadets background quite some years ago!), but I'll do some research into them.
I was, however, under the impression that they operate in a similar manner to the London Underground (yes, I've even been looking there for jobs in the past!) - that most recruitment is internal, including pilot selection?
I'll do me research, cheers again
Thanks for the input buddy - I'll be honest and say now I'd completely overlooked the AAC (as most of my military knowledge stems from an air cadets background quite some years ago!), but I'll do some research into them.
I was, however, under the impression that they operate in a similar manner to the London Underground (yes, I've even been looking there for jobs in the past!) - that most recruitment is internal, including pilot selection?
I'll do me research, cheers again
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Capt dan
Listen to these people, they speak volumes of common sense.
I have had and still have a bit of sh^t with companies i owe money to. I sold my house and left a great job and still wonder if it was worth it.
Do NOT put your parents at this risk.
One of the posters on here I have flown with (WWW) and he is a good guy. So listen to him and us and look after yourself and your family.
You are only 18 and have years ahead of you to do this. I got my first job at 36 and on for command and 38. I had loads of fun between your age and now without aviation.
I have had and still have a bit of sh^t with companies i owe money to. I sold my house and left a great job and still wonder if it was worth it.
Do NOT put your parents at this risk.
One of the posters on here I have flown with (WWW) and he is a good guy. So listen to him and us and look after yourself and your family.
You are only 18 and have years ahead of you to do this. I got my first job at 36 and on for command and 38. I had loads of fun between your age and now without aviation.
