Why I love the recession!
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Why I love the recession!
Dear Ppruners,
I know the title may seem a little strange but let me explain. As someone who has had to save up years and years to be able to achieve my dream of flying commercially, it has been heatbreaking that just as I got to the point where I could finance the fATPL (and have a safety net of a few years without getting my lucky break), that the market got flooded by thousands of youngsters indebted up to their eyeballs.
Traditionally, there has always been those who have parents willing to throw tens of thousands of pounds at their children to give them an advantage over others, but the silver-spooners never added up to any great number in the grand scheme of things. As such, those who were committed to getting a seat up front and who were willing to give up the good things in life for many years in order to create the possibility of this happening, more often than not did get their dream.
Unfortunately in recent times the banks decided to get very, very greedy , resulting in thousands of youngsters being allowed access to vast sums of money which previously they would never have been allowed anywhere near. The end result being that every Tom, Dick and Harry (and their sisters) were all presented with the opportunity of getting a fATPL without having to go out and find work in the real world (and discover how little it pays), or forego all the partying that one should be doing in the twenties and early thirties.
A situation was thus created whereby those of us who had saved for years and years to fund their training were no longer competing with the usual number of young ones but instead were up against thousands of late teens/early twenties who were being financed by virtue of parents securing considerable loans on their homes (note the word home and not house). The sad fact is that airlines choose the young ones over the older candidates every day of the week, effectively ending the dream for all those who had given up so much over the years.
This situation looked like having no end.....until the recession hit. Prior to this, young jet johnny and jet jill would abuse their parents' love and emotionally blackmail them into putting their house up as a guarantee. Year on year all the maturer candidates were being stepped over again and again, with no reward for their sacrifices. My, how easy this game was for the young ones these last few years - get someone else to work all their years to afford a property, then get them to put it all at risk so you can access to the sums of money required, then get a jet job that pays enough for all repayments AND a nice lifestyle AND be able to tell everyone in the nightclub you are a jet pilot.
Shame your actions have decimated the terms and conditions. Never mind that you were willing to have your parents home taken off them.
After being passed over repeatedly by the young ones, I am regretfully bitter. So forgive the following.
I LOVE THE RECESSION!
I want every one of you little tykes to have your parents' homes taken by the banks. I want you to have to go bankrupt! You have cheated me and my kind for too long. It is now payback. You want my dream? Well do what I have had to do and EARN it. Take all the risks yourself like I have had to. Work all the hours I have had to. Miss all the family parties, friend's birthdays, etc. If your parents were stupid enough to gamble all on your laziness, TOUGH!!!
Those who gambled and got away with it the last few years - and I know so many - were lucky to do so. The banks are not willing to give it out any more, finally.
For all those youing ones who began training in the last few years, I hope the recession goes on for longer. I have the funds ready for when things pick up. Not only are you stuggling to repay your fATPL loan now, but you will not be given any more funds to renew licences, ratings or pay for a type rating. You will never get access to those funds again. Your bankruptcy will ensure that. You have blown your big dream forever. Ha Ha Ha Ha Ha!
For all those mature guys out there - our funds are ready, as are our seats. Believe!!!
I know the title may seem a little strange but let me explain. As someone who has had to save up years and years to be able to achieve my dream of flying commercially, it has been heatbreaking that just as I got to the point where I could finance the fATPL (and have a safety net of a few years without getting my lucky break), that the market got flooded by thousands of youngsters indebted up to their eyeballs.
Traditionally, there has always been those who have parents willing to throw tens of thousands of pounds at their children to give them an advantage over others, but the silver-spooners never added up to any great number in the grand scheme of things. As such, those who were committed to getting a seat up front and who were willing to give up the good things in life for many years in order to create the possibility of this happening, more often than not did get their dream.
Unfortunately in recent times the banks decided to get very, very greedy , resulting in thousands of youngsters being allowed access to vast sums of money which previously they would never have been allowed anywhere near. The end result being that every Tom, Dick and Harry (and their sisters) were all presented with the opportunity of getting a fATPL without having to go out and find work in the real world (and discover how little it pays), or forego all the partying that one should be doing in the twenties and early thirties.
A situation was thus created whereby those of us who had saved for years and years to fund their training were no longer competing with the usual number of young ones but instead were up against thousands of late teens/early twenties who were being financed by virtue of parents securing considerable loans on their homes (note the word home and not house). The sad fact is that airlines choose the young ones over the older candidates every day of the week, effectively ending the dream for all those who had given up so much over the years.
This situation looked like having no end.....until the recession hit. Prior to this, young jet johnny and jet jill would abuse their parents' love and emotionally blackmail them into putting their house up as a guarantee. Year on year all the maturer candidates were being stepped over again and again, with no reward for their sacrifices. My, how easy this game was for the young ones these last few years - get someone else to work all their years to afford a property, then get them to put it all at risk so you can access to the sums of money required, then get a jet job that pays enough for all repayments AND a nice lifestyle AND be able to tell everyone in the nightclub you are a jet pilot.
Shame your actions have decimated the terms and conditions. Never mind that you were willing to have your parents home taken off them.
After being passed over repeatedly by the young ones, I am regretfully bitter. So forgive the following.
I LOVE THE RECESSION!
I want every one of you little tykes to have your parents' homes taken by the banks. I want you to have to go bankrupt! You have cheated me and my kind for too long. It is now payback. You want my dream? Well do what I have had to do and EARN it. Take all the risks yourself like I have had to. Work all the hours I have had to. Miss all the family parties, friend's birthdays, etc. If your parents were stupid enough to gamble all on your laziness, TOUGH!!!
Those who gambled and got away with it the last few years - and I know so many - were lucky to do so. The banks are not willing to give it out any more, finally.
For all those youing ones who began training in the last few years, I hope the recession goes on for longer. I have the funds ready for when things pick up. Not only are you stuggling to repay your fATPL loan now, but you will not be given any more funds to renew licences, ratings or pay for a type rating. You will never get access to those funds again. Your bankruptcy will ensure that. You have blown your big dream forever. Ha Ha Ha Ha Ha!
For all those mature guys out there - our funds are ready, as are our seats. Believe!!!
Join Date: Mar 2009
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Well well recession.....bitter are we???
I sincerely hope your unprofessional and nasty, bitter attitude shows through if you do finally make it to an interview.
Well done on saving up the money for your training. Now go and spend it on something else because at the moment I'm not aware of any commercial aircraft with 2 front seats large enough to accommodate you and that massive chip on your shoulder. Enjoy the recession and your day job.
I sincerely hope your unprofessional and nasty, bitter attitude shows through if you do finally make it to an interview.
Well done on saving up the money for your training. Now go and spend it on something else because at the moment I'm not aware of any commercial aircraft with 2 front seats large enough to accommodate you and that massive chip on your shoulder. Enjoy the recession and your day job.
Last edited by 2 Whites 2 Reds; 13th Oct 2010 at 16:36.
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Looks like something is crying badly in front of a monitor because it never had the chance to drive a 737 while rich studs 10 years younger than it are doing that....
Enjoy your usual 2 dollar lunch
Enjoy your usual 2 dollar lunch
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Well at least it's a post from the heart. A post from someone who has done everything right but had everything go wrong. A post from someone who is not given the same fair assessment opportunities simply because he self sponsored himself and trained at his own pace (not because he wanted to but because he had no choice).
Know the feeling. Many of us do.
Want to go to the next Pilot Recruitment Exhibition together?
Know the feeling. Many of us do.
Want to go to the next Pilot Recruitment Exhibition together?
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Recession makes a good point, people are mad to borrow to fund there training having done it myself looking back i probably wouldnt have done it even though i have a great flying job earning 4-5 k after tax a month.
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recession is like a storm, it cleans the sky of its particles of dust followed by a great sunshine.
many shaky business have been wiped out by this 2008-2009 recession, now the sky is almost clear to start business on a new horizon.
but how far is the next storm with its clear air turbulences?
many shaky business have been wiped out by this 2008-2009 recession, now the sky is almost clear to start business on a new horizon.
but how far is the next storm with its clear air turbulences?
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I managed to save a chunk towards my training but still needed a large loan to fund the rest. Without my parents support there wasn't a chance I could have done this. The loan wasn't entered into lightly and there were many difficult discussions before we went ahead. No emotional blackmail took place.....any hint of that and my folks would have slapped me into next week!
As far as "gambling on my parents home". It was never a gamble because of the important business plan that accompanied my application. The loan application form took an hour. My business plan that went along with it took 3 weeks! The key has always been to assess the realistic ability of making the demanding repayments at the end no matter what the pilot jobs market. Have a plan B and C (and plan B and C is NOT run to mummy and daddy for money!!!)....it's not really a gamble. Having only a plan A ie train, qualify and get a job within a few months is the really dangerous gamble and those are the ones that should be shot for being so flippant with their parents home.
Just my thoughts. We all get there in different ways and I'm not going to apologise for borrowing money to train. I can service the debt and that's what really matters.
Evening All
2W2R
As far as "gambling on my parents home". It was never a gamble because of the important business plan that accompanied my application. The loan application form took an hour. My business plan that went along with it took 3 weeks! The key has always been to assess the realistic ability of making the demanding repayments at the end no matter what the pilot jobs market. Have a plan B and C (and plan B and C is NOT run to mummy and daddy for money!!!)....it's not really a gamble. Having only a plan A ie train, qualify and get a job within a few months is the really dangerous gamble and those are the ones that should be shot for being so flippant with their parents home.
Just my thoughts. We all get there in different ways and I'm not going to apologise for borrowing money to train. I can service the debt and that's what really matters.
Evening All
2W2R
Join Date: Nov 2004
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Whilst Recession's post comes across as a bit of a rant unfortunately there is an element of truth in what he says. Most likely the people that can't see that are no doubt in their teens or early 20s looking to borrow 50-60k to fund an integrated course....
CTCpilot you post is just embarrassing... (perhaps make use of the "delete" function??)
CTCpilot you post is just embarrassing... (perhaps make use of the "delete" function??)
Recently some Oats APP bods have attended interviews for an airline job requiring a £35,000 type rating payment. As I believe the Oxford bit costs £75,000 I couldn't help but raise my eyebrow at the financial firepower being deployed by some people in their early 20's.
I don't know where the money comes from or whether it's real or credit. But come it does.
This thread is useful as Wannabes might as well fully grasp the politics of wannabeism. Which is what the thread is about.
WWW
I don't know where the money comes from or whether it's real or credit. But come it does.
This thread is useful as Wannabes might as well fully grasp the politics of wannabeism. Which is what the thread is about.
WWW
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CTCPilot you wouldn't happen to have gone integrated and now have a big loan to repay would you??
Well done if you landed a job that pays you enough to service the loan and have a decent quality of life... but would you disagree that T&Cs have declined in the industry because of the desparation of young wanabees to get on the ladder??
Also if you live in HK you will know the cost of living out here is vast and a junior 1st officer salary won't stretch far (are you living in some tiny sh** hole near the airport?.... how does spending 5 quid on a beer when you go out in Central make you feel??). Your posts are laced with almost as much bitterness as Recessions!
I for one think Recessions post raises some very very important issues.... late teens/early 20s and GBP 100k in debt.... geeeez some folks need their head examined!!
Well done if you landed a job that pays you enough to service the loan and have a decent quality of life... but would you disagree that T&Cs have declined in the industry because of the desparation of young wanabees to get on the ladder??
Also if you live in HK you will know the cost of living out here is vast and a junior 1st officer salary won't stretch far (are you living in some tiny sh** hole near the airport?.... how does spending 5 quid on a beer when you go out in Central make you feel??). Your posts are laced with almost as much bitterness as Recessions!
I for one think Recessions post raises some very very important issues.... late teens/early 20s and GBP 100k in debt.... geeeez some folks need their head examined!!
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A strange understanding that "recession" has concerning parents homes as surety.
Firstly, nobody can provide the equity in a house for guarantee purposes other than the owners or mortgagees themselves. Children cannot use a parents house as a guarantee, only the parents could do that.
Secondly, the loans that are secured this way are generally restricted to a limit of no more than 60% of the value of the home, including the charge or further charge.
Thirdly, the parents income (as guarantors for the loan) is usually taken into account for affordability purposes in the event that the payments fall to them. This is the usual position if the loan applicant defaults on the loan payments when due.
Whilst bankruptcy can potentially affect anybody, there is an undercurrent of teenage angst in the thread starters assumption that parents are somehow stupid or oblivious to their offsprings demands and desires. They have a couple of decades of practice of wiping your various orifices without tumbling into bankruptcy as a result. Just as well really, as this seems a favoured communications portal for some.
Firstly, nobody can provide the equity in a house for guarantee purposes other than the owners or mortgagees themselves. Children cannot use a parents house as a guarantee, only the parents could do that.
Secondly, the loans that are secured this way are generally restricted to a limit of no more than 60% of the value of the home, including the charge or further charge.
Thirdly, the parents income (as guarantors for the loan) is usually taken into account for affordability purposes in the event that the payments fall to them. This is the usual position if the loan applicant defaults on the loan payments when due.
Whilst bankruptcy can potentially affect anybody, there is an undercurrent of teenage angst in the thread starters assumption that parents are somehow stupid or oblivious to their offsprings demands and desires. They have a couple of decades of practice of wiping your various orifices without tumbling into bankruptcy as a result. Just as well really, as this seems a favoured communications portal for some.