Hsbc Again.
Thread Starter
Joined: Oct 2001
Posts: 121
Likes: 0
From: Northern Ireland
Hsbc Again.
Ok, so since the nice loan company people promise me the world and them take it away again, I have been feeling somewhat urm, !!!!ty. So, once again I am going to try my luck with the HSBC. So heres the rundown:
1. I don't bank with the HSBC
2. I need £45,000.
3. Unsecured (I said I was going to try my luck!)
4. Repay over 6 years.
5. Take mortgage with HSBC.
6. Smile and be nice.
The last time I was in with the HSBC in Belfast, (the only one) they didn't know the product they where selling very well. So much so I had so show them the leaflet I had recieved a couple of days earlier. So, they sent me home and and asked me to come back a week later, when they told me that I didn't qualify for this loan because I didn't have a degree. Now, from what I have read on these forums, as I understood a degree was not essential. Can anyone clarify this for me, once and for all?
I don't have any security to offer. I don't own a house, and my folks mortgage it maxed out, becauase Father Savage has just expanded his business.
So if they ask for security I'm stuffed. Again.
It really gets to me that the government will fund so much for other professions, like Law for example. I have a friend who is in her first 3 months at University and she has, apparently everything paid for her, because her family is on benefits. And yet, the government won't atleast HELP fund the careers pilots, one of the most important people in the fastest growing industry in the world! What gives?
Anyway, thanks for listening to my rant!
Wish me luck with the HSBC and anyone who has advice about them, please don't hesitate to contact me!
My e-mail address is [email protected]
(I can't figure out how to change it in PPruNe)
NB: Before someone starts, yes I have already searched this, for crying out loud I started the whole HSBC degree's and loans thingy!
Take it easy.
P. Savage
1. I don't bank with the HSBC
2. I need £45,000.
3. Unsecured (I said I was going to try my luck!)
4. Repay over 6 years.
5. Take mortgage with HSBC.
6. Smile and be nice.
The last time I was in with the HSBC in Belfast, (the only one) they didn't know the product they where selling very well. So much so I had so show them the leaflet I had recieved a couple of days earlier. So, they sent me home and and asked me to come back a week later, when they told me that I didn't qualify for this loan because I didn't have a degree. Now, from what I have read on these forums, as I understood a degree was not essential. Can anyone clarify this for me, once and for all?
I don't have any security to offer. I don't own a house, and my folks mortgage it maxed out, becauase Father Savage has just expanded his business.
So if they ask for security I'm stuffed. Again. It really gets to me that the government will fund so much for other professions, like Law for example. I have a friend who is in her first 3 months at University and she has, apparently everything paid for her, because her family is on benefits. And yet, the government won't atleast HELP fund the careers pilots, one of the most important people in the fastest growing industry in the world! What gives?
Anyway, thanks for listening to my rant!
Wish me luck with the HSBC and anyone who has advice about them, please don't hesitate to contact me!
My e-mail address is [email protected]
(I can't figure out how to change it in PPruNe)
NB: Before someone starts, yes I have already searched this, for crying out loud I started the whole HSBC degree's and loans thingy!
Take it easy.
P. Savage
Joined: Nov 2003
Posts: 76
Likes: 0
From: Canada
45,000 pounds=approx 90,000 canadian dollars not sure US dollar value why not get some price quotes from JAA rated schools in the US it will be much cheaper by at least 1/2. Might be easier getting a loan for 15-20 thousand pounds.
Guest
Posts: n/a
You do not need a degree for the Proffessional Studies loan for Commercial Pilots Licence (That is how they quote it I think in their literature.)
As I am sure you know, HSBC sell a product that most branches know nothing about. When I went to my local branch in Halifax (West Yorkshire), nobody had a clue. They said without a job at the end of the training no chance. They made me wait a week to tell me that.
I went into the branch in Leeds, since Leeds is a large city, with the logic that the larger branches would possibly be a bit more clued up. They seemed to be a bit more clued up, although they still seemed a little unsure of the Proffessional Studies loans for CPL. I think that they had a bit of experience with Proffessional Studies loans for post graduates.
In the end they were going to give me £30K secured. My parents thought a gaurantee meant that if I couldn't make the payments they would. It didn't. A gaurentee meant HSBC wanted second rights to the house. If I couldn't pay they would take the house of my parents. My parents didn't like this, so I was unable to take the loan.
If I remember correctly, they said that they would give me £10K maximum unsecured. I'm bearing that in mind....
As I am sure you know, HSBC sell a product that most branches know nothing about. When I went to my local branch in Halifax (West Yorkshire), nobody had a clue. They said without a job at the end of the training no chance. They made me wait a week to tell me that.
I went into the branch in Leeds, since Leeds is a large city, with the logic that the larger branches would possibly be a bit more clued up. They seemed to be a bit more clued up, although they still seemed a little unsure of the Proffessional Studies loans for CPL. I think that they had a bit of experience with Proffessional Studies loans for post graduates.
In the end they were going to give me £30K secured. My parents thought a gaurantee meant that if I couldn't make the payments they would. It didn't. A gaurentee meant HSBC wanted second rights to the house. If I couldn't pay they would take the house of my parents. My parents didn't like this, so I was unable to take the loan.
If I remember correctly, they said that they would give me £10K maximum unsecured. I'm bearing that in mind....
Joined: Jan 2003
Posts: 100
Likes: 0
From: UK
Hi
I've about to visit HSBC and a few others in the next few weeks to talk about my loan.
The thing I've noticed that many people, if not most of them who are after a loan go for a loan in the region of £45,000 (to complete all of the training in one whole block). Firstly, if you have no house, no security, then your chances of getting this type of loan are diminished, they'll give you the money, but how are you going to pay it back (that's half the challenge).
I've financed my PPL on my own, and been in the Simulator Software development industry for a while now, and going for a £45,000 is just not a sensible option. You may get it, but extremely unlikely.
I wouldn't be willing to put my parents at risk by the bank taking our house if I couldn't afford to pay back money owed. The parents have already stated that I'm on my own on this one.
This is one of my plans, it's structured, and also it allows me to pay the loan off in an easier way instead of such a LARGE chunk over many years:
Finish PPL - this month
Get approx. £15,000 loan
Start ATPL groundschool in March
Hour build in US
CPL in UK.
....from here on, I will be able to start paying back this sum over e.g. 2 yrs.
I've also planned in advance, allowing me to have income coming into my bank account while doing these courses - so already I've started to pay back the loan. I also manage my own business, so I'm able to bring in a good bit of cash when I need too.
..Plus taking a £15,000 is much more sensible when concerning security.
Being a flight instructor is also an option during this period.
Once I've paid my loan off, it's then onto the next loan, this time to complete my IR - MCC (if I haven't managed to get sponsorship to complete it by then).
I just hope things go well with HSBC, and I wish you all the best of luck.
I've about to visit HSBC and a few others in the next few weeks to talk about my loan.
The thing I've noticed that many people, if not most of them who are after a loan go for a loan in the region of £45,000 (to complete all of the training in one whole block). Firstly, if you have no house, no security, then your chances of getting this type of loan are diminished, they'll give you the money, but how are you going to pay it back (that's half the challenge).
I've financed my PPL on my own, and been in the Simulator Software development industry for a while now, and going for a £45,000 is just not a sensible option. You may get it, but extremely unlikely.
I wouldn't be willing to put my parents at risk by the bank taking our house if I couldn't afford to pay back money owed. The parents have already stated that I'm on my own on this one.
This is one of my plans, it's structured, and also it allows me to pay the loan off in an easier way instead of such a LARGE chunk over many years:
Finish PPL - this month
Get approx. £15,000 loan
Start ATPL groundschool in March
Hour build in US
CPL in UK.
....from here on, I will be able to start paying back this sum over e.g. 2 yrs.
I've also planned in advance, allowing me to have income coming into my bank account while doing these courses - so already I've started to pay back the loan. I also manage my own business, so I'm able to bring in a good bit of cash when I need too.
..Plus taking a £15,000 is much more sensible when concerning security.
Being a flight instructor is also an option during this period.
Once I've paid my loan off, it's then onto the next loan, this time to complete my IR - MCC (if I haven't managed to get sponsorship to complete it by then).
I just hope things go well with HSBC, and I wish you all the best of luck.
Guest
Joined: Apr 2002
Posts: 94
Likes: 0
hsbc
Guys
DONT LET THEM BULL##IT U !!
I got a Prof. Studies loan from the HSBC about 1 year ago. I got 30K UNSECURED and ive been cleared for another 10K to finish of my training. My advice is to walk into a poular branch of the HSBC (Give the Crawley branch a ring and talk to them, they know what its all about and arrange a meeting), look professional so unfortunately its a suit and tie job, go in there knowing how much everything is going to cost or at least make them think u do, so a financial plan is a must, and dont let them con u into putting down your house or something as security, IT IS NOT MANDATORY, just be adament that theres no way that u are able to do it this way. The decision primarily rests upon the advisor/manager who u have this meeting with, although he does require a signature from his gaffer, if u can expain things to him and confince him properly he is then able to put a good story across to his boss and hey presto, after one and a half years u have to pay the little bleeder back !!!! :-(
So theres how, but please make sure u know what u are getting yourself in for, as u have to pay over the top odds back in my opinion.
Happy flying
DONT LET THEM BULL##IT U !!
I got a Prof. Studies loan from the HSBC about 1 year ago. I got 30K UNSECURED and ive been cleared for another 10K to finish of my training. My advice is to walk into a poular branch of the HSBC (Give the Crawley branch a ring and talk to them, they know what its all about and arrange a meeting), look professional so unfortunately its a suit and tie job, go in there knowing how much everything is going to cost or at least make them think u do, so a financial plan is a must, and dont let them con u into putting down your house or something as security, IT IS NOT MANDATORY, just be adament that theres no way that u are able to do it this way. The decision primarily rests upon the advisor/manager who u have this meeting with, although he does require a signature from his gaffer, if u can expain things to him and confince him properly he is then able to put a good story across to his boss and hey presto, after one and a half years u have to pay the little bleeder back !!!! :-(
So theres how, but please make sure u know what u are getting yourself in for, as u have to pay over the top odds back in my opinion.
Happy flying
Thread Starter
Joined: Oct 2001
Posts: 121
Likes: 0
From: Northern Ireland
Today I went to see the HSBC Belfast with my Business Plan.
A lovely lady talked to me for an hour and then went away to talk to someone 'higher'.
They came back with the answer no. Due to the fact that I cannot provide security.
Any body have any ideas?
Paul
A lovely lady talked to me for an hour and then went away to talk to someone 'higher'.
They came back with the answer no. Due to the fact that I cannot provide security.
Any body have any ideas?
Paul
Joined: Feb 1999
Posts: 1,095
Likes: 0
From: UK
You could have asked for a meeting with the 'someone higher'. At least the three of you could have discussed it there and then.
I wouldn't think it unreasonable for someone to ask for security, and I presume they mean a house, for that sort of money.
Two other options:
Try your luck at a HSBC branch where you know they have accepted these for pilots. Obviously, you'll have to travel to somewhere like Oxford. Making appointments and chatting on the phone prior to your visit may indicate if it will be worthwhile. Also ask about security and loan amounts prior to the trip.
Go back to the HSBC branch and ask for details on the amount that you can get unsecured.
Hope that helps.
I wouldn't think it unreasonable for someone to ask for security, and I presume they mean a house, for that sort of money.
Two other options:
Try your luck at a HSBC branch where you know they have accepted these for pilots. Obviously, you'll have to travel to somewhere like Oxford. Making appointments and chatting on the phone prior to your visit may indicate if it will be worthwhile. Also ask about security and loan amounts prior to the trip.
Go back to the HSBC branch and ask for details on the amount that you can get unsecured.
Hope that helps.
Joined: Jan 2003
Posts: 100
Likes: 0
From: UK
P.Savage..
Were you attempting to go for the £45,000 loan, or did you consider going for something a bit less, around the £15k - 20k mark?
...because if you were going for the £45,000, i'm not suprised with your outcome.
Cheers
Were you attempting to go for the £45,000 loan, or did you consider going for something a bit less, around the £15k - 20k mark?
...because if you were going for the £45,000, i'm not suprised with your outcome.
Cheers
Guest
Joined: Apr 2002
Posts: 94
Likes: 0
going round in circles
Guys,
Im TELLING you go to the Warrington branch (primarily) or the Crawley and talk to the guys there. I'd advise you to speak to a lady called Michelle in Warrington, she knows what she is talking about and security is NOT required for the loan ( even if its 30k !!!) BELIEVE ME I DID IT and i recently got another 10k too !!!
End of story
Im TELLING you go to the Warrington branch (primarily) or the Crawley and talk to the guys there. I'd advise you to speak to a lady called Michelle in Warrington, she knows what she is talking about and security is NOT required for the loan ( even if its 30k !!!) BELIEVE ME I DID IT and i recently got another 10k too !!!
End of story
Joined: Aug 2003
Posts: 123
Likes: 0
From: somewhere between Miami and Havana
Check with the HSBC branch in Bournemouth. They deal with the students from EPTA and are thoroughly farmiliar with the professional studies loan. I haven't heard of anybody walking away from them unhappy.
Best of luck,
Buter
Best of luck,
Buter
Joined: Jun 2001
Posts: 176
Likes: 0
From: Some dusty outpost in the ME
p.savage.
A couple of points that I have picked up on your initial post;
I would suggest that you start to bank with the HSBC, in fact I think it’s part of the qualification requirements for the loan! Get a credit card with them and use is wisely. This will offer you the opportunity to build up a history with them - if you don’t take the p!ss.
You note that you wish to pay the £45k back over 6 years. That’s circa £840 a month at 6% for that period - that may be the reason for the “no chance” answer. How much do you expect to earn in the first couple of years as a pilot (assuming you get a job!!!).
I think you may need to review the costs involved, the terms and the implications of the professional studies loan. Wee Weasly Welshman gave a brief, yet concise review of the associated costs in a recent thread, I think it was about £38k - that should work out at about £322pm over 11 years, again at 6% (the normal terms). Much more affordable, but still not cheap!!
The decision is based on your risk. To me, it would appear that you are a high risk. The loan, although not advertised as secured may require security depending upon your risk. Remember, it’s not a computer that makes this decision, it’s a human, which makes a change!!
If, as it would appear, you are having issues obtaining the loan, look at other options. As others have suggested, borrow smaller amounts with the option to review and borrow more as you progress with your training.
Make contact with other braches (I understand the Oxford branch is good), or their head office. Discuss your needs with someone who knows the product, if the person you initially speak to does not know that product, ask for someone who does….
I stand to be corrected if the above is inaccurate, however this is how I understand the terms.
Good luck
Funkie
A couple of points that I have picked up on your initial post;
I would suggest that you start to bank with the HSBC, in fact I think it’s part of the qualification requirements for the loan! Get a credit card with them and use is wisely. This will offer you the opportunity to build up a history with them - if you don’t take the p!ss.
You note that you wish to pay the £45k back over 6 years. That’s circa £840 a month at 6% for that period - that may be the reason for the “no chance” answer. How much do you expect to earn in the first couple of years as a pilot (assuming you get a job!!!).
I think you may need to review the costs involved, the terms and the implications of the professional studies loan. Wee Weasly Welshman gave a brief, yet concise review of the associated costs in a recent thread, I think it was about £38k - that should work out at about £322pm over 11 years, again at 6% (the normal terms). Much more affordable, but still not cheap!!
The decision is based on your risk. To me, it would appear that you are a high risk. The loan, although not advertised as secured may require security depending upon your risk. Remember, it’s not a computer that makes this decision, it’s a human, which makes a change!!
If, as it would appear, you are having issues obtaining the loan, look at other options. As others have suggested, borrow smaller amounts with the option to review and borrow more as you progress with your training.
Make contact with other braches (I understand the Oxford branch is good), or their head office. Discuss your needs with someone who knows the product, if the person you initially speak to does not know that product, ask for someone who does….
I stand to be corrected if the above is inaccurate, however this is how I understand the terms.
Good luck
Funkie
Thread Starter
Joined: Oct 2001
Posts: 121
Likes: 0
From: Northern Ireland
Thank you all for your replies.
So, generally you are saying that requesting a smaller amount to start with is a better idea?
Just as a note, I also guaranteed her a job, although not in aviation when I qualified.
Also, aswell as security she also wanted a fair amount of savings and acceptance onto an INTEGRATED course. Apparently the HSBC 'prefer' that to the modular route. DO you think it is possible that I am being discriminated against, because I live in N.Ireland? I mean, I hear of all these reports that guys get unsecured loans for £30k from branches in England. Whats going on?
Paul
So, generally you are saying that requesting a smaller amount to start with is a better idea?
Just as a note, I also guaranteed her a job, although not in aviation when I qualified.
Also, aswell as security she also wanted a fair amount of savings and acceptance onto an INTEGRATED course. Apparently the HSBC 'prefer' that to the modular route. DO you think it is possible that I am being discriminated against, because I live in N.Ireland? I mean, I hear of all these reports that guys get unsecured loans for £30k from branches in England. Whats going on?
Paul
Joined: Jan 2001
Posts: 776
Likes: 0
From: In my own little world
Hey this is gr8. I've been wondering for ages how to finance my quest for flight and I've stumbled accross this thread basically telling me where to go and who to speak to all at once !!.
I've been working in Flight Dispatch for about 10 years but now I want to start learning to fly this year as I'm due to get a pay rise and also pay off a bank loan so I should have an extra few hundred quid each month to pay for it.
Can anyone give me a rough idea as to how much it would cost to go from zero to say 737 type rating. I have the Flyer magazine special they did last year on flight schools etc. but there is nothing that tells me how much I can expect to pay for the whole lot.
Also if anyone can let me know which is the best route to take this would be useful too.
I know I'm swaying from the thread so sorry !!.
Hey just realised one of my best mates is now a bank manager for HSBC so I'll have to call him tomorrow !!! - you know what they say - it's not what you know but who !!!.
I've been working in Flight Dispatch for about 10 years but now I want to start learning to fly this year as I'm due to get a pay rise and also pay off a bank loan so I should have an extra few hundred quid each month to pay for it.
Can anyone give me a rough idea as to how much it would cost to go from zero to say 737 type rating. I have the Flyer magazine special they did last year on flight schools etc. but there is nothing that tells me how much I can expect to pay for the whole lot.
Also if anyone can let me know which is the best route to take this would be useful too.
I know I'm swaying from the thread so sorry !!.
Hey just realised one of my best mates is now a bank manager for HSBC so I'll have to call him tomorrow !!! - you know what they say - it's not what you know but who !!!.
Joined: Feb 2003
Posts: 453
Likes: 0
From: UK
p.savage
HSBC would only loan me £15000 as I didn't bank with them. I had a business plan, have a reasonably well paid job and a house, but that was the maximum they would offer me at this stage as I have no credit history with them.
As the lady I dealt with said, if I need more money in a years time I will then have a history with them, and they then have a vested interest in my success.
Leezyjet
Budget for £40 - 50000 (modular), £60000+ (integrated) to complete training for the licence and ratings required. A type rating is extra on top but personally I wouldn't pay for one.
As to which method is best, search these forums for past threads on modular v integrated for plenty of views on that one. Which one you choose depends on your circumstances and what you feel best with.
HSBC would only loan me £15000 as I didn't bank with them. I had a business plan, have a reasonably well paid job and a house, but that was the maximum they would offer me at this stage as I have no credit history with them.
As the lady I dealt with said, if I need more money in a years time I will then have a history with them, and they then have a vested interest in my success.
Leezyjet
Budget for £40 - 50000 (modular), £60000+ (integrated) to complete training for the licence and ratings required. A type rating is extra on top but personally I wouldn't pay for one.
As to which method is best, search these forums for past threads on modular v integrated for plenty of views on that one. Which one you choose depends on your circumstances and what you feel best with.
Joined: Dec 2003
Posts: 32
Likes: 0
From: Earth
This thread has been just what I`ve been looking for too.
I`ve got the JAA Frozen ATPL and multi IR and paid for it all myself. I need a 10 - 12 000 pound loan to do an FI course, but just got an application for the HSBC Postgrad loan turned down as I have no security i.e. I am not a homeowner and could not guarantee them a job at the end.
However I do have 5 years solid computing experience in London city and managed to save £40 000 in just 2 years to fund my flying.
I should have no problem getting another computer contract if I had any problem paying the loan off on my instructors salary. I could instruct part time.
I explained all this to them and explained that the instructors rating also improved my chances in some ways of getting properly paid employment with an airline, as I would be increasing my flying hours and yet was still turned down.
I think I`ll be knocking on this threads suggested branches next week. Will let you guys know what happens....
I`ve got the JAA Frozen ATPL and multi IR and paid for it all myself. I need a 10 - 12 000 pound loan to do an FI course, but just got an application for the HSBC Postgrad loan turned down as I have no security i.e. I am not a homeowner and could not guarantee them a job at the end.
However I do have 5 years solid computing experience in London city and managed to save £40 000 in just 2 years to fund my flying.
I should have no problem getting another computer contract if I had any problem paying the loan off on my instructors salary. I could instruct part time.
I explained all this to them and explained that the instructors rating also improved my chances in some ways of getting properly paid employment with an airline, as I would be increasing my flying hours and yet was still turned down.
I think I`ll be knocking on this threads suggested branches next week. Will let you guys know what happens....
Thread Starter
Joined: Oct 2001
Posts: 121
Likes: 0
From: Northern Ireland
Blueboy,
I took your advise, and I'm flying over to Liverpool (to go to Warrington) on Tues 27th Jan to speak to Michelle, who sounds like a lovely lady. The Belfast HSBC just don't know what their selling. I will let you know how I get on.
Paul
I took your advise, and I'm flying over to Liverpool (to go to Warrington) on Tues 27th Jan to speak to Michelle, who sounds like a lovely lady. The Belfast HSBC just don't know what their selling. I will let you know how I get on.
Paul
Joined: Apr 2000
Posts: 3
Likes: 0
From: Swindon
I have also had trouble with finding the right hsbc branch to go to.
I was straight away turned down from my local branch (swindon). But was advised to try the guys down at christchurch (bournemouth). After a few phone calls it is all looking a lot more positive. Offering 30K secured - am i mad?????
I was straight away turned down from my local branch (swindon). But was advised to try the guys down at christchurch (bournemouth). After a few phone calls it is all looking a lot more positive. Offering 30K secured - am i mad?????
Joined: Jan 2003
Posts: 100
Likes: 0
From: UK
Hi all,
I'm thinking that in my situation, an HSBC loan might not be worth it for the moment. I'm looking at doing ATPL in June instead of March on a Career Development Loan, enabling me to save before hand, for hour building in the US after I complete the course.
I need to look into the true details of the CDL, and how soon I'll need to pay it back.
Luckly I'm in a good job, so it won't take me long to save for CPL, then onto IR - maybe with a small loan for that.
Keeping out of debt is the best option if you can do it
Good luck all
I'm thinking that in my situation, an HSBC loan might not be worth it for the moment. I'm looking at doing ATPL in June instead of March on a Career Development Loan, enabling me to save before hand, for hour building in the US after I complete the course.
I need to look into the true details of the CDL, and how soon I'll need to pay it back.
Luckly I'm in a good job, so it won't take me long to save for CPL, then onto IR - maybe with a small loan for that.
Keeping out of debt is the best option if you can do it
Good luck all
Joined: May 2001
Posts: 437
Likes: 0
From: Far East
I went into HSBC the other day to ask about interest rates and other details on a £14,000 loan and they actually offerred it to me then and there but I said I'd have to have a think about it, but its good to know I could get the loan without security. To think I didn't even take any quotes or training proposals and was dressed like a student!