Easiest £35,000 I ever borrowed
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Easiest £35,000 I ever borrowed
After reading stories here about how hard it was to get the money together for the training, I thought I'd write about my own experiences with getting the Professional Studies Loan. I couldn't believe how straightforward it all was.
I graduated from university a year ago and I've just jacked in a poorly-paid banking job to get on with the groundschool. I was kind of kidding myself into thinking that flying actually really wasn't what I wanted so I ended up persuading myself to try to make a career in banking instead! Silly really, I know! I've had a PPL for five years and I've known for longer than that that I wanted to fly planes for a living.
What really made my mind up about flying as a career was hearing a guy in a guitar shop describing his life as second-rate because he didn't take the chance to become a pilot when he had it. He's now in his late 40s, owns a guitar shop, looks skywards on hearing a jet and subscribes to Airliner World. I'm sure he has a happy life but it's obvious that this is something he really regrets not doing.
Needless to say, I'm already in substantial debt as a result of university and I was having the usual fears of never getting a job at the end of the training. More to the point, I was almost convinced that the banks wouldn't touch me with a bargepole.
So it was to my pleasant surprise that HSBC sorted out a loan of £35k with repayments starting in March 2006. This gives me almost a year's safety net after finishing flying training. Not long and the chances of me being in a jet job are pretty much nil. But it does help an awful lot. The deal isn't too bad - interest is calculated at 2% above base rate and it's unsecured so nobody can pinch my house if the worst comes to the worst. The only serious conditions for the loan were (a) switching my current account to them and (b) taking out life and critical illness cover (which seemed quite sensible a thing to do anyway).
All it took was two hours of me explaining what things like instrument ratings and MCCs were to the guy in the bank. His loan checklist said all he could finance me for was this "Commercial Pilot's Licence thingy" so I had to gently explain that all the other bits are sort of essential components to the fATPL. Even explaining that groundschool was a requirement to getting the CPL issued.
It wasn't that the guy in the bank was stupid. It was just that aviation wasn't understandibly his area of expertise. But, if you make the effort to really explain your intentions and what all the bits of the training actually mean (i.e. an instrument rating lets me fly in clouds and this is something I need if I want to fly a jumbo jet), they do appreciate it and are therefore more likely to approve your application.
Some tips to help you along include:
*Prepare a budget spreadsheet or breakdown of costs (particularly important for modular students).
Remember to include cost of living as well as CAA fees. There doesn't seem to be any harm in swelling your cost of living so that you've got some leeway if you have to do any retakes if you fail papers or get an IR partial pass.
*Explain why you're better than everybody else and, thus, why you have such an amazing chance of getting a job at the end of the training.
Afterall, the bank is making a risky investment. OK, so I'm not better than anyone really and, as we all know, we're pretty much in the same boat when it comes to getting the job at the end. But the banks like to hear things like the fact you've already spent your own cash on a PPL and Class One, or that the RAF gave you a scholarship when you were 16.
*Book an appointment at a big branch.
My little village branch had no clue that they even offered this loan. If the branch seems a bit clueless on this type of thing, get them to ring the Kidlington branch in Oxfordshire (seems to get every single finance application from the soon-to-be-destitute Oxford guys).
Bear in mind that HSBC aren't the only bank to offer this. You could shop around. But, provided they all want to give you the money, the overriding decision must be 'which interest rate is cheapest'?
I hope this helps guys and girls. Feel free to PM me if you need any further advice.
Good luck!
Ratpup
I graduated from university a year ago and I've just jacked in a poorly-paid banking job to get on with the groundschool. I was kind of kidding myself into thinking that flying actually really wasn't what I wanted so I ended up persuading myself to try to make a career in banking instead! Silly really, I know! I've had a PPL for five years and I've known for longer than that that I wanted to fly planes for a living.
What really made my mind up about flying as a career was hearing a guy in a guitar shop describing his life as second-rate because he didn't take the chance to become a pilot when he had it. He's now in his late 40s, owns a guitar shop, looks skywards on hearing a jet and subscribes to Airliner World. I'm sure he has a happy life but it's obvious that this is something he really regrets not doing.
Needless to say, I'm already in substantial debt as a result of university and I was having the usual fears of never getting a job at the end of the training. More to the point, I was almost convinced that the banks wouldn't touch me with a bargepole.
So it was to my pleasant surprise that HSBC sorted out a loan of £35k with repayments starting in March 2006. This gives me almost a year's safety net after finishing flying training. Not long and the chances of me being in a jet job are pretty much nil. But it does help an awful lot. The deal isn't too bad - interest is calculated at 2% above base rate and it's unsecured so nobody can pinch my house if the worst comes to the worst. The only serious conditions for the loan were (a) switching my current account to them and (b) taking out life and critical illness cover (which seemed quite sensible a thing to do anyway).
All it took was two hours of me explaining what things like instrument ratings and MCCs were to the guy in the bank. His loan checklist said all he could finance me for was this "Commercial Pilot's Licence thingy" so I had to gently explain that all the other bits are sort of essential components to the fATPL. Even explaining that groundschool was a requirement to getting the CPL issued.
It wasn't that the guy in the bank was stupid. It was just that aviation wasn't understandibly his area of expertise. But, if you make the effort to really explain your intentions and what all the bits of the training actually mean (i.e. an instrument rating lets me fly in clouds and this is something I need if I want to fly a jumbo jet), they do appreciate it and are therefore more likely to approve your application.
Some tips to help you along include:
*Prepare a budget spreadsheet or breakdown of costs (particularly important for modular students).
Remember to include cost of living as well as CAA fees. There doesn't seem to be any harm in swelling your cost of living so that you've got some leeway if you have to do any retakes if you fail papers or get an IR partial pass.
*Explain why you're better than everybody else and, thus, why you have such an amazing chance of getting a job at the end of the training.
Afterall, the bank is making a risky investment. OK, so I'm not better than anyone really and, as we all know, we're pretty much in the same boat when it comes to getting the job at the end. But the banks like to hear things like the fact you've already spent your own cash on a PPL and Class One, or that the RAF gave you a scholarship when you were 16.
*Book an appointment at a big branch.
My little village branch had no clue that they even offered this loan. If the branch seems a bit clueless on this type of thing, get them to ring the Kidlington branch in Oxfordshire (seems to get every single finance application from the soon-to-be-destitute Oxford guys).
Bear in mind that HSBC aren't the only bank to offer this. You could shop around. But, provided they all want to give you the money, the overriding decision must be 'which interest rate is cheapest'?
I hope this helps guys and girls. Feel free to PM me if you need any further advice.
Good luck!
Ratpup
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Thanks for the tips.
I am have my appointment booked for next Tuesday, and HSBC want to see proof that I am accepted onto a course. However I can't apply for a course until I'm sure I have the finacial means to start a course so I might find myself in a bit of a deadlock! (Have contacted FTO to see whether they'll email with a letter to give HSBC without me putting down a deposit having explained my situation!)
I am have my appointment booked for next Tuesday, and HSBC want to see proof that I am accepted onto a course. However I can't apply for a course until I'm sure I have the finacial means to start a course so I might find myself in a bit of a deadlock! (Have contacted FTO to see whether they'll email with a letter to give HSBC without me putting down a deposit having explained my situation!)
Last edited by BigGrecian; 26th Sep 2004 at 11:38.
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That's the usual Catch 22. The bank wants to see you're enrolled, but you can't do that without the money to apply in the first place.
The professional studies loan is normally given to university professionals such as medical or law students. In those cases, you need to get a place on a competitive course but there is no cost involved in applying. In our pilot world, you can sign up to most schools by giving them some cash. There is no formal application process although some schools (particularly the 'big three' integrated ones) like you to fill in forms nonetheless.
The solution is to ask the school to write a letter saying they'd be willing to offer you a place if you had the money for the deposit. I ended up simply explaining to the bank that a 'proof of acceptance' onto a course doesn't really mean much for flying training as it might do for applying for a Masters course. The bank seemed happy with that explanation.
Otherwise, if you're going modular, you're faced with having lots of 'proof of acceptance' letters from your groundschool, your CPL/IR school then perhaps your MCC school. This is all nonsensical since, if you're like me and you've just started groundschool, you probably have an idea of where you want to fly but it's not yet definite.
Hope this helps!
Ratpup
The professional studies loan is normally given to university professionals such as medical or law students. In those cases, you need to get a place on a competitive course but there is no cost involved in applying. In our pilot world, you can sign up to most schools by giving them some cash. There is no formal application process although some schools (particularly the 'big three' integrated ones) like you to fill in forms nonetheless.
The solution is to ask the school to write a letter saying they'd be willing to offer you a place if you had the money for the deposit. I ended up simply explaining to the bank that a 'proof of acceptance' onto a course doesn't really mean much for flying training as it might do for applying for a Masters course. The bank seemed happy with that explanation.
Otherwise, if you're going modular, you're faced with having lots of 'proof of acceptance' letters from your groundschool, your CPL/IR school then perhaps your MCC school. This is all nonsensical since, if you're like me and you've just started groundschool, you probably have an idea of where you want to fly but it's not yet definite.
Hope this helps!
Ratpup
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In the same boat,have recently been to the HSBC met nice lady and whom I have to say was really helpful.She seemed quite positive and just had to put it forward to the Manager
At the moment I'm awaiting his decision.My bank account has been smoothly transferred without a glitch and I'm away in next Friday to sort out my life cover.
As for the letter I contact the FTO(Oxford)in my case with whom I'm doing a full-time modular course.They furnished me with a letter so that I could put it forward to the HSBC.Something along the lines of "upon reciept of the deposit MOI will be accpeted onto his chosen course commencing March 2005"
Regards
At the moment I'm awaiting his decision.My bank account has been smoothly transferred without a glitch and I'm away in next Friday to sort out my life cover.As for the letter I contact the FTO(Oxford)in my case with whom I'm doing a full-time modular course.They furnished me with a letter so that I could put it forward to the HSBC.Something along the lines of "upon reciept of the deposit MOI will be accpeted onto his chosen course commencing March 2005"
Regards
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Bear in mind that they'll try to sell you their own life cover which is more expensive than other equally viable options. Although you have to open an account with them, that doesn't mean you need to take whatever they try to sell you on top of the loan. There is no law or regulation requiring you to do as they say and it is against regulatory codes for them to force you into their own products.
For independent advice on financial products such as the all-important life cover, check out www.fool.co.uk
For independent advice on financial products such as the all-important life cover, check out www.fool.co.uk
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nice
Nice job Captain Ratpup, but i think its not that easy to get a loan. I myself graduated form university 4 years ago and applied for the professional thingy and they would not touch me with a barge poal, even though i had no debt (graduated in the black) and i own a 200k home in London. So i spent the next 4 years earning the money in the investment arena.....i had to put my dreams on hold for 4 years....i am glad to hear that you got a Loan!
I think the availability of £45,000 unsecured loans to anyone who can sign up for an Integrated course, i.e. anyone at all. Is. Mad, bad and sad.
Sorry but I do.
At 2% above current base rate that is a repayment of £886 over 5 years. Or £516 a month if you spread it over 10 years.
Thats a total loan repayment of £62,000 over 10yrs or £53.2k over 5.
Have you considered what a thump that is going to make you your salary? Lets say you are lucky and soon get a job flying, oooh I dunno, one of Emeralds smart new ATRs hauling freight around the nightime sky.
IF they paid you £19k a year then you'd take home about £1,100 at the end of the month. You can't afford £886 out of that so it looks like £516 for the next decade. Over that decade the Bank of Englands base rate may well climb to more historical norms around the 6.75% region.
Taking your ten year repayment to £563 a month and £67.7k in total...
So thats like adding £20k on top of the basic course price of circa £70k. £90,000 to get 200hrs?!?! You're 'aving a larf mate!
Even if you get lucky and get straight into a jet airline the first year take home pay is highly unlikely to break £2,000. Take off £886 and the resulting £1,114 is going to have to be spread pretty thin.
Lets say your base is Gatwick. We'll call the rent £400 a month and that won't be pretty. You'll have to have a car and petrol and even a banger will have to be £100 a month to run. You'll be paying council tax and utilities at £150 a month. Then you'll have to eat at say £25 a week - £100 a month. Your clothes will wear out and its hard to avoid little bills like TV licenses and the dentist so you'll lose another £100 a month.
So you've got £264 left each month. £9.10p a day to 'live' off.
You'll be living in a flee pit, driving a banger, patching your clothes and living hand to mouth, working anti-social hours in a strange part of the country and have less money in your pocket than the average student.
And thats if you get a jet job pronto.
I just don't see how these number add up into a realistic or - indeed - worthwhile proposition.
---------
There is no great rush to get into commercial flying. You are still young and the industry is going through a tough time. Go away and save like crazy, move in with your parents and get 3 jobs. Save like a man demented and I'm sure you'd have your £45k within 3 years. By which time the industry will likely be in a much better state.
And NO loan repayment.
Think of the difference.
Cheers
WWW
ps It is worth it in the end though - I promise
Sorry but I do.
At 2% above current base rate that is a repayment of £886 over 5 years. Or £516 a month if you spread it over 10 years.
Thats a total loan repayment of £62,000 over 10yrs or £53.2k over 5.
Have you considered what a thump that is going to make you your salary? Lets say you are lucky and soon get a job flying, oooh I dunno, one of Emeralds smart new ATRs hauling freight around the nightime sky.
IF they paid you £19k a year then you'd take home about £1,100 at the end of the month. You can't afford £886 out of that so it looks like £516 for the next decade. Over that decade the Bank of Englands base rate may well climb to more historical norms around the 6.75% region.
Taking your ten year repayment to £563 a month and £67.7k in total...
So thats like adding £20k on top of the basic course price of circa £70k. £90,000 to get 200hrs?!?! You're 'aving a larf mate!
Even if you get lucky and get straight into a jet airline the first year take home pay is highly unlikely to break £2,000. Take off £886 and the resulting £1,114 is going to have to be spread pretty thin.
Lets say your base is Gatwick. We'll call the rent £400 a month and that won't be pretty. You'll have to have a car and petrol and even a banger will have to be £100 a month to run. You'll be paying council tax and utilities at £150 a month. Then you'll have to eat at say £25 a week - £100 a month. Your clothes will wear out and its hard to avoid little bills like TV licenses and the dentist so you'll lose another £100 a month.
So you've got £264 left each month. £9.10p a day to 'live' off.
You'll be living in a flee pit, driving a banger, patching your clothes and living hand to mouth, working anti-social hours in a strange part of the country and have less money in your pocket than the average student.
And thats if you get a jet job pronto.
I just don't see how these number add up into a realistic or - indeed - worthwhile proposition.
---------
There is no great rush to get into commercial flying. You are still young and the industry is going through a tough time. Go away and save like crazy, move in with your parents and get 3 jobs. Save like a man demented and I'm sure you'd have your £45k within 3 years. By which time the industry will likely be in a much better state.
And NO loan repayment.
Think of the difference.
Cheers
WWW
ps It is worth it in the end though - I promise
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I agree in principle with what WWW says. We would all love to be in the position that you propose, whereby you work hard and save up for the training costs. Your points are prudent ones but unfortunately some of us do not have the luxury to make your suggested choices.
Take me as an example. I can't move in with my parents because (and not wanting to be dramatic) they're dead. So I can't save money by living in cheaper digs.
On the point of working balls-out in three jobs: well, I left my bank job without anything else to go to simply because I hated it that much. I simply could not stand being there and it got to the point that I didn't want to wake up in the mornings for work.
Sure, few people really get excited about work to the point that they leap out of bed on a Monday morning. Even astronauts and parachute instructors have their off days. But I was in an extremely crap working life and I saw others around me get sucked so far into their despised careers that they didn't dare leave. It's hard to leave when there's a cushy pension and easy hours. Things get too comfortable and secure. You get your wages, you work a few hours but then, at the end of it, you can just go home and switch off.
I realise fully how expensive a debt this is. I am also aware that it will no doubt cripple me financially when I do end up working as an instructor for a decade. But even the unpleasant thought of knowing that I'll be relying on a beloved partner for help is a thousand times better than the thought of going back to where I came from.
I've been flying as a PPL for enough years to want this lifestyle badly. At a glance, my decision to borrow so much money may seem blase and rash. But I hope you'll appreciate that an awful lot of thought has been put into it.
Ratpup
Take me as an example. I can't move in with my parents because (and not wanting to be dramatic) they're dead. So I can't save money by living in cheaper digs.
On the point of working balls-out in three jobs: well, I left my bank job without anything else to go to simply because I hated it that much. I simply could not stand being there and it got to the point that I didn't want to wake up in the mornings for work.
Sure, few people really get excited about work to the point that they leap out of bed on a Monday morning. Even astronauts and parachute instructors have their off days. But I was in an extremely crap working life and I saw others around me get sucked so far into their despised careers that they didn't dare leave. It's hard to leave when there's a cushy pension and easy hours. Things get too comfortable and secure. You get your wages, you work a few hours but then, at the end of it, you can just go home and switch off.
I realise fully how expensive a debt this is. I am also aware that it will no doubt cripple me financially when I do end up working as an instructor for a decade. But even the unpleasant thought of knowing that I'll be relying on a beloved partner for help is a thousand times better than the thought of going back to where I came from.
I've been flying as a PPL for enough years to want this lifestyle badly. At a glance, my decision to borrow so much money may seem blase and rash. But I hope you'll appreciate that an awful lot of thought has been put into it.
Ratpup
Yeah - I've no desire to have a go at you personally. For all I know you are a more mature and sensible person than I. I appreciate that you have taken a measured decision.
I sympathise with your hatred of your desk job. I had one for over 3 years after University. I did as I have advocated. I lived like a pauper on about £17k in 1996/7/8/9 at home with my folks. I did the ATPL by correspondence course as well as my main job plus worked in bars and other things at weekend.
By these means I was able to do the Modular route on buttons and without the aid of the bank manager.
PPRuNe - as was just starting up at the time - kept me sane at my desk. I was the original Wannabe.
My cautionary words are because of my experience. Others will have differing experiences and I used to make my living out of people taking large loans and enrolling on Integrated courses. I respect that and its common.
Neverthless I think if it can be avoided it best be. Not least because being debt free allows you to be flexible job hunting. You can afford to take that pays-naff-all job in Scotland. You can afford to be a flying instructor in the winter. You can afford to follow the first job you get a sniff of even if it means paying for part of the type rating or moving country or starting part time.
With the REQUIREMENT every month to earn decent money so as to service a loan you may well severely limit your first job options. And its the first job thats the tricky one. After that they tend to keep coming it just being a matter of time.
Good luck with it all.
WWW
I sympathise with your hatred of your desk job. I had one for over 3 years after University. I did as I have advocated. I lived like a pauper on about £17k in 1996/7/8/9 at home with my folks. I did the ATPL by correspondence course as well as my main job plus worked in bars and other things at weekend.
By these means I was able to do the Modular route on buttons and without the aid of the bank manager.
PPRuNe - as was just starting up at the time - kept me sane at my desk. I was the original Wannabe.
My cautionary words are because of my experience. Others will have differing experiences and I used to make my living out of people taking large loans and enrolling on Integrated courses. I respect that and its common.
Neverthless I think if it can be avoided it best be. Not least because being debt free allows you to be flexible job hunting. You can afford to take that pays-naff-all job in Scotland. You can afford to be a flying instructor in the winter. You can afford to follow the first job you get a sniff of even if it means paying for part of the type rating or moving country or starting part time.
With the REQUIREMENT every month to earn decent money so as to service a loan you may well severely limit your first job options. And its the first job thats the tricky one. After that they tend to keep coming it just being a matter of time.
Good luck with it all.
WWW
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Very interesting post guys !
I can see it from both side but I can also remember how hard it is to live in the Gatwick area and pay off large loans......got myself into that trap a while back and its hard !
So every penny saved before you take the leap towards your dreams is a pennys less interest to the banks.
Lets face it when borrowing slows down due to the cooling effects on the housing market the banks change gear and will loan ANYONE money for ANYTHING !
As WWW says the interest rates could go back up to where they were a few years ago.....and further.....and thats when people foud themselves unable to repay the mortgage ect ect.
A very good friend of mine has just finished at a top UK school got all the bits of paper and spent £60K + AND NO JOB ! ! ! !
Having said that sometimes you just have to GO FOR IT but you have to remember the maths at the end of the day.....that banger awaits you and you can forget about 'airport night' in Creapy Crawley for a while !!!!!
Good luck to you anyway my friend + wise words WWW !
I can see it from both side but I can also remember how hard it is to live in the Gatwick area and pay off large loans......got myself into that trap a while back and its hard !
So every penny saved before you take the leap towards your dreams is a pennys less interest to the banks.
Lets face it when borrowing slows down due to the cooling effects on the housing market the banks change gear and will loan ANYONE money for ANYTHING !
As WWW says the interest rates could go back up to where they were a few years ago.....and further.....and thats when people foud themselves unable to repay the mortgage ect ect.
A very good friend of mine has just finished at a top UK school got all the bits of paper and spent £60K + AND NO JOB ! ! ! !
Having said that sometimes you just have to GO FOR IT but you have to remember the maths at the end of the day.....that banger awaits you and you can forget about 'airport night' in Creapy Crawley for a while !!!!!
Good luck to you anyway my friend + wise words WWW !
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Thanks for the feedback WWW. I value your comments as you've actually been down that path yourself.
What I need to consider very carefully is what my backup is when the repayments start. What (or who) do I have to fall back on?
I think I'm obliged to borrow a good chunk but your comments convince me that it would be more than just worthwhile to offset what I need to borrow with some sort of job.
Ratpup
What I need to consider very carefully is what my backup is when the repayments start. What (or who) do I have to fall back on?
I think I'm obliged to borrow a good chunk but your comments convince me that it would be more than just worthwhile to offset what I need to borrow with some sort of job.
Ratpup
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Hi ALL!!
Very interesting stuff here. I myself have been humming and hawing over moving back to the Uk after living abroad for some time. I've finished my PPl here in SA and have almost completed my hour building and as luck would have it have run out of money. BUGGER!!!!!!! I had sold my flat to pay for my PPL and then when that money ran out I started working for my flying school in return for six hours a month. Never saw a single hour so I left. However I was determined to stay here and fininsh my training then disaster struck while I was away with some friends for a weekend in the bush. My brother had just returned to University and as he was coming home, three armed b****ds jumped him in his drive. They made him get out of the car and made him lie on the ground. They had guns pointed at his head and they took everything. As one of them was about to pull the trigger (he'd been threatening this for some time) there were sirens. Thank ****!!!! One of his room mates had seen the whole thing and called the police. Ive got my tickets booked and plan to never set foot in this place ever again!!!! Regardless of the fun times Ive had flying around here. Im going back to Ireland and will work ten jobs if it means that I get my CPL. This is something I want really bad (doesnt everyone??) and dont care if I have to spend the next 20years living in a flea hole paying back a bank loan. However www, do understand where your coming from and can appreciate it.
It all depends on how badly you want it and I CAN NOT go back to an office job. It would do my head in.
Congradulations on your loan Ratpup and best of luck. And when your sitting in your flea hotel, think about why you did it - TO FLY.......
Ciao
BL
Very interesting stuff here. I myself have been humming and hawing over moving back to the Uk after living abroad for some time. I've finished my PPl here in SA and have almost completed my hour building and as luck would have it have run out of money. BUGGER!!!!!!! I had sold my flat to pay for my PPL and then when that money ran out I started working for my flying school in return for six hours a month. Never saw a single hour so I left. However I was determined to stay here and fininsh my training then disaster struck while I was away with some friends for a weekend in the bush. My brother had just returned to University and as he was coming home, three armed b****ds jumped him in his drive. They made him get out of the car and made him lie on the ground. They had guns pointed at his head and they took everything. As one of them was about to pull the trigger (he'd been threatening this for some time) there were sirens. Thank ****!!!! One of his room mates had seen the whole thing and called the police. Ive got my tickets booked and plan to never set foot in this place ever again!!!! Regardless of the fun times Ive had flying around here. Im going back to Ireland and will work ten jobs if it means that I get my CPL. This is something I want really bad (doesnt everyone??) and dont care if I have to spend the next 20years living in a flea hole paying back a bank loan. However www, do understand where your coming from and can appreciate it.
It all depends on how badly you want it and I CAN NOT go back to an office job. It would do my head in.
Congradulations on your loan Ratpup and best of luck. And when your sitting in your flea hotel, think about why you did it - TO FLY.......
Ciao
BL
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Nice to hear that others have been through the hell of the "loan", "no loan" decision. I myself opted for "No Loan", having spent a couple of months weighing up my options.
In the end I feel I took the right choice, and i'm now in the latter stages of completing my PPL, looking to start my ATPLs with Bristol in the next month or so. I managed to land a pretty well payed job after finishing uni this year, deciding to live at home with the folks, and it would seem take a similar route to WWW. I hope complete my training with as little debt and as little risk as possible.
Anything you can do to try and mitigate the financial risks of this career path are wisely taken, having thought long and hard myself, I can only echo the wise words of WWW.
All the Best
PP
In the end I feel I took the right choice, and i'm now in the latter stages of completing my PPL, looking to start my ATPLs with Bristol in the next month or so. I managed to land a pretty well payed job after finishing uni this year, deciding to live at home with the folks, and it would seem take a similar route to WWW. I hope complete my training with as little debt and as little risk as possible.
Anything you can do to try and mitigate the financial risks of this career path are wisely taken, having thought long and hard myself, I can only echo the wise words of WWW.
All the Best
PP
Join Date: Jan 2000
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Interest Rates and Oil
WWW make a good point about interest rates assumptions.
They are still very low.
I remember when they were 15% - Many people went bankrupt at that time.
If that happened again....?
Could you cope... ?
On another worrying note what is going to be the effect of oil prices on the aviation industry.( Oil has gone through $30 then $40 and today went through $50 a barrel )
World demand appears to be outstripping supply..for oil
They are still very low.
I remember when they were 15% - Many people went bankrupt at that time.
If that happened again....?
Could you cope... ?
On another worrying note what is going to be the effect of oil prices on the aviation industry.( Oil has gone through $30 then $40 and today went through $50 a barrel )
World demand appears to be outstripping supply..for oil
Join Date: Aug 2004
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HSBC have just refused to give me a Professional Studies Loan. I took a spread sheet etc with course details etc. The woman didn't seem to know much about the loan, and I have just got the phone call saying they can't help me, and they didn't have any specific reason.
Just not sure where I can go from here...
Edited message to say that I approached a larger branch where they were only too happy to help - and I have now been approved! Roll on Module 1 of ATPLs . . .
Just not sure where I can go from here...
Edited message to say that I approached a larger branch where they were only too happy to help - and I have now been approved! Roll on Module 1 of ATPLs . . .
Last edited by BigGrecian; 15th Nov 2004 at 13:39.
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Keep trying....
Final decisions are made branch by branch, so just keep applying to other branches until you get lucky!
I got approved for a loan today on the basis I take out their mandatory life cover. Anyone else experienced that too?
I got approved for a loan today on the basis I take out their mandatory life cover. Anyone else experienced that too?
Join Date: Sep 2004
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Hi Birdlady
Maybe you can post your progress upon your return to Ireland. Am living and working here myself and hold a PPL from Weston.
Looking forward to full time employement, studying at night, saving cash, ( no debts from my PPL ) and when ATPL's are over if I ever get there, maybe having to borrow less from Bank later. Am 35 and yes had to move home to mummy and daddy!!! Work is slow and flying ain't cheap.
Good luck all
Maybe you can post your progress upon your return to Ireland. Am living and working here myself and hold a PPL from Weston.
Looking forward to full time employement, studying at night, saving cash, ( no debts from my PPL ) and when ATPL's are over if I ever get there, maybe having to borrow less from Bank later. Am 35 and yes had to move home to mummy and daddy!!! Work is slow and flying ain't cheap.
Good luck all
Join Date: Feb 2004
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Managed to get a £10,000 loan from HSBC in Northampton (Wood Hill Branch) even with my dreadful credit rating! The girl I saw was called Laura Pointer, she was very friendly and helpful. All I can say is, go in as prepared as you can, suited-up, with a full business plan, do the GAPAN tests or something similar and have a copy of your results, etc...
FT
FT