Loan security - BBVA
Joined: Jan 2005
Posts: 184
Likes: 0
From: UK
Maybe his/her parents could just make the loan repayments or part of them on completion of the course, until he/she finds work. As has been repeatedly stated on this thread, securing a loan against a property does not necessarily mean that if things go tits up, the property will be lost. It all depends on personal circumstances.
My dad was going to lend me £25k for Oxford anyway so I imagine that he'd be willing to cover the loan repayments until I find a decent wage. Maybe other people think along the same lines?
My dad was going to lend me £25k for Oxford anyway so I imagine that he'd be willing to cover the loan repayments until I find a decent wage. Maybe other people think along the same lines?
Joined: May 2005
Posts: 339
Likes: 0
From: varies..a lot
Why is everyone gone so mental on this thread.
If a payment is missed, THE WHOLE HOUSE DOES NOT GET TAKEN AWAY FROM THE PARENTS!!!! If things don't quite go according to plan, you get a job, go back to your old one, whatever.........and make the monthly repayments. If your folks have to step in and make one or two payments for you, then you can pay them back later when you are earning. Jeeeeeeeeez, you all make it sound like at the slightest hitch, the whole family will be on the street and homeless. I am sure neither he or his parents are stupid, chill out everyone, we all get there by hook or by crook, some get an easier ride, others have to work many jobs.........for me I had the luxury of moving back home whilst I was doing my ATPLs ( still am) and only have half the money I need to complete all my training. Bank only needs to give me about 15/20K Euro, so it's really not much more than a car loan.
HOWEVER this would not have been a possiblity if I could not live at home for FREE! I am not proud of it, but by hook or by crook!!!
I will get my licences, I will get a job flying eventually, and remember folks if you don't get a flying job immediately, DOES THIS MEAN YOU CAN"T WORK AT SOMETHING ELSE TO PAY BACK YOUR LOAN???
Spanner, you coul also do it in stages you know, bit by bit, pay as much as you can while you carry on with your training...it will be slower but do-able. I am 36, still need 7 ATPLs, ME/IR, Night, MCC etc., but I went and got a job humping luggage into ac's for Xmas. 9eur/hour and I used to earn 50/60Eur/hr....how the mighty have fallen...my point is that my folks are helping me out in their own way, make sure that if things don't work out for you that you can go, get a job...any job... and make those repayments. I would recommend going modular, by the time I finish I may only owe 15 000 Eur, not too scary, but I did manage to save 20 000Eur over the last 5 years. I am sure you have the time, don't panic over the current recruitment drive, it's cyclical and will come around again... make it easy on yourself, it's hard enough having the anxiety of passing exams and test, knowing you put your life on hold to do them, try not to add the fact that you also owe 70,000 lump sum in the bargain... see if you can half it maybe by spreading out your training a little!
Good luck, it's different for everyone
If a payment is missed, THE WHOLE HOUSE DOES NOT GET TAKEN AWAY FROM THE PARENTS!!!! If things don't quite go according to plan, you get a job, go back to your old one, whatever.........and make the monthly repayments. If your folks have to step in and make one or two payments for you, then you can pay them back later when you are earning. Jeeeeeeeeez, you all make it sound like at the slightest hitch, the whole family will be on the street and homeless. I am sure neither he or his parents are stupid, chill out everyone, we all get there by hook or by crook, some get an easier ride, others have to work many jobs.........for me I had the luxury of moving back home whilst I was doing my ATPLs ( still am) and only have half the money I need to complete all my training. Bank only needs to give me about 15/20K Euro, so it's really not much more than a car loan.
HOWEVER this would not have been a possiblity if I could not live at home for FREE! I am not proud of it, but by hook or by crook!!!
I will get my licences, I will get a job flying eventually, and remember folks if you don't get a flying job immediately, DOES THIS MEAN YOU CAN"T WORK AT SOMETHING ELSE TO PAY BACK YOUR LOAN???
Spanner, you coul also do it in stages you know, bit by bit, pay as much as you can while you carry on with your training...it will be slower but do-able. I am 36, still need 7 ATPLs, ME/IR, Night, MCC etc., but I went and got a job humping luggage into ac's for Xmas. 9eur/hour and I used to earn 50/60Eur/hr....how the mighty have fallen...my point is that my folks are helping me out in their own way, make sure that if things don't work out for you that you can go, get a job...any job... and make those repayments. I would recommend going modular, by the time I finish I may only owe 15 000 Eur, not too scary, but I did manage to save 20 000Eur over the last 5 years. I am sure you have the time, don't panic over the current recruitment drive, it's cyclical and will come around again... make it easy on yourself, it's hard enough having the anxiety of passing exams and test, knowing you put your life on hold to do them, try not to add the fact that you also owe 70,000 lump sum in the bargain... see if you can half it maybe by spreading out your training a little!
Good luck, it's different for everyone
Joined: Jan 2004
Posts: 181
Likes: 3
From: Sky
The voice of reason? Yes.....and no.
The former because he is recommending that FlayinSpanner actually goes out and earns some money to reduce the overall cost of the loan. The latter because miss out on loan repayments and sooner or later, make no bones about it, the house will go. And please do remember, FlayinSpanner himself stated he is looking for £70000, not 20, 30 or even £40,000. You are talking about a monthly repayment of approximately £700 over 11 years and that is before any potential rise in interest rates.
If he can guarantee getting a job post flight-school where he can meet these payments and afford to live then I wish him well. However, with his 'here and now' attitude, I worry that he hasn't experienced the true cost of life. Too many people out there are falling for these adverts that proclaim borrowing large sums of money to be a normal part of modern life, but the people who are loaning are making an absolute fortune and have you by the bollocks.
The future for many wannabees is going to be living at home with their parents till their thirties or forties because all they can do is meet loan repayments, never mind get a mortgage of their own. Sure, for some the gamble pays off, they walk into that jet job and repayments do become manageable, but these are in the vast minority. A lot of wannabees who do not have wealthy parents really do need to think seriously about earning the cash first before embarking on this mad cause, or even more-so, accepting that it is not going to be in this life - and I can say this as one who is fighting to keep his head above the water.
VC10 Rib22
The former because he is recommending that FlayinSpanner actually goes out and earns some money to reduce the overall cost of the loan. The latter because miss out on loan repayments and sooner or later, make no bones about it, the house will go. And please do remember, FlayinSpanner himself stated he is looking for £70000, not 20, 30 or even £40,000. You are talking about a monthly repayment of approximately £700 over 11 years and that is before any potential rise in interest rates.
If he can guarantee getting a job post flight-school where he can meet these payments and afford to live then I wish him well. However, with his 'here and now' attitude, I worry that he hasn't experienced the true cost of life. Too many people out there are falling for these adverts that proclaim borrowing large sums of money to be a normal part of modern life, but the people who are loaning are making an absolute fortune and have you by the bollocks.
The future for many wannabees is going to be living at home with their parents till their thirties or forties because all they can do is meet loan repayments, never mind get a mortgage of their own. Sure, for some the gamble pays off, they walk into that jet job and repayments do become manageable, but these are in the vast minority. A lot of wannabees who do not have wealthy parents really do need to think seriously about earning the cash first before embarking on this mad cause, or even more-so, accepting that it is not going to be in this life - and I can say this as one who is fighting to keep his head above the water.
VC10 Rib22
Joined: May 2005
Posts: 339
Likes: 0
From: varies..a lot
VC10
Quite correct! I was dealing in Euros and not STERLING! I keep forgetting there is a massive difference, and when you put it in terms of 700Sterling a month it's a lot of dosh! However, might it depend on whether the loan is a personal loan or a remortgage, at lower interest rates. I guess for FLying Spanner, the option of doing it all in a nice neat package is appealing, but it is very true that that is an option for people who really do have the money upfront and won't miss it too much when it's gone!
Very true about the fact that you will not get to own a house of your own! As I said before, I am 36 and living at home, with no hope of a mortgage until I am a couple of years into a flying job.... that may well mean in my early 40s!!! But what the hell, I'm doing it anyway. So I guess the best course of action is this, assuming that there is no 70,000 laying around then?... job and PPL...part time job and distance learning ATPLs ( NOT EASY!), or possibly 6months off and full time ATPs.... work and hour build....work whilst completing CPL ME/IR, Night and MCC, or at that point you may be in a position to borrow A LOT LESS MONEY and complete your training full time, although on a modular basis.
Flying Spanner, it won't feel half as scary to pay back 20,000 if you can fund yourself as you go....and it also gives you the chance to assess yourself during the course of your training to see if a) you can do the job at hand and b) whether or not you still want to do the job! It also takes some of the pressure off what is a very intensive program of training I would imagine.
You sound as if you are relatively young so don't forget you have time on your side, I don't really but I am no longer worried, if I get to only fly turboprops for a small regional then so be it!
If you have not yet started your PPL, you may already have it?,
then maybe go modular and concentrate on that! Work part time, get a trade or some qualification which will guarantee you employment easily when times are lean so that you can get by.
Anyway, it's all up to you in the end but integrated is NOT the only way and modular does NOT mean that the airlines will look down on you...at least I hope not but it doesn't bother me one bit! Enjoy it and try in every way to lessen your financial burden.
PS, I am conviniently avoiding the cost of my type rating, but that will come later.....
Cheers
Quite correct! I was dealing in Euros and not STERLING! I keep forgetting there is a massive difference, and when you put it in terms of 700Sterling a month it's a lot of dosh! However, might it depend on whether the loan is a personal loan or a remortgage, at lower interest rates. I guess for FLying Spanner, the option of doing it all in a nice neat package is appealing, but it is very true that that is an option for people who really do have the money upfront and won't miss it too much when it's gone!
Very true about the fact that you will not get to own a house of your own! As I said before, I am 36 and living at home, with no hope of a mortgage until I am a couple of years into a flying job.... that may well mean in my early 40s!!! But what the hell, I'm doing it anyway. So I guess the best course of action is this, assuming that there is no 70,000 laying around then?... job and PPL...part time job and distance learning ATPLs ( NOT EASY!), or possibly 6months off and full time ATPs.... work and hour build....work whilst completing CPL ME/IR, Night and MCC, or at that point you may be in a position to borrow A LOT LESS MONEY and complete your training full time, although on a modular basis.
Flying Spanner, it won't feel half as scary to pay back 20,000 if you can fund yourself as you go....and it also gives you the chance to assess yourself during the course of your training to see if a) you can do the job at hand and b) whether or not you still want to do the job! It also takes some of the pressure off what is a very intensive program of training I would imagine.
You sound as if you are relatively young so don't forget you have time on your side, I don't really but I am no longer worried, if I get to only fly turboprops for a small regional then so be it!
If you have not yet started your PPL, you may already have it?,
then maybe go modular and concentrate on that! Work part time, get a trade or some qualification which will guarantee you employment easily when times are lean so that you can get by.
Anyway, it's all up to you in the end but integrated is NOT the only way and modular does NOT mean that the airlines will look down on you...at least I hope not but it doesn't bother me one bit! Enjoy it and try in every way to lessen your financial burden.
PS, I am conviniently avoiding the cost of my type rating, but that will come later.....
Cheers
Last edited by powdermonkey; 10th November 2005 at 10:35.
Joined: Jan 2004
Posts: 222
Likes: 0
From: Hill Street Blues
I have not been able to post my comment on this subject as I have been doing my MCC.
I will not rant at spanner or anybody else who wants to risk everything for a job, that is up to them.
However I neither Hate or loath anybody, well maybe my exwife, heh heh heh.
There is no room for anger on the flight deck and some of the posts on this thread show just that, that is not professional.
Just a thought
Frank
I will not rant at spanner or anybody else who wants to risk everything for a job, that is up to them.
However I neither Hate or loath anybody, well maybe my exwife, heh heh heh.
There is no room for anger on the flight deck and some of the posts on this thread show just that, that is not professional.
Just a thought
Frank
Joined: Feb 1999
Posts: 1,095
Likes: 0
From: UK
Seven years ago I had bugger all. My mother offered to lend me the money for one of the old 509 courses out of her savings (then it cost ?0„535K). I refused.
I was fortunate to have a decent job. I saved, and I bought a house - there were many times when I wished I'd taken the money. I now have all my flying qualifications, no debt, and I've still got my house.
There are other ways, but it may require some hard work and a bit more time. Besides, you'll face plenty of other challenges in life, and you can't just run back to mum and dad to have them sorted.
I was fortunate to have a decent job. I saved, and I bought a house - there were many times when I wished I'd taken the money. I now have all my flying qualifications, no debt, and I've still got my house.
There are other ways, but it may require some hard work and a bit more time. Besides, you'll face plenty of other challenges in life, and you can't just run back to mum and dad to have them sorted.
