Loans for funding flying training.

[potkettleblack]

Sicky welcome to the world of modular training

Why don't you study the ATPL's via distance learning whilst working and saving hard for the multi/CPL and IR. Along the way you will hopefully work out that you have just saved yourself a small fortune and that your dad has actually done you a favour in not going as guarantor. When you get to the CPL/IR you will probably find that you want to do this fulltime to give it the best shot of a first time pass. If you don't have the cash for this then perhaps between you and your dad you can come to an arrangement as hopefully there will be more of a light at the end of the tunnel.

The added benefit is that you will have a nice story to tell at your job interviews of how you triumphed over adversity.

[sicky]

I do see your point of view there and it does look like it may become my only option. I havn't given up hope that some businesses out there may be in the christmas spirit and i can only but ask.

Without sparking the perrenial debate, i do have a few issues with modular. I have a friend who is a pilot for a bizjet sort of firm, and he agrees that now is the right time, i'm at the right age, and that Jerez is an excellent school. (He knows a few of the teachers and flies into there a lot).

I fell in love with jerez while i was there, but if it is not possible, then unfortunately it is not possible. My reservations about modular are, that i do not have a degree (don't go into that debate either please!! haha), i left university to do this, i have 3 a levels but all C grades, i have no sort of..supervisory experience apart from when i have captained teams and the very little football coaching that i do.

I just have a great worry that modular would leave me jobless. I like the idea of going full time integrated, concentrating only on the flying and where you're character is monitored aswell - ie the airlines may trust it more. Again, let's not go too much into that.

I will need to sort myself out with a good enough job to manage it, but i still do not have my PPL, and the nearest school to where i live that do FATPL is in Leeds.

On the up side, i have a few good friends who have been nothing less than amazing in offering advice and support and they're looking out all the time for a job that could help me out. One of those friends told me i could get in over £1200/month working in the Orange call centre, not down the right lines really but the money would allow me to do my PPl up here while i work there.

Other positives i suppose are that having gone to uni in Leeds, i know people there, and a friend of mine has a house there towards the airport, with a spare room. Ideal if it comes to this.

I'm sure there are more negatives and positives and if people don't mind i'll add them as they come to me - i've rambled on and it's getting late (just got in from my bar job).

I'd just like to add my view that it is a joke that the pro studies loans will not cover flying training. With the cost of the training, and the lack of real sponsorship...pilots are being driven towards modular, like in my case. I am struggling to find a good reason why being from a broken family with 1 retired parent and another redundant parent breaking into property development should prevent me following my dream career.

Just to finish - I've always liked the idea of the RAF or Army and have thought if there is no way i can do this, then i'd join probably the RAF, try as a pilot. I know they have flying clubs where you can learn to fly, too, so if i did have to lay it to rest for a bit, i suppose it's another option. Then again i'd have to be fully committed to join the forces.

Frustrating! Thanks for the responses so far!

[Pilot Pete]

Originally Posted by sicky

Without sparking the perrenial debate, i do have a few issues with modular..... My reservations about modular are, that i do not have a degree (don't go into that debate either please!! haha), i left university to do this, i have 3 a levels but all C grades, i have no sort of..supervisory experience apart from when i have captained teams and the very little football coaching that i do....I just have a great worry that modular would leave me jobless.

So, in order;

1. You don't need a degree to be an airline pilot.
2. You have three more A levels than me, and I am a Thomsonfly Captain.
3. You have no supervisory skills? Well, do something about that now by joining some sort of organisation where you will get it. By the time you qualify you will have a few years supervisory experience under your belt!
4. Integrated can leave you just as jobless......

There you go, concerns addressed with a bit of reality. Make sure you decide which route to choose based on what will suit you best, not on hearsay and rumour, or unfounded concerns.

All the best and good luck.

PP

[Crispywings]

Funding the training!!!!

I had exactly the same trouble with HSBC.
Last year I was told they had stopped the professional studies loan for pilot training, but would grant it to students studying through Oxford Aviation. I heard a rumour this was due to people borrowing large amounts of unsecured cash to do an ATPL and then not finishing the course or not finding a job at the end of the course and not being able to repay the loan.

I was studying at BCFT in Bournemouth and was denied such a loan form HSBC.

I continued with my training, got my blue book, an MCC certificate, a letter from an airline saying I had passed the selection assessment / sim ride and would have a job on completion of the type rating that I needed to fund.

Even offering to put my house up as collateral for the loan and with a job offer, I was still declined. Unfortunately HSBC provided no help whatsoever for me.

Obviously, there are other lenders out there; it was just that HSBC had a lower rate of lending at the time.

[irish_cessna]

what to do?

my problem relating to FINANCING is that i cant get credit due to a poor financial choice/investment 2 yrs ago and wont be rectified till i'm 30 (i'm 25 almost now) so as i bumble along living off my self employed wages, thankfully quite adaquate (1000 euro wk on good wk/500 on bad wk, cash) I live too far to commute to nearest air club for a lesson, esp with our irish weather, it prob end up cancelled. I'd like to know does any one have any similar situation or even advice regarding the total costs i want to go from PPL to F-ATPL , ME, IR, CPL, MCC in the next 3 yrs or so, and will have to try work something out as i work too. i have no way to get other financial backing at this time as my parents go through a messy divorce. whats my cheapest options i was thinking/planning to combine a holiday and the PPL in Malaga, Spain soon. I'm used to dealing in euros so forgive me if i presume you mean the same too

[ghost_rider20]

Loans

Before anyone states 'Do a search' i tried, but didnt come up with what i was looking for.
So i will pop the question, where can i get a loan for a substantial amount, to really get the ball rolling with my training??

Any info would be appreciated guys/girls

Ghost Rider.

[wbryce]

arrange a meeting with your bank and discuss figures....remember, when you take a loan payments start immediately so you need to borrow more than you require to cover the first 10-16 repayments....

The CDL is a great deferred loan but you can only get 8k max.

[scroggs]

Originally Posted by ghost_rider20

Before anyone states 'Do a search' i tried, but didnt come up with what i was looking for.

To save you wasting your valuable time searching for this thread (which is linked to in the Archive thread at the top of the forum), I have wasted my valuable time doing it for you.

Scroggs

[Lucifer]

Originally Posted by irish_cessna

my problem relating to FINANCING is that i cant get credit due to a poor financial choice/investment 2 yrs ago and wont be rectified till i'm 30

Not the only bad choice you've made along with the criminal conviction you mention on the other thread...

Have you tried doing the GAPAN tests first to ensure you are suitable and not wasting your cash?

You have absolutely no hope of obtaining credit with a poor credit rating for the purpose that you are looking for. Fund it instead from your earnings and go modular if you are that desparate to fly.

[sicky]

Originally Posted by mcgoo

The only proffessional studies loan was HSBC and they have withdrawn this now unless you are going to OAT, Cabair or CTC.

i take it that it's also integrated only and wouldn't cover, for example, the modular course, full time at cabair or oat?

[mcgoo]

I don't know, best to call them!

[sicky]

Yeah i'll have to find a loans hotline or something, i popped into my local HSBC and Barclays and neither seemed to know too much about PSL's or CDL's!!

[irish_cessna]

Originally Posted by Lucifer

Not the only bad choice you've made along with the criminal conviction you mention on the other thread...

Have you tried doing the GAPAN tests first to ensure you are suitable and not wasting your cash?

Funny you should mention that as i have a class 1 medical and a Gapan test in the new yr. I doubt i'll have probems with either i'm just projecting myself optomistically to the future.
Ya i can afford the modular route, i'm just anxious not to leave gapping gaps in flying periods, hence i'd prefer to do F.I rating next and gladly teach for non-payment to gain experience.
on the other thing- what are brothers for

[joshiii]

Funding

Hello, i really want to go into Pilot training after i have finished my A-levels, i just wonder what is the most common way people get to become commercial pilots? I doubt that the majority of them self fund.

Thanks

[rwy_hdg]

Originally Posted by joshiii

Hello, i really want to go into Pilot training after i have finished my A-levels, i just wonder what is the most common way people get to become commercial pilots? I doubt that the majority of them self fund.

Thanks

I'm afraid to say that the majority of them do self fund! It's a huge investment to make. You may be lucky enough to find sponsorship programs which will perhaps fund some, if not all your training. However these sponsorship schemes have declined in number over the past decade. All i can say is, try and save as much cash as possible before you head off to the friendly bank manager to ask for some more cash to fund your training!!

Cheers
RWH

[mcgoo]

There are few scholarships around anymore, those that are can still cost a lot through bonding or reduced salary, competition is fierce for these places. I see from your previous posts that you were turned down by the military, that only really leaves self funding or applying to CTC or one of the scholarships, either way it's expensive.

[A330 Dreamer]

financing CPL/I.R

Evening,

I am due to sit my atpls with BGS in the next few months and I've saved up £ for my CPL. I was wondering if anyone can give advice, pointers to financing the I.R through bank loan/personal development loans etc?

Cheers

[TheOne83]

Hi there,

i wouldn't see a problem to borrow some money for your IR, your just 24 years and have plenty of time to pay back the money if you take a loan. You could even get a loan for your entire ATPL if money is the problem.

Let's say you where 40 years and you finish and get a work at around 45 because during five years you have been building hours and working a bit... when you retire at max 65 you had 20+5 years to pay back. If we then imagine you got a contract and you work at a company in UK for 20 years getting a salary of about 2,000£ a month and increasing as you get to captain that means that in 20 years you will earn 480,000£ + much more
Because as captain you will earn more than 2,000£ a month..

2,000£x12month=24,000£x20years=480,000£

It's more than clear i think, if you can get a loan get it. Just if you don't have the money or other solution is best way to do it. There is also different ways you can pay back. You have to talk to your bank and get to an agreement.

Good luck with your ATPL exams! All the best!

/niko

[A330 Dreamer]

well I set up a standing order with the royal bank of scotland putting £120 a week away just to show the banks that A - i am saving and B - trying not to have a big financial burden? at the end of the training.

Would it make any difference if I changed my savings account to the HSBC bank because I see on some of the big FTO websites that they are the preferred bank. I had a thought, that if I saved with them for as much as I could cover I'd have a better chance of getting a substantial amount loaned to cover I.R cost.

Any advice on this matter appreciated.

[TheOne83]

Yes of course, as less you need to borrow the better and easier to get a loan because you need less money

I'm not 100% of what i'm going to explain bellow in the next lines, but i hope that if it's not correct someone will tell us and explain.

I've heard about HSBC loaning out money to ATPL students at big FTO's.. What you have to look at is how much taxes you have to pay each month or each year to borrow out X amount of money. I believe each bank has different rates. Every year you will pay totally X£ to the bank for borrowing out that money, but that doesn't mean that you have to start paying back the loan.

One thing you have to pay attention also is to the taxes, because they can increase or decrease.. so you have two options, to get a variable loan or fix. Variable loan means that you will pay 3% of taxes if at that moment the taxes are at 3% but if they decrease to 2,5% you will pay less and if they go up to 3,5 you will pay a bit more, but 1% more is not that much.. If you get a fix loan and the taxes are at let's say 4,75% and you choose to have it fix during 3 years, in thoose 3 years you will always pay 3,75% taxes to the bank, doesn't matter if the taxes increases 1% or decreases 0,5% you will pay 4,75% in taxes until the 3 years period expires.

I hope you understand what i mean and as i said you have to check with the banks and see what they have to offer. I supose it works that way in the UK too.
If anyone knows how it works exactlly i hope they correct my misstake.

It's then up to you witch bank you choose.

Later!