Loans for funding flying training.
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Hi
OAT dont provide funding for you, i wish they did lol.
They will assist you in getting the HSBC loan. They will provide a business plan and you basically fill it in, they will also check it over and make sure all is well before it goes to HSBC.
Basically they do everything possible to help you secure the loan.
Want any more help just PM, im also starting at Oxford in the summer.
Best of luck
ADWJENK
P.S, the schemes with excel and thomas cook run through OAT did not cover the entire cost of the course, it was basically a guarented job before they started, which made the loan process alot easier. Also the course price was reduced basically becuase the airline could clame back the VAT from the training. Thats all i know if anyone know more please add it Cheers!!
OAT dont provide funding for you, i wish they did lol.
They will assist you in getting the HSBC loan. They will provide a business plan and you basically fill it in, they will also check it over and make sure all is well before it goes to HSBC.
Basically they do everything possible to help you secure the loan.
Want any more help just PM, im also starting at Oxford in the summer.
Best of luck
ADWJENK
P.S, the schemes with excel and thomas cook run through OAT did not cover the entire cost of the course, it was basically a guarented job before they started, which made the loan process alot easier. Also the course price was reduced basically becuase the airline could clame back the VAT from the training. Thats all i know if anyone know more please add it Cheers!!
Join Date: Dec 2005
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I tried HSBC last week for an £8000 Professional Studies Loan but was told they wouldnt do it unless I was on a recognised integrated(I'm modular) course with either OAT or CTC. Despite the fact im in a well paid job, I have equity in my property, and putting together a solid busniess plan, they just wouldnt do it. I also tried Barclays but was told the same thing. They're loss I say!
The only other option is the career development loan, which I believe certain banks/lenders will provide, for modular training. The max they will lend however is £8000. I'm off to try them instead.
The only other option is the career development loan, which I believe certain banks/lenders will provide, for modular training. The max they will lend however is £8000. I'm off to try them instead.
Join Date: Dec 2005
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Thanks guys, and yes you're right dozza n adwjenk they only help with getting a loan, my bad. And its hard enough to get a loan for the integrated let alone the modular route, which is why im not doing it. Catch 22. Besides i know airlines prefer integ cadets as it helps them see that the candidate will be more likely to succeeded in the type in a short space of time.
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I managed get £40k from HSBC for a modular course in the summer, rather bizzarely I had a place on the integrated course at Cabair but they would not lend me that much??? still can't work that one out,obviously someone at HSBC is in on the game and knows that integrated courses are a bit pricey for a very small chance of getting a job before a modular student,in the eyes of the manager I spoke to-"you all get the same quals so why lend you £70k?". Fair enough and off I ran with my money.
Also strange in that I have been a HSBC customer for years and not a good one at that,getting myself in to a load of greif about 5 years ago defaults etc yet I now have mortgage and studies loan with them.Not that I am complaining!
The best plan could be to go to my branch armed with lost of nice brochures and a fine bullsh1tting technique(sorry,I mean good convincing skills!) and try again.
Good Luck,pm if you need any more details. Mark
Also strange in that I have been a HSBC customer for years and not a good one at that,getting myself in to a load of greif about 5 years ago defaults etc yet I now have mortgage and studies loan with them.Not that I am complaining!
The best plan could be to go to my branch armed with lost of nice brochures and a fine bullsh1tting technique(sorry,I mean good convincing skills!) and try again.
Good Luck,pm if you need any more details. Mark
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Markflyer6580,
I didnt even get as far as the bank! I had an appointment but 2 days later the girl phoned back and said "sorry, unless your on an integrated course at Oxford or Cabair, we wont do it". Despite the fact im employed with the local Constabulary, earning a respectable wage, I have sizeable equity in my property etc, they wouldnt even give me a look in the door! I have managed to get a years career break from my job but will be able to return to it(guaranteed 35 grand p.a.) when i've finished my CPL. Not even that would sway the banks vote! Pretty ironic considering they give the majority of integrated students 70k and they dont have guaranteed employment at the end! I was only after 8 grand!! The worlds gone mad!!
I didnt even get as far as the bank! I had an appointment but 2 days later the girl phoned back and said "sorry, unless your on an integrated course at Oxford or Cabair, we wont do it". Despite the fact im employed with the local Constabulary, earning a respectable wage, I have sizeable equity in my property etc, they wouldnt even give me a look in the door! I have managed to get a years career break from my job but will be able to return to it(guaranteed 35 grand p.a.) when i've finished my CPL. Not even that would sway the banks vote! Pretty ironic considering they give the majority of integrated students 70k and they dont have guaranteed employment at the end! I was only after 8 grand!! The worlds gone mad!!
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well we all know that the bank only look after number one, and of course if it wasnt for 9/11 we would still be able to get personal PSL's.
But the banks did make a huge loss considering they lent on average £50K to X number of trainee pilots and never saw it again!
Catch 22 for both us and them i suppose
But the banks did make a huge loss considering they lent on average £50K to X number of trainee pilots and never saw it again!
Catch 22 for both us and them i suppose
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MIKECR
I think it was the equity in my house that swung it,we both thought that the repayments were a joke but if I was to bang it on the mortgage when I have to pay it back,then it will be a small amount extra per month rather than £600.Much more manageable on an F/O's meagre salary!
Who cares if it will be over 25 years,rather than 11? Not me thats for sure,my wife reckons I won't live that long anyhow!(not sure what I have done?).
My house was a steal and its true value at the time was £40k more than I paid,nevermind what its worth now,so in effect the property market paid for my ATPL.
Lets hope there is not a property crash in the near future or i'm ******!!!
I won't mind if I have a flying job by then,after all we would all do it for minimum wage anyway. Wouldn't we?
I think it was the equity in my house that swung it,we both thought that the repayments were a joke but if I was to bang it on the mortgage when I have to pay it back,then it will be a small amount extra per month rather than £600.Much more manageable on an F/O's meagre salary!
Who cares if it will be over 25 years,rather than 11? Not me thats for sure,my wife reckons I won't live that long anyhow!(not sure what I have done?).
My house was a steal and its true value at the time was £40k more than I paid,nevermind what its worth now,so in effect the property market paid for my ATPL.
Lets hope there is not a property crash in the near future or i'm ******!!!
I won't mind if I have a flying job by then,after all we would all do it for minimum wage anyway. Wouldn't we?
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Link,
not really....we dont need a full bank loan to fullfill our training! if you have a job you can use your monthly pages to pay for X training hours per month like I did and many others...
If you can get your PPL, class 1, 150hours and perhaps your ATPLs by distance learning without borrowing a penny and maybe saving a few thousand...your half way there on the spending! and if you wish, you can borrow the remaining money from a bank, they will maybe look at you more positively if you have flying experience with class one and ATPLs.
not really....we dont need a full bank loan to fullfill our training! if you have a job you can use your monthly pages to pay for X training hours per month like I did and many others...
If you can get your PPL, class 1, 150hours and perhaps your ATPLs by distance learning without borrowing a penny and maybe saving a few thousand...your half way there on the spending! and if you wish, you can borrow the remaining money from a bank, they will maybe look at you more positively if you have flying experience with class one and ATPLs.
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Link
You are only 18, Get a job...work bloody hard and save. Go distance learning for your Ground School.
The airlines at the moment could not give a damm if your intergrated or modular, they only care if you have a Type with Hours.
If the banks are unwilling to lend you 50K unsecured, it means there is a good chance they see it as a risk, think about that when you get your dad to sign his house over to them for the loan.
Tony
You are only 18, Get a job...work bloody hard and save. Go distance learning for your Ground School.
The airlines at the moment could not give a damm if your intergrated or modular, they only care if you have a Type with Hours.
If the banks are unwilling to lend you 50K unsecured, it means there is a good chance they see it as a risk, think about that when you get your dad to sign his house over to them for the loan.
Tony
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wbryce,
I already have my PPL,night etc, Class 1 and 190 hours, sadly that wasnt even enough for the bank to give me an appointment!
Im sarting my ATPL's F/T beginning of April at GCNS, I was hoping to get the pro studies loan to fund the course(+living costs). The deferred payment would have suited me fine for my 12 months career break from work. Im hoping to lease the flat which will cover the mortgage. My equity is to pay for CPL/IR and MCC. Hopefuly I wont have to borrow anything more than 8k for the ATPL's(we'll see' i hear everyone say!!).
As a plus, I gained over a 100 hours towing gliders at a local gliding club, didnt cost a penny(apart from a tailwheel rating)! We currently have at least 4 tug pilots at the club who have no gliding experience at all, basically local PPL's who turned up asking if they could fly the tug. We all average around 30 - 40 hours a year out of it(and flying a chipmunk too, great fun!). My advice to all pilots out there, get out and knock on a few doors, you never know what might turn up! I now have 2 very good airline contacts out of it too, which is always a help!
Having gone the modular route, and the bonus of free hour building, i've saved myself literally thousands and thousands of pounds compared to integrated(I'll take my chances on the job market!).I have to agree with Markflyer6580 too, property is the only sure thing to invest your cash in. My flat went up almost 30k in the last 2 years!
Happy flying!!
I already have my PPL,night etc, Class 1 and 190 hours, sadly that wasnt even enough for the bank to give me an appointment!
Im sarting my ATPL's F/T beginning of April at GCNS, I was hoping to get the pro studies loan to fund the course(+living costs). The deferred payment would have suited me fine for my 12 months career break from work. Im hoping to lease the flat which will cover the mortgage. My equity is to pay for CPL/IR and MCC. Hopefuly I wont have to borrow anything more than 8k for the ATPL's(we'll see' i hear everyone say!!).
As a plus, I gained over a 100 hours towing gliders at a local gliding club, didnt cost a penny(apart from a tailwheel rating)! We currently have at least 4 tug pilots at the club who have no gliding experience at all, basically local PPL's who turned up asking if they could fly the tug. We all average around 30 - 40 hours a year out of it(and flying a chipmunk too, great fun!). My advice to all pilots out there, get out and knock on a few doors, you never know what might turn up! I now have 2 very good airline contacts out of it too, which is always a help!
Having gone the modular route, and the bonus of free hour building, i've saved myself literally thousands and thousands of pounds compared to integrated(I'll take my chances on the job market!).I have to agree with Markflyer6580 too, property is the only sure thing to invest your cash in. My flat went up almost 30k in the last 2 years!
Happy flying!!
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Mike,
I think if most of us invested in property now we may loose some money!
I have thought long and hard about the property ladder but I want to secure my flying first.
I would have assumed your bank would atleast look at you if your only applying for a loan of 20k...a good credit history and proof of dedication to your task would be enough to sway them....ill keep my fingers crossed for when my appointment comes up!
P.S. I tried our local parachute/skydiving centre, they required 100hrs P1, IMC rating and 10hrs on type (C206) and £1000 up front which they give you back after 2 years. I may try a few gliding clubs...the local one is winch powered, grr, the not so local one is tug powered.
will
I think if most of us invested in property now we may loose some money!
I have thought long and hard about the property ladder but I want to secure my flying first.
I would have assumed your bank would atleast look at you if your only applying for a loan of 20k...a good credit history and proof of dedication to your task would be enough to sway them....ill keep my fingers crossed for when my appointment comes up!
P.S. I tried our local parachute/skydiving centre, they required 100hrs P1, IMC rating and 10hrs on type (C206) and £1000 up front which they give you back after 2 years. I may try a few gliding clubs...the local one is winch powered, grr, the not so local one is tug powered.
will
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wbryce,
I think the problem was that im not/never have been a customer of hsbc or barclays. When i phoned initially, they were quite happy to give me an appointment for the PSL but when they found out what it was for, they cancelled it! I can easily get a 'normal' loan but I would have prefered the PSL because of the deferred payments. I already have an application for the Royal Bank of Scotland Career Loan, so we'll see what that brings. If worsed comes to worse, I can always remortgage.
Good luck trying the gliding clubs, its a hit or a miss whether theyre looking for tuggies or not. Most prefer some gliding experience but if theyre suddenly short of people to fill a rota then they'll take folk without. Even if you just join the club and show some interest, you'll almost certainly get to fly the tug after a wee while. It's certainly worth it considering the amount of free time you'll get. Be prepaired to travel aswell, a round trip of 200 miles(few bob on petrol) isnt too much hassle if your getting 3-5 hours of free flying out of it. Good luck!
p.s. where are your local clubs??
I think the problem was that im not/never have been a customer of hsbc or barclays. When i phoned initially, they were quite happy to give me an appointment for the PSL but when they found out what it was for, they cancelled it! I can easily get a 'normal' loan but I would have prefered the PSL because of the deferred payments. I already have an application for the Royal Bank of Scotland Career Loan, so we'll see what that brings. If worsed comes to worse, I can always remortgage.
Good luck trying the gliding clubs, its a hit or a miss whether theyre looking for tuggies or not. Most prefer some gliding experience but if theyre suddenly short of people to fill a rota then they'll take folk without. Even if you just join the club and show some interest, you'll almost certainly get to fly the tug after a wee while. It's certainly worth it considering the amount of free time you'll get. Be prepaired to travel aswell, a round trip of 200 miles(few bob on petrol) isnt too much hassle if your getting 3-5 hours of free flying out of it. Good luck!
p.s. where are your local clubs??
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Im with MONTANA on this one. Its been said over and over, trust me when i say the airlines couldnt care less if you got your blue
licence Modular or Integrated. What they are intrested in are things like personal profile, flying experiance/hrs, multi crew hours, twin time, type rating and hours on type.
For all those who want to pay for Integrated courses, Type Ratings etc, no problem your choice, however, in aviation performance and ability will always prevail on the line.........so make sure you have it because you cant buy talent!
@link4
"Besides i know the airlines prefer integ cadets as it helps them see that the candidate will be more likely.........."
What a load of BS streight from the Marketing Department of OAT.
There is a lot of good information for you here my friend. My advice to you is that if you decide to go modular try and keep some structure to your training plan and do it within a reasoanble timescale. Get a job and dont borrow all the money............if you are foolish to do so you will be commiting commercial suicide. Dont be in a rush you are only 18. Good Luck.
licence Modular or Integrated. What they are intrested in are things like personal profile, flying experiance/hrs, multi crew hours, twin time, type rating and hours on type.
For all those who want to pay for Integrated courses, Type Ratings etc, no problem your choice, however, in aviation performance and ability will always prevail on the line.........so make sure you have it because you cant buy talent!
@link4
"Besides i know the airlines prefer integ cadets as it helps them see that the candidate will be more likely.........."
What a load of BS streight from the Marketing Department of OAT.
There is a lot of good information for you here my friend. My advice to you is that if you decide to go modular try and keep some structure to your training plan and do it within a reasoanble timescale. Get a job and dont borrow all the money............if you are foolish to do so you will be commiting commercial suicide. Dont be in a rush you are only 18. Good Luck.
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I recently got a loan for £25K from Northern Rock. No hassles, no fuss, just applied online, they approved it, sent the forms and a couple of weeks later -voila- cash in my account.
I'm purely using the £25K to pay for the major modules, CPL, ME/IR etc and as I'm still working, I'll fund all the things like test fees etc from my monthly earnings.
I'm purely using the £25K to pay for the major modules, CPL, ME/IR etc and as I'm still working, I'll fund all the things like test fees etc from my monthly earnings.
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wbryce,
I already attain a PPL, and from that i have already had other training centres and certain couple airlines show interest. But im just looking atm for something thats right for me
Antonio:
'it means there is a good chance they see it as a risk, think about that when you get your dad to sign his house over to them for the loan.'
Antonio Montana, i can tell you didnt bother to even read my first post, which is where i stated that im not going to put my parents finances in jeopardy, I wouldn't dream of it.
I should also raise to attention im in the last year of my college so its pretty hard, when i say that i mean impossible to find a full-time job, however i will be working part-time at EGKK, however not exactly on £50/hr, so id rather go integ instead of doing everything seperately
Dirty Harry 76, i appreciate your help and your opinion, but i have a couple of friends who told me that integ even in these times is not the best, but better than modular, and i value their opinion as they are only 3 and 4 yrs older than me, making them around 22, and they have found themselves in the right seat of Flybe
Thanks i'll keep it in mind though 
I already attain a PPL, and from that i have already had other training centres and certain couple airlines show interest. But im just looking atm for something thats right for me
Antonio:
'it means there is a good chance they see it as a risk, think about that when you get your dad to sign his house over to them for the loan.'
Antonio Montana, i can tell you didnt bother to even read my first post, which is where i stated that im not going to put my parents finances in jeopardy, I wouldn't dream of it.
I should also raise to attention im in the last year of my college so its pretty hard, when i say that i mean impossible to find a full-time job, however i will be working part-time at EGKK, however not exactly on £50/hr, so id rather go integ instead of doing everything seperately
Dirty Harry 76, i appreciate your help and your opinion, but i have a couple of friends who told me that integ even in these times is not the best, but better than modular, and i value their opinion as they are only 3 and 4 yrs older than me, making them around 22, and they have found themselves in the right seat of Flybe
Thanks i'll keep it in mind though
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But is integrated really so much better that its worth an extra 30k ? in my opinion, no.
At the end of the day, you get the same licence what ever route you take.
An airline will not pick an integrated candidate over a modular candidate if the modular candidate performs better during sim testing or shows more ability / technical knowledge and vice versa.
At the end of the day, you get the same licence what ever route you take.
An airline will not pick an integrated candidate over a modular candidate if the modular candidate performs better during sim testing or shows more ability / technical knowledge and vice versa.
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Link4
Just a couple of things......
I did read your first post, taking it that you are not going to put your parents house on the line, could you please let me know which financial institution will lend a 18yr old in excess of £60,000 without security??? Leg breakers inc maybe, or prehaps Sharky loans??
Your friends who are older 22 (god to be that young again) tell you to go intergrated, hmmm I am willing to bet at least one of them is intergrated yes?
You are still young enough to get a degree, that will stand you in very goodstead when you go for jobs and if things do not work out in aviation then you will have something to fall back on.
I am a lot older and wiser than you son (late 30's),when I was your age I was a bit clever and knew it all as well.
It took me a hell of a long time to achive my dream, I have my fATPL and I am looking for a job, nothing in life is easy, you do not have things given to you on a plate ever.
I don't know why I waste my time with kids who know more than me, it's rather sad, so I will not get into a argument with you son.
BTW have a look at this thread, it is rather long but the remarks given by Moderators and Alex Whittingham, of Bristol Groundschool are well worth reading. I am sure that they know a little bit more than your friends.
Just a couple of things......
I did read your first post, taking it that you are not going to put your parents house on the line, could you please let me know which financial institution will lend a 18yr old in excess of £60,000 without security??? Leg breakers inc maybe, or prehaps Sharky loans??
Your friends who are older 22 (god to be that young again) tell you to go intergrated, hmmm I am willing to bet at least one of them is intergrated yes?
You are still young enough to get a degree, that will stand you in very goodstead when you go for jobs and if things do not work out in aviation then you will have something to fall back on.
I am a lot older and wiser than you son (late 30's),when I was your age I was a bit clever and knew it all as well.
It took me a hell of a long time to achive my dream, I have my fATPL and I am looking for a job, nothing in life is easy, you do not have things given to you on a plate ever.
I don't know why I waste my time with kids who know more than me, it's rather sad, so I will not get into a argument with you son.
BTW have a look at this thread, it is rather long but the remarks given by Moderators and Alex Whittingham, of Bristol Groundschool are well worth reading. I am sure that they know a little bit more than your friends.
Last edited by Antonio Montana; 31st Dec 2005 at 12:46.
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link4
Your original post was funding. You are obviously not comfortable having the burden of a huge loan or jepordising the security of your parents home and I dont blame you. I have been there and understand how it feels.
Remember that FTO's want to sell you training courses to make money out of you. If anyone tells you they will "help you find a job" its pure BS - everyone finds their own.
My profile is - Engineering Degree - Modular - 320hrsTT - MCC and JOC course - 6months to find a Job after FATPL - First Job RHS B737 classic and NG. My point = I did it for alot less money than you will spend at OAT for 170hrs or so and an integrated course.
One of the main reasons why I got a job was I didnt listen to FTO's trying to sell me an FI rating etc. I got to know people in the airlines who told me what I needed to do to be employable. I took their advice and got a job. I doubt your friends at 22 are in any position to give financial and career advice to you and by the sounds of it have already been brainwashed by an FTO's marketing department.
Whatever you choose, if its funding help and advice you want I can highly recommend these guys:
www.beapilot.co.uk
Good Luck DH76
Your original post was funding. You are obviously not comfortable having the burden of a huge loan or jepordising the security of your parents home and I dont blame you. I have been there and understand how it feels.
Remember that FTO's want to sell you training courses to make money out of you. If anyone tells you they will "help you find a job" its pure BS - everyone finds their own.
My profile is - Engineering Degree - Modular - 320hrsTT - MCC and JOC course - 6months to find a Job after FATPL - First Job RHS B737 classic and NG. My point = I did it for alot less money than you will spend at OAT for 170hrs or so and an integrated course.
One of the main reasons why I got a job was I didnt listen to FTO's trying to sell me an FI rating etc. I got to know people in the airlines who told me what I needed to do to be employable. I took their advice and got a job. I doubt your friends at 22 are in any position to give financial and career advice to you and by the sounds of it have already been brainwashed by an FTO's marketing department.
Whatever you choose, if its funding help and advice you want I can highly recommend these guys:
www.beapilot.co.uk
Good Luck DH76