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Loans for funding flying training.

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Old 19th May 2006, 07:22
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From your "soon to be Jerez" location I assume you are going to FTE.

Don't they have a link with a local Spanish bank? I know one prospective FTE student who was offered a loan that way.
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Old 19th May 2006, 08:59
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Originally Posted by Groundloop
From your "soon to be Jerez" location I assume you are going to FTE.
Don't they have a link with a local Spanish bank? I know one prospective FTE student who was offered a loan that way.

Spot on. The school have a deal with BBVA, a spanish bank with a UK arm. The problem is they wont accept non-UK based property as security on the loan... remortgaging is an option, just undesirable.
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Old 19th May 2006, 09:15
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Soory about that.

Seems a bit weird though as FTE used to do quite a few seminars in Dublin!
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Old 19th May 2006, 11:05
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Originally Posted by Groundloop
From your "soon to be Jerez" location I assume you are going to FTE.

Don't they have a link with a local Spanish bank? I know one prospective FTE student who was offered a loan that way.
When you say he was offered it, did he not need it, or do you know of a better way to fund it?
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Old 19th May 2006, 12:09
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Decided repayments were too high and delayed training anywhere!
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Old 19th May 2006, 12:38
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are we talking approx. £800/month or so?
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Old 20th May 2006, 12:34
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hmm... seemingly if you take the 18month payment 'holiday' it works out about £900.... eeek
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Old 20th May 2006, 13:21
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over how long?
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Old 20th May 2006, 16:36
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£68k (Roughly €100k) over 8 Years at 4% flat is £935pcm
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Old 20th May 2006, 20:48
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thanks Antonio - that's a HUGE amount
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Old 24th May 2006, 20:58
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Tax Efficient Self Funding (in UK)

Hope to jump in to the fire pit of modular training soon. Does anyone have any ideas on a tax efficient method of paying. I've forked out the 40% and would like to get some back! I will be undergoing professional improvement/study but it doesn't seem to be deductable. Any thoughts.
MRG
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Old 31st May 2006, 10:38
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Unsecured Loans

Hi All!

I have been offered a place at CABAIR. However I am, after a unsecured loan rather than a secured loan of £25,000. CABAIR can offer me a secured loan with HSBC but not an unsecured one.

ANYONE KNOW OF PLACES OFFERING UNSECURED LOANS??
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Old 31st May 2006, 10:43
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Try asking for £24k! I believe 25k and over has to be secured. HSBC have offered me an unsecured 24k loan should I train with Oxford, this is with deferred repayments (up to 1 year after completion).

Last edited by Superpilot; 31st May 2006 at 13:00.
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Old 31st May 2006, 12:36
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Nearly all high street banks offer unsecured loans for amounts under £25k subject to credit rating etc..

Most of these, however will incur repayments whilst training. It would probably be best to put together a small business plan and present it to your bank and see what they say. Nothing ventured, nothing gained.

Best of luck with your training.
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Old 31st May 2006, 23:03
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Originally Posted by mrgaviates
Hope to jump in to the fire pit of modular training soon. Does anyone have any ideas on a tax efficient method of paying. I've forked out the 40% and would like to get some back! I will be undergoing professional improvement/study but it doesn't seem to be deductable. Any thoughts.
MRG
open your own company , get a vat number and claim the vat back..
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Old 4th Jun 2006, 20:33
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Unsecured Loans

HI All!! I was wondering if any companies offer unsecured loans??
Thank You
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Old 4th Jun 2006, 21:12
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Think HSBC do a £25,000 loan for study at OAT unsecured
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Old 4th Jun 2006, 22:25
  #138 (permalink)  
 
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to all of you thinking to borrow money...

don't!
stay away from these banks and keep your freedom from these sharks.All they want is make money from you or take your house.

you wont find a job with 200h, and you will find urself in debt.
then you will come back with your lousy paid job...or you will have to boorow more money for a type rating, and you will never see the end.

You have been warned!
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Old 5th Jun 2006, 09:50
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Originally Posted by A320rider
you wont find a job with 200h, and you will find urself in debt.
That's a very bold statement. Stating that you won't find a job with 200 hours is misleading and incorrect. Many people are successful in finding employment with 200 hours.

And, yes, I think we are all intelligent enough to realise that if we choose to borrow money we will be in debt.
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Old 5th Jun 2006, 13:12
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you may not like (as most people do not either) what A320whatever is saying, but he has a very valid point. chances are you will not get a job in a nice shiny jet with 200 hours as it is the exception rather than the norm. I didn't and I don't know anybody who has. speaking from experience of myself and peers, we have worked our way up from 200 hours via instructing to get our first sniff on the turbo props.
and yet, with all this in mind, you still feel that you can justify getting loaned up to the hilt, and have repayments of £5,6,700 a month. how on earth do you expect to pay them off? you won't as an instructor and you won't as a TP FO. if you basis of your whole plan is to pay your debt's by getting a jet job, then you are in for a very big suprise once the ink dries on your shiny new blue book.

you are going to be a pilot and a pilot need to make sound decisions. getting yourself into that much debt without any idea how to pay it off does not sound like a very good decision.
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