Banks and loans - credit crisis?
Join Date: Mar 2007
Location: Middle of nowhere
Posts: 228
Likes: 0
Received 0 Likes
on
0 Posts
I know that people do say that full sponsorships will never be seen. But think about it. Is it such a bad thing if the banks stop lending-even for integrated courses at FTOs like Oxford/CTC/FTE?
If they did that, the airlines would have to consider sponsorships again as there are unlikely to be enough rich daddies around to provide sufficient crews!
Whenever people pay for it though, the airlines will let us! Catch 22-they know we have no choice but to pay.
If they did that, the airlines would have to consider sponsorships again as there are unlikely to be enough rich daddies around to provide sufficient crews!
Whenever people pay for it though, the airlines will let us! Catch 22-they know we have no choice but to pay.
Join Date: May 2001
Location: Room 249
Age: 39
Posts: 141
Likes: 0
Received 0 Likes
on
0 Posts
bri1980 - i agree completely with what you say - it is unfortunate that this field does lead some people to try such a stunt, i just though that some previous posts may have sounded like it was a practice to be encouraged and recommended - i would argue that if the choice was bankruptcy fraud or not be a pilot, as much as i love the flying, i'd have to go with my second choice career and work up slowly!!!!!
Join Date: Jan 2006
Location: The pits of lancashire
Age: 43
Posts: 102
Likes: 0
Received 0 Likes
on
0 Posts
The only way youll get out of a bank with 60k is with stockings on your head, but i dont recommend that kind of behaviour obviously. To obtain a credit rating to get close to that kind of money is tricky but theres a way of doing it and if your determind enough and brave enough it can be done. The question is can you afford to lose it all if it does go Pete Tong and who will be affected by it. 
Join Date: Mar 2007
Location: Middle of nowhere
Posts: 228
Likes: 0
Received 0 Likes
on
0 Posts
Thats why I am paying for as much as I can, going down the instructing route intially because its slightly cheaper in the short term, and then only using a loan for a mad dash at the end for the CPL/FI.
B
B
Join Date: Mar 2006
Location: UK
Age: 43
Posts: 228
Likes: 0
Received 0 Likes
on
0 Posts
I can only suggest you get yourself into a reasonably paid job, like myself and use it to finance the flying.
It maybe much slower, but at least you will have security on any loan - something that I don't have other than a job!
So far I've paid for all of it myself through hard bl**dy work over a few years, but a loan isn't too far off now, so this is something I will be getting organised shortly.
Don't think about getting a loan without a job or security because it won't happen.
Cirrus.
It maybe much slower, but at least you will have security on any loan - something that I don't have other than a job!
So far I've paid for all of it myself through hard bl**dy work over a few years, but a loan isn't too far off now, so this is something I will be getting organised shortly.
Don't think about getting a loan without a job or security because it won't happen.
Cirrus.
Join Date: Dec 2005
Location: UK
Posts: 89
Likes: 0
Received 0 Likes
on
0 Posts
I hope when I'm qualified that people don't pigeon hole me as a "daddys boy" just cause I'm not in debt or bankrupt. I'm working to fund all my training, with no direct financial help from my parents.
It is possible people, it just requires a little more sustained determination.
Camel Toe
"Over Macho Grande?"
It is possible people, it just requires a little more sustained determination.
Camel Toe
"Over Macho Grande?"
cfwake wrote: Can I just ask WWW why he thinks that giving people advice on getting unsecured debt with the full intention of declaring themselves bankrupt is constructive? It is FRAUDULENT, thus ILLEGAL, and can land you in some very, very serious trouble. Do you have the personal experience of doing this WWW or are you going off what other people seem to think is okay? If you have beliefs otherwise, then go and speak to a lawyer about the wisdom of carrying out such an action.
It's a stupid idea, which is why people don't do it.
If you do a search you will find a long and illuminating thread where the planned bankruptcy strategy was fully discussed.
I'll save you the trouble:
http://www.pprune.org/forums/showthr...kruptcy&page=2
The fact is people are doing it and getting away with it. I could name names.
On one level I cannot advocate it as it is illegal. On another I cannot see the harm in punishing the peddlers of enormous credit to youngsters with the sole aim of drowning them in debt.
Putting on my Vulcan ears it seems a rational strategy where the rewards are very high and the risks very low.
The penalties involved with bankruptcy were specifically lowered as a manifesto pledge by this Government.
The judges have No interest in sending a 22yr old in enormous debt to jail.
If I had a son or daughter wanting to do their licenses I would find it difficult to dissuade them from using planned bankruptcy on any rational grounds.
If the morals of it cause you problems then that is a personal problem.
Cheers
WWW
It's a stupid idea, which is why people don't do it.
If you do a search you will find a long and illuminating thread where the planned bankruptcy strategy was fully discussed.
I'll save you the trouble:
http://www.pprune.org/forums/showthr...kruptcy&page=2
The fact is people are doing it and getting away with it. I could name names.
On one level I cannot advocate it as it is illegal. On another I cannot see the harm in punishing the peddlers of enormous credit to youngsters with the sole aim of drowning them in debt.
Putting on my Vulcan ears it seems a rational strategy where the rewards are very high and the risks very low.
The penalties involved with bankruptcy were specifically lowered as a manifesto pledge by this Government.
The judges have No interest in sending a 22yr old in enormous debt to jail.
If I had a son or daughter wanting to do their licenses I would find it difficult to dissuade them from using planned bankruptcy on any rational grounds.
If the morals of it cause you problems then that is a personal problem.
Cheers
WWW
Join Date: Nov 2005
Location: UK
Posts: 1,114
Likes: 0
Received 0 Likes
on
0 Posts
And if you don't fancy being made bankrupt or being accused of fraud then why not just renegotiate the debt. There are numerous companies and organisations around that will be more than happy to go to a bank and say that our wee wannabe can't repay you but is willing to offer 20p to the pound instead on a take it or leave it basis. No bad credit rating to suffer, debt wiped for good. Just don't expect to do business with that bank again in the future. Big companies have been doing it for years. All completely legitimate. Bargain me thinks.
Join Date: Nov 2004
Location: The Desert but shortly to be HK!)
Age: 49
Posts: 474
Likes: 0
Received 0 Likes
on
0 Posts
"On another I cannot see the harm in punishing the peddlers of enormous credit to youngsters with the sole aim of drowning them in debt."
WWW do you really believe this is harming the banks???
It is future wanabees that are suffering like Chris-squires... can you not see the cause and effect of the attitude you are peddling?
If a relative was willing to lend you the money would you adopt the same attitude and say "morally its their problem not mine" when you don't pay back the money?? What about people taking responsibility for their actions??
Anyway enough on this topic... its getting boring... I'm off to steal a car... yeah it may be illegal but have you seen the cost of rail travel these days!!... what a scandal... oh if its you car sorry... but if you have an issue with the morality of me taking your car take it up with the train company... what a bunch of rip off artists... its not my fault I'm just trying to get from A to B... blame someone else they forced me to do it....
WWW do you really believe this is harming the banks???
It is future wanabees that are suffering like Chris-squires... can you not see the cause and effect of the attitude you are peddling?
If a relative was willing to lend you the money would you adopt the same attitude and say "morally its their problem not mine" when you don't pay back the money?? What about people taking responsibility for their actions??
Anyway enough on this topic... its getting boring... I'm off to steal a car... yeah it may be illegal but have you seen the cost of rail travel these days!!... what a scandal... oh if its you car sorry... but if you have an issue with the morality of me taking your car take it up with the train company... what a bunch of rip off artists... its not my fault I'm just trying to get from A to B... blame someone else they forced me to do it....
Join Date: Jun 2006
Location: Guildford
Age: 49
Posts: 359
Likes: 0
Received 0 Likes
on
0 Posts
Don't really want to wade into this one, but I do have a long held belief that too many younger types (sorry Chris!) are so determined to get into this right away that they'd rather get into £60k worth of debt for 11 years than actually work for it.
As a couple of others have said, it IS possible to raise the funds for yourself without taking a huge loan. I start my course in two weeks time and (touching wood) won't owe coming out the other end. I've done this by contracting within my sector, which whilst higher risk than FTE, also pays much better. If you go this route, two years would easily see you earn enough to pay for a full integrated course (if that's the route you want to take - it is for me, fWIW). Yet once again, people think it's easier to assume that "daddy" paid for it all. Stop looking for reasons why or how you CAN'T do it and start looking for ways to make it happen....it IS possible and contracting is one good way of doing it. What's so very wrong with building up a career [that you can fall back on if needs be] before going flying?
As a couple of others have said, it IS possible to raise the funds for yourself without taking a huge loan. I start my course in two weeks time and (touching wood) won't owe coming out the other end. I've done this by contracting within my sector, which whilst higher risk than FTE, also pays much better. If you go this route, two years would easily see you earn enough to pay for a full integrated course (if that's the route you want to take - it is for me, fWIW). Yet once again, people think it's easier to assume that "daddy" paid for it all. Stop looking for reasons why or how you CAN'T do it and start looking for ways to make it happen....it IS possible and contracting is one good way of doing it. What's so very wrong with building up a career [that you can fall back on if needs be] before going flying?
Join Date: May 2001
Location: England
Posts: 1,904
Likes: 0
Received 0 Likes
on
0 Posts
Ditto what Clanger has said. It is most certainly possible to fund it all yourself without any external assistance if you put your backside and mind to it – you don’t need to be gifted in anyway either. Unfortunately, as evident on here and at most FTOs, the bank is often the first thought that crosses a wannabes mind!
I have done it in less than a year. It’s been hard work and very exhausting I myself gave up a perm IT job last year this time and have since held two contract positions netting me a fantastic daily rate (the likes of which I won’t earn for another 10 years at BA!
). It became evident very quickly how boring, unrewarding and unchallenging my old perm job was. The fact that it was not exciting or challenging in anyway meant I had become very lazy. It was only after starting contracting that I actually started to study for my ATPLs properly and began passing exams (3 exams to go at this time).
I will be starting training in September with enough funds to pay all the bills and a mortgage for 4 months with comfort. Had I not converted to contracting and accepted the new challenge I would be in no position to start.
I have done it in less than a year. It’s been hard work and very exhausting I myself gave up a perm IT job last year this time and have since held two contract positions netting me a fantastic daily rate (the likes of which I won’t earn for another 10 years at BA!
). It became evident very quickly how boring, unrewarding and unchallenging my old perm job was. The fact that it was not exciting or challenging in anyway meant I had become very lazy. It was only after starting contracting that I actually started to study for my ATPLs properly and began passing exams (3 exams to go at this time).I will be starting training in September with enough funds to pay all the bills and a mortgage for 4 months with comfort. Had I not converted to contracting and accepted the new challenge I would be in no position to start.
Join Date: Jul 2007
Location: Leeds
Posts: 47
Likes: 0
Received 0 Likes
on
0 Posts
Back to the point in hand....
In the worry that this thread is going off on a tangent... and perhaps getting a little personal (Grass - I admire your danglies but attacking one of the moderators is not a great idea unless you'd like to sign on one day and suddenly find you've been renamed "Merchant Banker" or something to that effect) I'd like to challenge Chris-squires on his original post.
Chris, I am currently waiting for a decision from HSBC bank regarding a 50k secured personal studies loan that I pitched for 3 weeks ago. I have a secure job that pays well-ish and, more importantly, I am qualified and experienced in my area so can return to it after flight training until I get an aviation job (as a way of making the repayments).
I am expecting an answer week commencing 20th August and, having read your post, I contacted my loans adviser. She told me that every branch has a different policy on PSLs and Wakefield, the branch that I applied to, are in the early stages of setting up a PSL process with Multiflight in Leeds. Nothing has changed. I guess this is similar to the one with OAT... basically they are more likely to lend you the money if you train at Multiflight. I am confident that, unless there is something wrong with my credit rating that I didn't know about, I will get the money. My presentation was well received and my feedback thus far has been positive.
Conclusion: if one door is shut in your face, try the next one. I have the relevant contact details if you need them.
WWW - I like your style, steal from the banks to fund the ambitions of us under-privelaged pilot wannabees.... you're the modern day Robin Hood. Having said that, I intend to repay every penny of the loan!
Regards,
L A
Chris, I am currently waiting for a decision from HSBC bank regarding a 50k secured personal studies loan that I pitched for 3 weeks ago. I have a secure job that pays well-ish and, more importantly, I am qualified and experienced in my area so can return to it after flight training until I get an aviation job (as a way of making the repayments).
I am expecting an answer week commencing 20th August and, having read your post, I contacted my loans adviser. She told me that every branch has a different policy on PSLs and Wakefield, the branch that I applied to, are in the early stages of setting up a PSL process with Multiflight in Leeds. Nothing has changed. I guess this is similar to the one with OAT... basically they are more likely to lend you the money if you train at Multiflight. I am confident that, unless there is something wrong with my credit rating that I didn't know about, I will get the money. My presentation was well received and my feedback thus far has been positive.
Conclusion: if one door is shut in your face, try the next one. I have the relevant contact details if you need them.
WWW - I like your style, steal from the banks to fund the ambitions of us under-privelaged pilot wannabees.... you're the modern day Robin Hood. Having said that, I intend to repay every penny of the loan!
Regards,
L A
Join Date: Jul 2007
Location: Leeds
Posts: 47
Likes: 0
Received 0 Likes
on
0 Posts
One further point to Clanger and Superpilot...
In 1998 the gov't scrapped university grants and introduced tuition fees, which means that one problem us younger types have (not sure if I still qualify as that at 27yrs old) is large student debts.
I graduated with £13k of debt, the cost of my degree. I have now paid that off, along with some other silly smaller debts (decided to buy myself a paramotor kit on credit - doh!) by working the doors of Leeds, which is not exactly easy on top of my 50hr p/w day job.
Based on the above, I'm not going to spend the next 3 - 5 yrs doing the same thing and then commence training in my early 30s (no offence to anyone at that age). If I qualifiy at 28 I'll have a better chance of employment than qualifying 5 years later.
In 1998 the gov't scrapped university grants and introduced tuition fees, which means that one problem us younger types have (not sure if I still qualify as that at 27yrs old) is large student debts.
I graduated with £13k of debt, the cost of my degree. I have now paid that off, along with some other silly smaller debts (decided to buy myself a paramotor kit on credit - doh!) by working the doors of Leeds, which is not exactly easy on top of my 50hr p/w day job.
Based on the above, I'm not going to spend the next 3 - 5 yrs doing the same thing and then commence training in my early 30s (no offence to anyone at that age). If I qualifiy at 28 I'll have a better chance of employment than qualifying 5 years later.
Join Date: Nov 2003
Location: Westward TV
Posts: 412
Likes: 0
Received 0 Likes
on
0 Posts
Fer gawd sake people!
If you don't have the money to pay for your training, then get a job that pays well enough to save up. The world doesn't owe you a penny and the sooner you get that into your heads, the sooner you can crack on and stop trying to get up to your eyeballs in debt. But no, it's all gimme, gimme, gimme, I want it now!
Wouldn't suprise me if I read in a few years how you are wondering which self funded type rating you should do.
Some simple facts that you have probably overlooked.
1) You will not walk straight into a TP or jet after training. Expect at least 1 year of building up experience via instructing or GA before you get a sniff. And the pay is this area is shocking to say the least.
2) A 50 grand loan, over 7 years will cost you £750 a month, every month. A TP FO takes home a little over £1000 a month. So how on earth do you plan to live on £250 a month? Seriously, I would love to know the answer to this
3) Most people don't become pilots until their late 20's, early 30's. Why? it's becasue they build up a career that pays well enough to support their dream. In fact, more importantly it's something they can fall back on when they qualify and realise that their CV gets a direct clearance from chief pilots desk to the bin.
Listen to the advice on this thread, do your PPL and ATPL groundschool whilst still working. These are fairly low cost and can easily be absorbed. Worry about funding your CPL/FI/IR when you are in a position to start the course.
If you don't have the money to pay for your training, then get a job that pays well enough to save up. The world doesn't owe you a penny and the sooner you get that into your heads, the sooner you can crack on and stop trying to get up to your eyeballs in debt. But no, it's all gimme, gimme, gimme, I want it now!
Wouldn't suprise me if I read in a few years how you are wondering which self funded type rating you should do.
Some simple facts that you have probably overlooked.
1) You will not walk straight into a TP or jet after training. Expect at least 1 year of building up experience via instructing or GA before you get a sniff. And the pay is this area is shocking to say the least.
2) A 50 grand loan, over 7 years will cost you £750 a month, every month. A TP FO takes home a little over £1000 a month. So how on earth do you plan to live on £250 a month? Seriously, I would love to know the answer to this
3) Most people don't become pilots until their late 20's, early 30's. Why? it's becasue they build up a career that pays well enough to support their dream. In fact, more importantly it's something they can fall back on when they qualify and realise that their CV gets a direct clearance from chief pilots desk to the bin.
Listen to the advice on this thread, do your PPL and ATPL groundschool whilst still working. These are fairly low cost and can easily be absorbed. Worry about funding your CPL/FI/IR when you are in a position to start the course.
Join Date: Mar 2007
Location: Middle of nowhere
Posts: 228
Likes: 0
Received 0 Likes
on
0 Posts
Absolutely my point a few posts back.
I have no problem getting a personal loan for a rating-e.g. instructor rating, but to get a whole course-integrated or modular-on a loan is madness.
I haven't checked your figures Gus, but they seem to ring a few bells from when I looked into it a while ago-if you search my posts I did a breakdown for all to see some time ago which broadly supports what you say. If I can find it I will re-post it here later.
I am always on the lookout for that golden opportunity that will give me what I want (TP or jet) FAST! However, in the real world instructing will be my way in, and I'm happy with that. Being paid to fly...that's all I really want.
Bri
FOUND IT-I was looking at the Hubair Aviation course at the time, 0-fATPL without TR. Bear in mind this estimate is optimistic about your job prospects!
Ok, so you take out the loan for the course. Thats 85000Euros near as dam it.
Thats £58k more or less. You will need a few thousand for living expenses, flights to and from France/Belgium etc. Call it £60k conservatively.
Lets say that is repaid over 10 years (typical for professional studies loans). The you can bank on paying £600 a month close enough after qualifying.
Typical F/O starting salary-call it £25k. That is £1561 per month (after UK tax). My monthly ougoings-rent/council tax/utilities etc is £600 per month.
That leaves £361 per month for food, a car, new shoes etc.
It only just works. If you have to pay for the TR as well, it doesn't add up to me!
Am I missing something?
Bri
I have no problem getting a personal loan for a rating-e.g. instructor rating, but to get a whole course-integrated or modular-on a loan is madness.
I haven't checked your figures Gus, but they seem to ring a few bells from when I looked into it a while ago-if you search my posts I did a breakdown for all to see some time ago which broadly supports what you say. If I can find it I will re-post it here later.
I am always on the lookout for that golden opportunity that will give me what I want (TP or jet) FAST! However, in the real world instructing will be my way in, and I'm happy with that. Being paid to fly...that's all I really want.
Bri
FOUND IT-I was looking at the Hubair Aviation course at the time, 0-fATPL without TR. Bear in mind this estimate is optimistic about your job prospects!
Ok, so you take out the loan for the course. Thats 85000Euros near as dam it.
Thats £58k more or less. You will need a few thousand for living expenses, flights to and from France/Belgium etc. Call it £60k conservatively.
Lets say that is repaid over 10 years (typical for professional studies loans). The you can bank on paying £600 a month close enough after qualifying.
Typical F/O starting salary-call it £25k. That is £1561 per month (after UK tax). My monthly ougoings-rent/council tax/utilities etc is £600 per month.
That leaves £361 per month for food, a car, new shoes etc.
It only just works. If you have to pay for the TR as well, it doesn't add up to me!
Am I missing something?
Bri
Last edited by bri1980; 16th Aug 2007 at 14:18. Reason: Found the figures
Join Date: Jul 2007
Location: Leeds
Posts: 47
Likes: 0
Received 0 Likes
on
0 Posts
It's about priorities, the way I see it.
How many of you, who are advising against loans, are in debt by 100k - 200k + for a house? Very few people breeze through life without borrowing large amounts of money at some point.
Even on a 25yr mortgage you're paying upwards of £600 p/m before you've even considered bills.
It's easy to judge those of us who achieve our communal goal in a different way. Remember though, employers don't care how much money you owe to a bank (unless you're not paying it!)... but they do care how old you are when you commence your career. The sooner, the better in my opinion.
How many of you, who are advising against loans, are in debt by 100k - 200k + for a house? Very few people breeze through life without borrowing large amounts of money at some point.
Even on a 25yr mortgage you're paying upwards of £600 p/m before you've even considered bills.
It's easy to judge those of us who achieve our communal goal in a different way. Remember though, employers don't care how much money you owe to a bank (unless you're not paying it!)... but they do care how old you are when you commence your career. The sooner, the better in my opinion.
Join Date: Jun 2006
Location: Guildford
Age: 49
Posts: 359
Likes: 0
Received 0 Likes
on
0 Posts
L.A. James - two points I'd like to make in response. Yes, the government did scrap grants etc totally in 98(ish). Don't however make the mistake of thinking that they paid for everything for students just before you. The last year of fully funded higher education would have been about 1990. Certainly, when I graduated, I too came out with debts like yours. So I'm sorry, but I don't buy the "woe is me" line based on grad loans.
Secondly, I'm not going to hammer ANYONE for taking a loan to fund their dream, we all must do what we feel is best. Just sometimes people see "best" as being equal to "soonest". If you borrow £60k, over ten years, you will pay back a huge amount more than you borrowed, thanks to our good friend "compound interest". This is pure short termism. Why are you so averse to working for 1/2/3 years to fund your dream? It's almost certainly true that there is a balance point between being young enough to be highly employable and having enough funds to ease the pain of the loan. At 21 years old, working in a contract market for even five years wouldn't harm your job prospects, but WOULD make a material difference to your quality of life after the course. There's also a certain irony that in saying "(decided to buy myself a paramotor kit on credit - doh!)" you recognise the danger and stupidity of credit, but you're still happy to take on what amounts to a small mortgage.
Anwyay, I've droned on enough. Good luck to you. Each individuals circumstances are different and each must do what they see as best. However, I'd just seriously council that every £ of your own money you can put towards your future will be worth about £1.50 of debt. That and that too many kids rush out, stick mum and dads house on the line for a debt which they haven't really thought through how it will affect them
Secondly, I'm not going to hammer ANYONE for taking a loan to fund their dream, we all must do what we feel is best. Just sometimes people see "best" as being equal to "soonest". If you borrow £60k, over ten years, you will pay back a huge amount more than you borrowed, thanks to our good friend "compound interest". This is pure short termism. Why are you so averse to working for 1/2/3 years to fund your dream? It's almost certainly true that there is a balance point between being young enough to be highly employable and having enough funds to ease the pain of the loan. At 21 years old, working in a contract market for even five years wouldn't harm your job prospects, but WOULD make a material difference to your quality of life after the course. There's also a certain irony that in saying "(decided to buy myself a paramotor kit on credit - doh!)" you recognise the danger and stupidity of credit, but you're still happy to take on what amounts to a small mortgage.
Anwyay, I've droned on enough. Good luck to you. Each individuals circumstances are different and each must do what they see as best. However, I'd just seriously council that every £ of your own money you can put towards your future will be worth about £1.50 of debt. That and that too many kids rush out, stick mum and dads house on the line for a debt which they haven't really thought through how it will affect them
Join Date: Nov 2004
Location: The Desert but shortly to be HK!)
Age: 49
Posts: 474
Likes: 0
Received 0 Likes
on
0 Posts
Gushoneybun 
I will finish my training hopefully in about 6 months without a penny of debt... it is certainly possible if you are willing to roll up your sleaves and do a bit of hard graft... .patience is a virtue etc.... that would mean I have the option to get a mortgage if it takes my fancy (try getting one with £50-100k of unsecured debt).
L A James I'm not worried about challenging the views of the moderators on this website when it is to do with an issue such as encouraging young wanabees to default on debt. I wouldn't dream of challenging the likes of Scroggs/WWW etc when it comes to their knowledge world of commercial flying!!
I will finish my training hopefully in about 6 months without a penny of debt... it is certainly possible if you are willing to roll up your sleaves and do a bit of hard graft... .patience is a virtue etc.... that would mean I have the option to get a mortgage if it takes my fancy (try getting one with £50-100k of unsecured debt).
L A James I'm not worried about challenging the views of the moderators on this website when it is to do with an issue such as encouraging young wanabees to default on debt. I wouldn't dream of challenging the likes of Scroggs/WWW etc when it comes to their knowledge world of commercial flying!!
Join Date: Jul 2007
Location: Leeds
Posts: 47
Likes: 0
Received 0 Likes
on
0 Posts
All fair points Clanger.
I'm not crying out "woe is me" in an attempt to receive pity, I'm simply trying to justify my decision to fund training through a loan.
Despite the odd error (I have had my money worth out of the Pmotor though!) I am a financially sound guy and am no stranger to hard work. I will be keeping the peace at Leeds Carling festival for 3 x 18hr shifts in a row next weekend (24th - 27th) and will be straight back to my day job on 28th.
However, I am not prepared to do this for the next 5 years in order to fly RHS next to chris-squires (for example) who took out a loan, qualified earlier and got his captaincy while I was saving my coppers!
Credit, finance etc. is a big part of life and business in this day and age. If you are smart, you can turn it to your advantage.
L A
I'm not crying out "woe is me" in an attempt to receive pity, I'm simply trying to justify my decision to fund training through a loan.
Despite the odd error (I have had my money worth out of the Pmotor though!) I am a financially sound guy and am no stranger to hard work. I will be keeping the peace at Leeds Carling festival for 3 x 18hr shifts in a row next weekend (24th - 27th) and will be straight back to my day job on 28th.
However, I am not prepared to do this for the next 5 years in order to fly RHS next to chris-squires (for example) who took out a loan, qualified earlier and got his captaincy while I was saving my coppers!
Credit, finance etc. is a big part of life and business in this day and age. If you are smart, you can turn it to your advantage.
L A
Join Date: May 2005
Location: Aberdeen, UK
Posts: 526
Likes: 0
Received 0 Likes
on
0 Posts
However, I am not prepared to do this for the next 5 years in order to fly RHS next to chris-squires (for example) who took out a loan, qualified earlier and got his captaincy while I was saving my coppers!
The morgage comparison is irrelevant, as you then have an asset which can be resold to pay off the loan should you default. With a career loan which you are given but don't get the career at the end of it, there's nothing for the lender to get back - hence much higher risk - hence more difficult to get.
I'm 32, I'm looking at going commercial after doing the PPL 2 years ago - but there's no rush. I'll work and do it modular, and in another 3/4 years time, I'll have made more contacts in the industry, know more about flying, have more hours under my belt, and might be an even more mature personality and team player to have in the RHS of something which flies. Even if I get to fATPL and get a RHS job in 5 years time, I've still got another 20 odd years left career wise. That's a long time.
A mad desire to rush rush rush into the training doesn't necessarily mean you'll be any better placed to get that first job than you would be in 5 years time (after you've got involved in the flying community and know *exactly* who to speak to).
Like quite a few professions now, it's WHO you know, not WHAT you know which can make the difference, and fresh out of an integrated course at a young age, you're going to know nobody.
Just a thought...