£10,000 Help from Cabair
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£10,000 Help from Cabair
Attended the seminar at Cabair on Saturday, all seemed very positive. Very helpful and friendly staff who are focused on getting you successfully through the course. Lovely fleet of glass cock pit aircraft and sims to match. They are offering interest free loans of around £13,000.00 for their course commencing 1 May 09, along with a free pilot assessment. If you take the US option you can reduce the amount that you have to pay initially to £45,238. I have already booked my assessment, as I am ready to start as soon as possible.
Is anyone on this course that has taken up the loan?
Is anyone on this course that has taken up the loan?
Join Date: Jan 2009
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Please think very carefully before handing over a big lump sum like £45k to any FTO in the current climate. The reason they offer discounted "up front" rates is that you are taking a HUGE credit risk - like the people who put their cash in Icelandic banks because they offered better interest rates. If they go bust you likely will never see your cash again. It is extremely difficult to get financing for flight training at the moment, therefore it is highly likely that some well known JAA FTOs will collapse in the next 12-24 months. Sure, BBVA will lend, but have you seen the terms? - the credit crunch has taken most wannabes right out of the picture.
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How wonderfully altruistic of them. In fact meganfly55 it is fantastic that your only two posts since recently registering (under this name at least) have simply repeated the same fantastic news. Surely though, the advertisment is the correct tool for corporate promotion rather than these forums. Unless of course you actually are a prospective student? 
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Pretty sure the terms are somewhere on FTE's website. As I recall its secured on your house and you'd better have a LOT of equity in it - no mean feat with prices having fallen >20% already. Seriously, anyone who needs to borrow to finance training with the way the job market looks for the next 2-3 years should not be doing this now. If you're ex-Lehman (etc) with no mortgage and cash to burn then the lack of 'kids' entering FTOs at the moment (due to funding issues) might make this a good time to start - so long as you pick an FTO that isnt going to go bust. I can think of 3 well known ones that very probably will, one of them got a mention at the top of this thread and two others are absolutely stuffed because of the €/£ rate - you don't need inside knowledge to work it out.
I think you're missing the point that FTOs have all seen this before - most recently followng 9/11.
Unless you have specific knowledge, I think it best that speculation on FTOs' viability to get through this downturn should be kept to yourselves.
Yes, be careful about paying large sums of money up front and yes, make certain you research thoroughly before you make any commitment, but singling out an individual FTO's future viability on the basis of nothing more than vague rumour is hardly fair. And no, I have no involvement with Cabair, or any other FTO for that matter.
It would be helpful however if FTOs representatives would post on here themselves (I'm certain they all follow these threads), rather than ask newbies to post flattering stories about them.
Unless you have specific knowledge, I think it best that speculation on FTOs' viability to get through this downturn should be kept to yourselves.
Yes, be careful about paying large sums of money up front and yes, make certain you research thoroughly before you make any commitment, but singling out an individual FTO's future viability on the basis of nothing more than vague rumour is hardly fair. And no, I have no involvement with Cabair, or any other FTO for that matter.
It would be helpful however if FTOs representatives would post on here themselves (I'm certain they all follow these threads), rather than ask newbies to post flattering stories about them.
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In 2 cases I have specific knowledge, but fear not, I'm not spraying it around in public.
9/11 is not a reasonable comparison unless you meant 9/11/1929. Its not falling demand for air travel that will sink some of the FTOs. There is a big difference between a recession (whatever the cause) and the credit crunch. Its not that there aren't enough people who would proceed regardless of the employment outlook, its that no credit, or credit only on terms hardly anyone can meet = grounded wannabes. Ultimately it will work out to the benefit of the existing pilot community (and anyone who can self-fund) in 2-3-4 years time, but do not expect the credit spigot to be opened wide again in the same timeframe - the banks have 'fessed up to only a fraction of their real losses so far - governments know this but arent going to force them to abandon their level 2/level 3 accounting BS any time soon, and yes, I have very specific first hand knowledge of that.
9/11 is not a reasonable comparison unless you meant 9/11/1929. Its not falling demand for air travel that will sink some of the FTOs. There is a big difference between a recession (whatever the cause) and the credit crunch. Its not that there aren't enough people who would proceed regardless of the employment outlook, its that no credit, or credit only on terms hardly anyone can meet = grounded wannabes. Ultimately it will work out to the benefit of the existing pilot community (and anyone who can self-fund) in 2-3-4 years time, but do not expect the credit spigot to be opened wide again in the same timeframe - the banks have 'fessed up to only a fraction of their real losses so far - governments know this but arent going to force them to abandon their level 2/level 3 accounting BS any time soon, and yes, I have very specific first hand knowledge of that.
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MeganFly,
Go read the fine print about additional costs. JAR exam fees add £924, IR Test add £762, CPL Test is the same as IR, but Cabair leaves it off the list. They also leave off aircraft hire for the two test flights. Finally, add in accommodation costs and meals. It's a good deal more expensive than the figures you gave. Finally, add in license issue fee, a couple hundred more.
Go read the fine print about additional costs. JAR exam fees add £924, IR Test add £762, CPL Test is the same as IR, but Cabair leaves it off the list. They also leave off aircraft hire for the two test flights. Finally, add in accommodation costs and meals. It's a good deal more expensive than the figures you gave. Finally, add in license issue fee, a couple hundred more.
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Only £45.000! What a great price!
Does that also include the Type Rating course? Why would any sane person put himself under such pressure and debts at this moment of time, where the world economics is crashing - where is the RUSH???
Meganfly55 - is talking of £45.000 like it is peanuts! What £10.000 gift? Any offers, just proves how OVERPRICED the course already is, and how the schools are overpricing the current training.
It is as if you see a car for sale at £40.000, but the seller might drop the price to £30.000, this is mostly not because he has a kind heart, but he still will make decent profit at £30K, but at £40K - he is robbing you blind!
Just read their employment stats too:
April 08 72%
Current October 08 62%
of which –
British Airways 41%
flybe 32%
Ryanair 27%
Very misleading numbers they give out - but that's what stats are for, misleading spin as benefit for the one presenting them.
100% of the 62% - still leaves another 38% without work - and I doubt that number is correct, not very likely as most PPRUNERS know, there is NO work out there at the moment for new fresh students. So this then are very misleading stats, or blatant lies!
Point is that live the dream, take the chance, and for £45.000 you can get a lot more then Cabair are offering - of course you will get a positive test, because how many SUCKERS are they going to find who is going to part with £45.000 up front???
Does that also include the Type Rating course? Why would any sane person put himself under such pressure and debts at this moment of time, where the world economics is crashing - where is the RUSH???
Meganfly55 - is talking of £45.000 like it is peanuts! What £10.000 gift? Any offers, just proves how OVERPRICED the course already is, and how the schools are overpricing the current training.
It is as if you see a car for sale at £40.000, but the seller might drop the price to £30.000, this is mostly not because he has a kind heart, but he still will make decent profit at £30K, but at £40K - he is robbing you blind!
Just read their employment stats too:
April 08 72%
Current October 08 62%
of which –
British Airways 41%
flybe 32%
Ryanair 27%
Very misleading numbers they give out - but that's what stats are for, misleading spin as benefit for the one presenting them.
100% of the 62% - still leaves another 38% without work - and I doubt that number is correct, not very likely as most PPRUNERS know, there is NO work out there at the moment for new fresh students. So this then are very misleading stats, or blatant lies!
Point is that live the dream, take the chance, and for £45.000 you can get a lot more then Cabair are offering - of course you will get a positive test, because how many SUCKERS are they going to find who is going to part with £45.000 up front???
