CTC delays and loan repayment

[crzcheck]

I am a ctc cadet (kinda) nearing the completion of the course and I'd like to get some info on what really happens at the end of the programme. I heard recently that cp47 just started their base training, which to me sounds like a 8 month delay on the original schedule (I stand to be corrected). Most of the CPs I know here in NZ are 3 to 4 months behind. Bottom line - my original plan for the loan repayment may need some rethinking and I would like to know the following:

1) How much of a delay is there at the end of the course (i.e. when you are ready for base training)? Do the 3/4 months accumulated in NZ increase? I am interested only in the delay accumulated at CTC, I know airline hiring may mean further delays but those are not predictable

2) By how much can you delay the repayment of the loan? Are such requests usually met? And what conditions do then apply - i.e. how much more do you end up paying?

Thanks all for your time, any info is much appreciated and I am sure many other cadets will find it helpful

[R T Jones]

The delay at the end of the course, as in after AQC, is variable. I know of a few that in the CP40's that waited close to a year for a type rating, whereas one person finished AQC and moved straight into a type rating. I am also nearing the end of the course and I'm expecting at least 6 months. I'm hoping for a possible type rating next spring... From my understanding a few people from the original CP49 have done type ratings, not sure whether they have got an airline to go to yet though.

I've not yet spoke to HSBC regarding deferring the loan repayments but if the loan is unsecured, I don't believe there is a great deal HSBC can do other than negotiate with you the amount you can pay. I do believe they have been understanding but seeing as the interest is gathering all the time I wouldn't expect them to be harassing you for money. Feel free to pm me if you've any further q's

[ford cortina]

Whether the loan is Unsecured or not, I will think you will find the bank can do a lot.
That said, if you talk to them they will be more accommodating.

If you default on a loan, credit card etc and do nothing about it, you will find a county court judgement against you, followed by a trip from the bailiff's, even a bankruptcy order. not very nice.

Have a talk to the bank, you both should be able to work something out.

[PAJ]

Thus far, HSBC have been very accommodating to all cadets I have spoken to. The details of who to get in touch with are on the CTC forums, with accounts from people who have been through the process as well as some advice. Basically, your financial situation is reviewed when repayments are due, and then typically a 6 month deferal is arranged. Thereafter, you have to negociate further deferals in the same manner as required. Bottom line is communicate with them about the situation. They have a fairly good understanding of what's going on, but get the proceedings underway in plenty of time.

[crzcheck]

thanks guys, that helps clarify question 2. Question 1, though, remains a bit vague. I just heard that cp49 are doing their white-tail type rating, while 52 are doing their aqc, which again sounds to me like the 3/4 months of delay of NZ do expand into something more considerable, and costly, by the end of the course. anybody could confirm/rectify my information? and are these people getting the 500 pounds/month that ctc promised for the delays?

i mean if the course itself takes 6 months longer than originally planned we're not talking about an "adjustment" to your loan, we are talking about an entirely different financial perspective, no less than 10 thousand pounds in interest and lost salary.

just trying to figure out whether i am making up a non-existent drama in my excel tables or whether this is real stuff

[quant]

I've not yet spoke to HSBC regarding deferring the loan repayments but if the loan is unsecured, I don't believe there is a great deal HSBC can do other than negotiate with you the amount you can pay.

Ah you young people can be so naive do you really think that by taking their money you can dictate terms? You don't know it yet but you're bent over a table with your ass in the air and they can penetrate you anytime they like!

Make sure you're well lubed up!

ust trying to figure out whether i am making up a non-existent drama in my excel tables or whether this is real stuff

CTC have a forum ask them or better yet talk to the people who took your money!

[crzcheck]

well, more than a week and no real answer. i knew it, this stuff is real. i guess the cadets i hoped to get an answer from are busy flipping burgers and escaping debt collectors. well done ctc, and thanks for keeping us fully informed on this minor aspect of our training

[TheBeak]

There have been large delays and these will of course be passed on to you in turn via AQC and placement - first come, first serve. There have long before these times been perhaps 6 month waits for courses. At least your basic training hasn't been hacked to shreds like some other courses I know of. If you are asking for an exacting finish date, I would say it is irrelevant and if anything better for you if you finish later from a training side because you have a long wait ahead of you. If you are asking from a repayment point of view, if it is unsecured HSBC can only be accomodating. If it is secured then you will have to ask and plead that they are nice to you. Ultimately the money is lent and they want it back. It will be accruing more interest which is only a problem for one person - YOU. CTC and HSBC are MAKING interest. CTC ever more so on the time that they do not transfer the 'bond' to an airline, not that that will happen anyway with the new FlexiCrew Ts and Cs.

[Alex Whittingham]

I really think you're asking the question in the wrong place, not many CTC cadets hang out on the Wannabees forum. If you go to the CTC Wings forum you'll find a a number of threads both on General Notices and the main CTC Wings Programme forum that answer your first question and a thread entitled HSBC Loan Deferrals under General Notices which answers your second.