This may be a bit personal, but......
Thread Starter
Join Date: Sep 1999
Location: Yorkshire
Posts: 95
Likes: 0
Received 0 Likes
on
0 Posts
This may be a bit personal, but......
Can you give me an idea of the size of loan any of you took out, how long it took to repay, and the monthly payments you had to pay.
Just to give me an idea of what i have to look forward to,
Cheers.
Just to give me an idea of what i have to look forward to,
Cheers.
Join Date: Mar 2001
Location: Netherlands
Posts: 3
Likes: 0
Received 0 Likes
on
0 Posts
Took out the equivalent of GBP 34,000 , for a total of for a full license conversion, including living expenses, Nav and Tech courses at London Guildhall, GFT in the USA and IR in Bristol, on top of a Medical School loan for GBP 14,000. Total loan therefore becomes GBP 48,000. I and am paying it back over a period of 20 years, with an interest rate of just over 5 percent, with a payment of roughly GBP 330 a month. No penalty for paying it off early, interest is adjusted on a yearly basis.
This is in The Netherlands, through the ABN AMRO bank, unsecured.
I went to my bank with a spreadsheet, an article from Flight International predicting severe pilot shortages, and a nice suit. It worked. I hope you can swing a loan. It remains a risk to start a course, but most banks know that if you should get a job, not only will you be able to pay off the loan, but you will be a good customer for them as well.
Good Luck!
[ 31 January 2002: Message edited by: liv2fly ]
[ 31 January 2002: Message edited by: liv2fly ]</p>
This is in The Netherlands, through the ABN AMRO bank, unsecured.
I went to my bank with a spreadsheet, an article from Flight International predicting severe pilot shortages, and a nice suit. It worked. I hope you can swing a loan. It remains a risk to start a course, but most banks know that if you should get a job, not only will you be able to pay off the loan, but you will be a good customer for them as well.
Good Luck!
[ 31 January 2002: Message edited by: liv2fly ]
[ 31 January 2002: Message edited by: liv2fly ]</p>
Join Date: Jan 2002
Location: UK
Posts: 100
Likes: 0
Received 0 Likes
on
0 Posts
Ive borrowed £15k from HSBC.. .Over 7 years.. .Repaying £250 per month.. .Interest Base Rate +2%.
The rest i have got from working as an apprentice computer engineer.. .I mangaed to scrounge some money out of my mum! Approx£6K.
Hope this helps.
btw, i posted a similar thread to this in the questions forum but it seems there is only me and Flypuppy who have borrowed money to get the ATPL.Amazing!
The rest i have got from working as an apprentice computer engineer.. .I mangaed to scrounge some money out of my mum! Approx£6K.
Hope this helps.
btw, i posted a similar thread to this in the questions forum but it seems there is only me and Flypuppy who have borrowed money to get the ATPL.Amazing!
Join Date: Dec 1998
Location: EMA
Age: 56
Posts: 54
Likes: 0
Received 0 Likes
on
0 Posts
I borrowed £44k a few years ago. Interest only repayments (£330 pm) until I got my first job and because I wanna get rid of the bill asap I pay £765 a month for 4.5 years. Loan is base plus 2%, interest calculated daily and no penalty for early repayment. Whole lot borrowed off a Professional Development Loan from HSBC.
Cheers
Cheers
Join Date: Mar 2000
Location: Springfield
Posts: 122
Likes: 0
Received 0 Likes
on
0 Posts
I borrowed £15K from HSBC (Professional Development Loan) and £8K from Barclays (Career Development Loan) These are both unsecured.
The HSBC one is 2% above the base rate, which I shall pay back oner 7 years. The Barclays one is interest free until the end of the course and then accruses interest at around 8%. So this will be getting paid off straight away once they want it back.
Im not sure if you can now get a Professional Studies Loan without having a degree to back it up. I have one (BA Hons Business Studies) for all its worth, so that maybe why I was able to secure £25K from HSBC initially. However, after working out the initial figures, it worked out far cheaper to split the loans as Barclays offer interest free for the period of the course.
Hope this helps.
Regards,. .Homer
The HSBC one is 2% above the base rate, which I shall pay back oner 7 years. The Barclays one is interest free until the end of the course and then accruses interest at around 8%. So this will be getting paid off straight away once they want it back.
Im not sure if you can now get a Professional Studies Loan without having a degree to back it up. I have one (BA Hons Business Studies) for all its worth, so that maybe why I was able to secure £25K from HSBC initially. However, after working out the initial figures, it worked out far cheaper to split the loans as Barclays offer interest free for the period of the course.
Hope this helps.
Regards,. .Homer
Join Date: Sep 2001
Location: Bradford village...........Down here Wishing i was up there !!!
Posts: 64
Likes: 0
Received 0 Likes
on
0 Posts
SI ,. . I've just got a 34k proffesional studies loan from the HSBC bank secured on my mum and dad's house , I'm paying it back over 11 years at £360 a month ( you don't have to pay anything back for 18 months ), going to take a year off work and get everything done then go back to work.... hopefully things will start picking up again soon and the minimum hours will drop down again.
Hope this helps , if you need any more info , drop me an e-mail.
Hope this helps , if you need any more info , drop me an e-mail.
Join Date: Mar 1999
Location: Someday I will find a place to stop
Posts: 1,021
Likes: 0
Received 18 Likes
on
6 Posts
DeeTee. .How did you get interest only repayments?. .Is the loan Secured?. .I have a Prof. Studies Loan with HSBC also, 15K, and have just tried to get some changes with the repayments due to the current climate, and bank flatly refused.. .Now looking into info on bankruptcy.....
