Finance for modular training ('ATPL Finance')
Join Date: May 2008
Location: UK
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Magicmike, that's just another link to the same provider. As the comment at the bottom of you link states, you can apply for finance by going to any school.
It's an unsecured loan with a maximum of £15,000. The whole point of the credit score is that you are assessed as a customer who will not default on payments. If you did stop paying for some reason you would find a debt collection agency chasing you reasonably quickly, and if you seriously couldn't afford to repay you may end up bankrupt, which will seriously affect whether you will ever get credit again.
As for improving your credit score, I'm not really sure what's the best policy. Certainly having a credit card helps, and never going over the limit or missing a payment. Whether it's best to put large balances on every month and then pay it off, or have a balance sitting there while you make minimum payments, I don't think is too important, but just that you use it responsibly and pay on time. Missed payments certainly show you as a risk for a large value unsecured loan.
Lastly I don't work for Tesco, it's pretty immaterial where you get your loan, but when I shopped around, with my credit score and my history, Tesco offered me the best rate. Doesn't mean that is the case for everyone, as loans are assessed on an individual basis, and the advert usually says 6% APR typical, doesn't mean you won't get a better or worse rate when you actually apply.
I'd go to money super market and get a quote there, then follow up the best providers.
The fact that they've marketed this as ATPL is absurd, in this context ATPL doesn't actually stand for anything, they're just another marketing branch of Secure Trust Bank plc trading as V12 Retail Finance.
It's an unsecured loan with a maximum of £15,000. The whole point of the credit score is that you are assessed as a customer who will not default on payments. If you did stop paying for some reason you would find a debt collection agency chasing you reasonably quickly, and if you seriously couldn't afford to repay you may end up bankrupt, which will seriously affect whether you will ever get credit again.
As for improving your credit score, I'm not really sure what's the best policy. Certainly having a credit card helps, and never going over the limit or missing a payment. Whether it's best to put large balances on every month and then pay it off, or have a balance sitting there while you make minimum payments, I don't think is too important, but just that you use it responsibly and pay on time. Missed payments certainly show you as a risk for a large value unsecured loan.
Lastly I don't work for Tesco, it's pretty immaterial where you get your loan, but when I shopped around, with my credit score and my history, Tesco offered me the best rate. Doesn't mean that is the case for everyone, as loans are assessed on an individual basis, and the advert usually says 6% APR typical, doesn't mean you won't get a better or worse rate when you actually apply.
I'd go to money super market and get a quote there, then follow up the best providers.
The fact that they've marketed this as ATPL is absurd, in this context ATPL doesn't actually stand for anything, they're just another marketing branch of Secure Trust Bank plc trading as V12 Retail Finance.
Join Date: Jun 2001
Location: UK
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Seems like a rip-off to me
Two minutes on Google shows that the current going rate is about 4% and these people are charging about 10%.
Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more is a good starting point.
I'm surprised that the schools would want to be associated with something so morally suspect.
Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more is a good starting point.
I'm surprised that the schools would want to be associated with something so morally suspect.
Join Date: Nov 2012
Location: UK
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"Morally suspect...."
Gasp !
Do you think there may be people of loose morals in flying schools then ? Perhaps the prospective student ought to check their credentials with regard to church attendance, etc
It is easy to check rates, and their advantage is that they are a specialist lender, just as BBVA are for integrated courses (do they get compared to Tesco ?)
I understand that as of a couple of days ago, even Wonga.com may be able to offer a competitive rate.
What really counts is if they will actually do do. You could have a zero rate, but if the loan is not forthcoming then it is all a bit pointless.
Do you think there may be people of loose morals in flying schools then ? Perhaps the prospective student ought to check their credentials with regard to church attendance, etc
It is easy to check rates, and their advantage is that they are a specialist lender, just as BBVA are for integrated courses (do they get compared to Tesco ?)
I understand that as of a couple of days ago, even Wonga.com may be able to offer a competitive rate.
What really counts is if they will actually do do. You could have a zero rate, but if the loan is not forthcoming then it is all a bit pointless.
Join Date: Sep 2011
Location: UK
Age: 32
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Is funding a Type Rating using a Career Development Loan possible?
Hello all,
I am looking at Career Development Loans as a way to, in future, fund part of my TR (if I get a job offer with it such as Ryanair or Wizz or other).
The Type Rating provider must be registered with the Skills Funding Agency to be approved for the loan. Would TR providers be registered there or not?
Thanks
I am looking at Career Development Loans as a way to, in future, fund part of my TR (if I get a job offer with it such as Ryanair or Wizz or other).
The Type Rating provider must be registered with the Skills Funding Agency to be approved for the loan. Would TR providers be registered there or not?
Thanks
Join Date: Sep 2011
Location: UK
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It seems like the only loan available for someone who isn't working (because they are doing flight training for instance) is a Career Development Loan. However I was told that to be approved for it the company that you do the course with must be registered with the Skills Funding Agency.
In my case I will only need a loan to fund a Type Rating (with a job offer on the end) and I am not sure if Type Rating providers used by airlines such as Ryanair would be registered there. Is it only UK companies that you can be tied to for the CDL?
The whole thing is rather annoying. I have an excellent credit score and lots of good credit history but because I am currently not earning anything (because I am about to start the MEP CPL MEIR full time) it means I can not obtain any sort of normal unsecured bank loan, even if there is a job offer tied to the Type Rating course.
A Career Development Loan sounds like my only option but I'm not sure if I would be allowed to take it out for a TR.
Any info appreciated!
In my case I will only need a loan to fund a Type Rating (with a job offer on the end) and I am not sure if Type Rating providers used by airlines such as Ryanair would be registered there. Is it only UK companies that you can be tied to for the CDL?
The whole thing is rather annoying. I have an excellent credit score and lots of good credit history but because I am currently not earning anything (because I am about to start the MEP CPL MEIR full time) it means I can not obtain any sort of normal unsecured bank loan, even if there is a job offer tied to the Type Rating course.
A Career Development Loan sounds like my only option but I'm not sure if I would be allowed to take it out for a TR.
Any info appreciated!
Join Date: Oct 2011
Location: United Kingdom
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The CDL would be great but it can be tricky to get them. I did a scheme and had to part fund my TR/MCC. I have a house, excellent credit rating, relatively low debt and had a job lined up with my employer at the time, yet I was still declined and it was for only £5000. The CDLs can be quite tricky to get. I had to borrow from my brother which I was very lucky to be able to do. It's great that you can defer payments but that's no use if you don't get it.
If you can afford he payments right away then you're probably best just getting a commercial bank loan. Less than a year after being declined for £5000 on a CDL I consolidated (and a bit more) for £18500 and got a really good deal with a supermarket owned bank. As always, shop around. I was offered the chance of deferring payments for two months. Not as good as the CDL abut still can be helpful.
If you can afford he payments right away then you're probably best just getting a commercial bank loan. Less than a year after being declined for £5000 on a CDL I consolidated (and a bit more) for £18500 and got a really good deal with a supermarket owned bank. As always, shop around. I was offered the chance of deferring payments for two months. Not as good as the CDL abut still can be helpful.
