Financial help, including HSBC loans (Merged)
Dancing with the devil, going with the flow... it's all a game to me.
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Fair doo's JAS, the ole adage of RTFQ springs to mind when I peeked in here earlier today, sorry your post was misinterpreted.
Again I must apologise for bringing sad news about the Pro Studies number. They will want security if you go for the whole lot to cover integrated training but the sunny side up is that you don't need letters after your handle to get it - and we all smiled about that didn't we!
VFE.
Again I must apologise for bringing sad news about the Pro Studies number. They will want security if you go for the whole lot to cover integrated training but the sunny side up is that you don't need letters after your handle to get it - and we all smiled about that didn't we!
VFE.
Join Date: Oct 2001
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VFE,
At what time does one have to start paying back the loan to the bank? Is it 6 months after the completion of the course?
Also, do you need to report back to the bank at all, whilst on the course?
Cheers.
At what time does one have to start paying back the loan to the bank? Is it 6 months after the completion of the course?
Also, do you need to report back to the bank at all, whilst on the course?
Cheers.
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Dancing with the devil, going with the flow... it's all a game to me.
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6 month period after the end of course till repayments start but interest mounts obviously.
No need to report back to the bank. Just have to sign the withdrawl papers when an installment needs giving to the flying school.
VFE.
No need to report back to the bank. Just have to sign the withdrawl papers when an installment needs giving to the flying school.
VFE.
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Hsbc Loans!
Please help me clear one thing up.
Is the HSBC Professional Loans non-secured?
So can I just walk in and say "hey dude, I need 50 grand!"
Cheers
Please do not start new threads for subjects which are already active on this forum. Tonight I will (after I've merged this one) have combined four, separate active threads about HSBC career development and professional studies loans. Open your eyes, please. Dude. (God, that word is so passe
).
Scroggs
Is the HSBC Professional Loans non-secured?
So can I just walk in and say "hey dude, I need 50 grand!"
Cheers
Please do not start new threads for subjects which are already active on this forum. Tonight I will (after I've merged this one) have combined four, separate active threads about HSBC career development and professional studies loans. Open your eyes, please. Dude. (God, that word is so passe
).Scroggs
Last edited by scroggs; 20th May 2002 at 23:36.
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Many thanks VFE.
Aircart, you got #22,000? Did your parents put their house against it as security?
You mentioned that you received the loan for the modular course, not the integrated course? So they will give you more than a 8,000 career development loan for the modular route.
My understanding, was that you could only get the full amount for the course if you did it all at one school, hence the integrated route.
Many thanks in advance.
FZ.
Aircart, you got #22,000? Did your parents put their house against it as security?
You mentioned that you received the loan for the modular course, not the integrated course? So they will give you more than a 8,000 career development loan for the modular route.
My understanding, was that you could only get the full amount for the course if you did it all at one school, hence the integrated route.
Many thanks in advance.
FZ.
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I hope this is useful to some of you! I have spent along time discussing with schools and other students approximate costs of abtaining a frozen ATPL. I have come up with the following figures. These are based on modular/distance learning.
PPL ( Private Pilots License ) £4,900.00
Night Rating £600.00
Hour Building ( Florida ) £3,500.00
ATPL Theory £1,900.00
CPL ( Comercial Pilot License ) £6,000.00
IR ( Instrument Rating ) £12,000.00
Additional Course Costs
Class 1 Medical £400.00
PPL License Issue £207.00
ATPL Exams £718.00
CPL Skill test £564.00
IR Skill test £564.00
CPL / IR License Issue £172.00
Equipment
Misc £400.00
Total £31,925.00
I have planned to do all flight training with Leeds FS ( a plug I know but they have been exceptionally helpful and I would recommend them to anyone at any stage of their training ) & Bristol for the ATPL course. I haven't planned how I'm going to build 100 hours for £3500 but where there's a will . . .
Now how to pay for it! I approached my bank and simply asked how they thought I could raise the money. I went in jeans & t-shirt and a print out of the above costs. Admittedly I never intended to get a loan, I was just looking for advice. They turned round and said no problem - we can loan you the money! After picking myself up from the floor and composing myself we discussed a few things and I'm going back for final discusions in a few weeks. I have been with my bank for 8 years and I have a good relationship with them. They are trying to provide a loan for the full amount ( unsecured - I'm 26 living at home and there is NO WAY I would even consider asking my parents for the house as security ). I will work full time while doing the modular training so I can start to pay the loan back and then arrange a 3 year payment window after I'm qualified while I get into a good position.
The point I'm trying to make to other wannabe's is that I have put in a lot of effort just to get this far ( and I haven't really started training yet! ). It is worth going through PPRUNE postings for advice, but at the end of the day your doing this on your own. Its worth talking to accountants or anyone with a financial background for their advice ( they usually will know of good money raising scams! ). I got out there and met a lot of people. I think that if you have the right attitude then banks will help. I agree with another post on this matter that there are some banks that simply do not understand the nature of a commercial license and may turn you down straight away. If this happens then don't give up - even try the same company but a different branch. If you put your mind to it - you can do ANYTHING!
Good luck and I hope this will be of some use to someone!
PPL ( Private Pilots License ) £4,900.00
Night Rating £600.00
Hour Building ( Florida ) £3,500.00
ATPL Theory £1,900.00
CPL ( Comercial Pilot License ) £6,000.00
IR ( Instrument Rating ) £12,000.00
Additional Course Costs
Class 1 Medical £400.00
PPL License Issue £207.00
ATPL Exams £718.00
CPL Skill test £564.00
IR Skill test £564.00
CPL / IR License Issue £172.00
Equipment
Misc £400.00
Total £31,925.00
I have planned to do all flight training with Leeds FS ( a plug I know but they have been exceptionally helpful and I would recommend them to anyone at any stage of their training ) & Bristol for the ATPL course. I haven't planned how I'm going to build 100 hours for £3500 but where there's a will . . .
Now how to pay for it! I approached my bank and simply asked how they thought I could raise the money. I went in jeans & t-shirt and a print out of the above costs. Admittedly I never intended to get a loan, I was just looking for advice. They turned round and said no problem - we can loan you the money! After picking myself up from the floor and composing myself we discussed a few things and I'm going back for final discusions in a few weeks. I have been with my bank for 8 years and I have a good relationship with them. They are trying to provide a loan for the full amount ( unsecured - I'm 26 living at home and there is NO WAY I would even consider asking my parents for the house as security ). I will work full time while doing the modular training so I can start to pay the loan back and then arrange a 3 year payment window after I'm qualified while I get into a good position.
The point I'm trying to make to other wannabe's is that I have put in a lot of effort just to get this far ( and I haven't really started training yet! ). It is worth going through PPRUNE postings for advice, but at the end of the day your doing this on your own. Its worth talking to accountants or anyone with a financial background for their advice ( they usually will know of good money raising scams! ). I got out there and met a lot of people. I think that if you have the right attitude then banks will help. I agree with another post on this matter that there are some banks that simply do not understand the nature of a commercial license and may turn you down straight away. If this happens then don't give up - even try the same company but a different branch. If you put your mind to it - you can do ANYTHING!
Good luck and I hope this will be of some use to someone!
Dancing with the devil, going with the flow... it's all a game to me.
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Perhaps I need to make myself more clear here. I borrowed the lot to go integrated and the bank does need security. I would imagine that even for £22k they would require security too.
I repeat - HSBC require security on the full amount to go integrated. All clear? Good.
VFE.
I repeat - HSBC require security on the full amount to go integrated. All clear? Good.
VFE.
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VFE
I appreciate that you're doing the integrated course, however I am looking at studying the modular route. I'm not sure which path Just Another Student is looking at.
I approached HSBC ( never banked with them before ) and had an informal interview with an account manager. Without discussing the course or my previous banking they said I could apply for ( and would almost certainly get ) £15000 for an UNSECURED post gradute loan there and then. They said that if I prepared my figures then it was possible to go for £25000 UNSECURED. I have made it clear in all meetings with banks that I have NO security. Like I said in my post, it does seem that some branches don't fully understand their product range. Just by looking through the legal stuff such as credit agreements etc there is no reason why a bank cannot lend up to £25000 UNSECURED. It is ultimately down to the bank and/or the individuals banking history.
By simply doing a search through PPRUNE archives there are dozens of cases of student pilots getting unsecured loans. The banks security is that a lot of these schemes are under written by the goverment so security isn't that important - again it depends on the individual and bank.
It isn't just HSBC that do these loans - most high street banks have simirlar schemes. Worth having a look.
Until you ask you'll never know!
p.s. For what its worth this was all AFTER Sept 11th ( Jan 2002 to be exact! )
I appreciate that you're doing the integrated course, however I am looking at studying the modular route. I'm not sure which path Just Another Student is looking at.
I approached HSBC ( never banked with them before ) and had an informal interview with an account manager. Without discussing the course or my previous banking they said I could apply for ( and would almost certainly get ) £15000 for an UNSECURED post gradute loan there and then. They said that if I prepared my figures then it was possible to go for £25000 UNSECURED. I have made it clear in all meetings with banks that I have NO security. Like I said in my post, it does seem that some branches don't fully understand their product range. Just by looking through the legal stuff such as credit agreements etc there is no reason why a bank cannot lend up to £25000 UNSECURED. It is ultimately down to the bank and/or the individuals banking history.
By simply doing a search through PPRUNE archives there are dozens of cases of student pilots getting unsecured loans. The banks security is that a lot of these schemes are under written by the goverment so security isn't that important - again it depends on the individual and bank.
It isn't just HSBC that do these loans - most high street banks have simirlar schemes. Worth having a look.
Until you ask you'll never know!
p.s. For what its worth this was all AFTER Sept 11th ( Jan 2002 to be exact! )
Last edited by chocksaway; 21st May 2002 at 14:16.
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flyzone
I didn't use my parents for capital, the bank just want to know u will be able to pay it back at the end of the day!!!!
ie. You should have a job to fall back on.
They will give you money for int & modular course fees
you have to have a good plan to show them your real!!!
ie not a con!!
Hope this helps.
I didn't use my parents for capital, the bank just want to know u will be able to pay it back at the end of the day!!!!
ie. You should have a job to fall back on.
They will give you money for int & modular course fees
you have to have a good plan to show them your real!!!
ie not a con!!
Hope this helps.
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Many thanks to all. I appreciate that the only way to find out 100% is to talk to the bank but it's nice to get a "feeler" all the same.
Got a few debts to sort out in the mean time anyway, so it'll be a while before I can approach them. Until then, my "please sir can I borrow some money?" suit and briefcase remain firmly locked in the wardrobe, whilst I slave away at the keyboard night and day to get the bucks necessary to follow my dream!
Good luck to all , I shall be watching (with envy).
but it's nice to get a "feeler" all the same. Got a few debts to sort out in the mean time anyway, so it'll be a while before I can approach them. Until then, my "please sir can I borrow some money?" suit and briefcase remain firmly locked in the wardrobe, whilst I slave away at the keyboard night and day to get the bucks necessary to follow my dream!
Good luck to all , I shall be watching (with envy).
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Today, I was approved for £35,000 with HSBC Bank. I don't bank with them, although I will have to start an account with them as part of my loan agreeement.
They will loan out upto £25,000 UNSECURED, anything over that requires SECURITY. I believe this is a legal reason with banks, as thats what the Manager told me today.
As has been said on many previous threads, DO YOUR HOMEWORK on everything regarding flying. I put in a lot of research & it's paid off in dividends!
Dress to IMPRESS, dont go looking like an extra out of Eastenders, you are selling yourself as a responsible person to be given vast amounts of money to.
Draw up a business (battle) plan detailing your expenditure, etc. I would reccommend you ask for an extra 25% to cover for resits, living costs, etc. I was given advice a couple of months ago by a really nice chap (currently writing him a thank you card) & he sent me his old business plan which I used as a template & updated it for my own purposes.
Good Luck
They will loan out upto £25,000 UNSECURED, anything over that requires SECURITY. I believe this is a legal reason with banks, as thats what the Manager told me today.
As has been said on many previous threads, DO YOUR HOMEWORK on everything regarding flying. I put in a lot of research & it's paid off in dividends!
Dress to IMPRESS, dont go looking like an extra out of Eastenders, you are selling yourself as a responsible person to be given vast amounts of money to.
Draw up a business (battle) plan detailing your expenditure, etc. I would reccommend you ask for an extra 25% to cover for resits, living costs, etc. I was given advice a couple of months ago by a really nice chap (currently writing him a thank you card) & he sent me his old business plan which I used as a template & updated it for my own purposes.
Good Luck
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Space Cadet would you kindly forward your business plan outline to me? I am applying for the HSBC loan and could do with the help!
Oh and also would you be able to tell me how you went about getting the loan. i.e. did you just walk in in a suit and speak to a borrowing manager?
My email address is [email protected]
Cheers
Paul
Oh and also would you be able to tell me how you went about getting the loan. i.e. did you just walk in in a suit and speak to a borrowing manager?
My email address is [email protected]
Cheers
Paul
Last edited by p.savage; 21st May 2002 at 23:01.
Dancing with the devil, going with the flow... it's all a game to me.
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Walk in unannounced in ya slacks and combat gear and they'll look at you like you're from Venus! <Top tips from the VFE'ster, been there seen it etc, etc....>
Be sure it's what you want folks........I got that advice when I was at that stage and by Christ and Sunny Jesus it sure was what I wanted so I did it but, have a word with ya selves and make sure. There's a good boy/ girl!
All the best,
VFE.
Be sure it's what you want folks........I got that advice when I was at that stage and by Christ and Sunny Jesus it sure was what I wanted so I did it but, have a word with ya selves and make sure. There's a good boy/ girl!
All the best,
VFE.
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I've got an interview with an HSBC bank manager for a pilot training loan. I will be showing him information for both an integrated and modular course. Could anyone who's been successful at this please EMail me a copy of their plan if possible. [email protected]. I'd be interested in seeing yours if possible SPACECADET.
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I was approved by HSBC for a professional studies loan of £25.5k UNsecured.
1 Go prepared as others have said. Set out exactly what your costs will be. Know where you will study and by which route.
2 Again as others have said, sell yourself, this IS an interview.
3 One which has not been suggested. Choose an HSBC close to the FTO of your choice, they will, I am sure, be VERY used to your proposal, as a large proportion of the students at their local FTO will have approached them. They will know the score well, and your potential as far as future business with them is concerned. They are in the business of making money out of you, make no mistake, but they know that if they make you happy, they are likely to keep you as once you have that big jet job, they'll be making plenty of money from you.
Also to compare CDLs and HSBC prof studies loans, do your sums on the costs of borrowing too. Although the CDL offers you an interest and repayment holiday, the rates after that are considerably higher than the base rate +2% added to the PSL (making 6% at the mo..) PSL also offers a repayment holiday until 6 months after the end of syudy, though not interest free.
Good luck....
1 Go prepared as others have said. Set out exactly what your costs will be. Know where you will study and by which route.
2 Again as others have said, sell yourself, this IS an interview.
3 One which has not been suggested. Choose an HSBC close to the FTO of your choice, they will, I am sure, be VERY used to your proposal, as a large proportion of the students at their local FTO will have approached them. They will know the score well, and your potential as far as future business with them is concerned. They are in the business of making money out of you, make no mistake, but they know that if they make you happy, they are likely to keep you as once you have that big jet job, they'll be making plenty of money from you.
Also to compare CDLs and HSBC prof studies loans, do your sums on the costs of borrowing too. Although the CDL offers you an interest and repayment holiday, the rates after that are considerably higher than the base rate +2% added to the PSL (making 6% at the mo..) PSL also offers a repayment holiday until 6 months after the end of syudy, though not interest free.
Good luck....