Financial help, including HSBC loans (Merged)
Join Date: Apr 2002
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If its a small amount of money you need I suggest you think abour applying for a couple of credit cards. You can go for a pretty long length of time by using credit cards cheques on one card to pay of the minimum payment on another and vice versa until you finish your training. Only then will the balance accrue.
At which point you transfer the one balance to another "low introductory offer" card at 0%APR for 6 months or whatever and pay it off as and when you can.
Its a way of keeping the acruable interest at bay on unsecured lending.
The other plus point to this is that if you keep up your monthly payments on two cards, then this is a sure fire way to really boost your personal credit rating. This comes in handy when its IR time and you need a loan for 12k
Just to clarify that this is not free money - its just a way of getting some manageable short term cash at little cost IT NEEDS TO BE PAID BACK.
Its also advisable to get the cards when you are in gainful employment and have them "dormant" until you start your training.
My mate made his way through Uni on this method, if you are disciplined it does work.
If its a small amount of money you need I suggest you think abour applying for a couple of credit cards. You can go for a pretty long length of time by using credit cards cheques on one card to pay of the minimum payment on another and vice versa until you finish your training. Only then will the balance accrue.
At which point you transfer the one balance to another "low introductory offer" card at 0%APR for 6 months or whatever and pay it off as and when you can.
Its a way of keeping the acruable interest at bay on unsecured lending.
The other plus point to this is that if you keep up your monthly payments on two cards, then this is a sure fire way to really boost your personal credit rating. This comes in handy when its IR time and you need a loan for 12k
Just to clarify that this is not free money - its just a way of getting some manageable short term cash at little cost IT NEEDS TO BE PAID BACK.
Its also advisable to get the cards when you are in gainful employment and have them "dormant" until you start your training.
My mate made his way through Uni on this method, if you are disciplined it does work.
Join Date: Apr 2002
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Banks & FTO's flights of fools!
It amazes me to see how all these people are advising you, they talk about bank loans as if its your god given right, take a reality check.
You borrow money you are going to have to pay it back with interest, as to juggling credit cards.. don't be so bloody stupid! You asking to take a big fall.
Think about the current job climate, its cr@p, can you afford to pay back £200-400 plus a month when you have all of your shiny new licences, and very little hope of aerial work?
The reality is banks are crying out to lend you money they are virtually begging you to. A friend of mine works at barclays call centre and she says there are lots of people inquiring and taking out loans on the premise of learning to fly proffesionally. The banks don't care whether you succeed or fail, nor do the flight schools they want the money you've lent from the banks.
Personally I'd think twice about getting a hefty loan from a bank get a career going build up some cash, possibly take a smaller loan, gain some experience work for it! don't think because a banks lent you the money and the FTO taken it from you, and the've treated you with the utmost respect, your on the career path to that dream you had when you where six you are you're not. When you get a paid flight job then you are, and then you'll realsie taking all those loans out wasn't such a good idea.
I think on the level of, they let suckers walk in from the street, when they've finished they throw the fools back on the street.
At least you've got something to fall back on! and you can continue to work on your career from there!
It works for very few taking big loans out, 99% it won't work for.
Personally I have complete disdain for FTO, they surround in false adulation and build up a false belief in yourself, generally costing you more than you thought, and these false hopes/beliefs which are far to easy to see in people not just permeating from these pages are far to plain to see.
If you think you are being taken for a ride, then 9 times out of 10 you are, they are all doing bigger favours for themselves than they are for you.
There are some very young and naive people on these pages and I can believe many of them may never make the grade.
My regards
You borrow money you are going to have to pay it back with interest, as to juggling credit cards.. don't be so bloody stupid! You asking to take a big fall.
Think about the current job climate, its cr@p, can you afford to pay back £200-400 plus a month when you have all of your shiny new licences, and very little hope of aerial work?
The reality is banks are crying out to lend you money they are virtually begging you to. A friend of mine works at barclays call centre and she says there are lots of people inquiring and taking out loans on the premise of learning to fly proffesionally. The banks don't care whether you succeed or fail, nor do the flight schools they want the money you've lent from the banks.
Personally I'd think twice about getting a hefty loan from a bank get a career going build up some cash, possibly take a smaller loan, gain some experience work for it! don't think because a banks lent you the money and the FTO taken it from you, and the've treated you with the utmost respect, your on the career path to that dream you had when you where six you are you're not. When you get a paid flight job then you are, and then you'll realsie taking all those loans out wasn't such a good idea.
I think on the level of, they let suckers walk in from the street, when they've finished they throw the fools back on the street.
At least you've got something to fall back on! and you can continue to work on your career from there!
It works for very few taking big loans out, 99% it won't work for.
Personally I have complete disdain for FTO, they surround in false adulation and build up a false belief in yourself, generally costing you more than you thought, and these false hopes/beliefs which are far to easy to see in people not just permeating from these pages are far to plain to see.
If you think you are being taken for a ride, then 9 times out of 10 you are, they are all doing bigger favours for themselves than they are for you.
There are some very young and naive people on these pages and I can believe many of them may never make the grade.
My regards
Join Date: Apr 2002
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Gabu
Did you read my post?
Im fully in agreement about people borrowing money for the whole cost of flying training.
But if you seriously expect people to achieve a commercial license at a cost of either 30k modular or nearer 50k integrated without some sort of borrowings from either family or financial institutions then you are frankly dillusional.
get of your high horse, I was purely pointing out that juggling credit cards was a method of reducing interest costs whilst deferring payment whilst training.
If you look very, very carefully at my post you will see one of the paragraphs, its writing is a litlle darker and the letters a teensy bit bigger - please read it
Borrowing money for the next stage of training is unfortunately part of life for some people. It certainly was for me. Should you not need to then good for you. There should be no reason why if you can afford to do so and only if you can afford to repay it, borrow money for flight training.
If you speak to your mate in the call centre he/she will probably also tell you that people also borrow money for all sorts of things from Family Holidays to Breast Augmaentation surgery.
What better thing to invest in than yourself?
Did you read my post?
Im fully in agreement about people borrowing money for the whole cost of flying training.
But if you seriously expect people to achieve a commercial license at a cost of either 30k modular or nearer 50k integrated without some sort of borrowings from either family or financial institutions then you are frankly dillusional.
get of your high horse, I was purely pointing out that juggling credit cards was a method of reducing interest costs whilst deferring payment whilst training.
If you look very, very carefully at my post you will see one of the paragraphs, its writing is a litlle darker and the letters a teensy bit bigger - please read it
Borrowing money for the next stage of training is unfortunately part of life for some people. It certainly was for me. Should you not need to then good for you. There should be no reason why if you can afford to do so and only if you can afford to repay it, borrow money for flight training.
If you speak to your mate in the call centre he/she will probably also tell you that people also borrow money for all sorts of things from Family Holidays to Breast Augmaentation surgery.
What better thing to invest in than yourself?
Join Date: Apr 2002
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Yeh breast augmentation! I'd definitely take a loan out for that. My girlfriend would be well pleased and I would be doubly pleased! Definitely worth taking a loan out for.. definitely have more fun spending it on a pair of kn*ckers than flying a plane.
Personally I still think there are a lot of silly people taking out loans they will find more than increasingly difficult to pay back, considering that they will exclude themselves from the low paying aerial work needed to hour build to put themselves forward for a professional career, with the demands required from the bank & the revalidation & renewal of licences.
ANSWER they won't.
With the job market saturated at the moment both in low pay & high end payscales seems a little foolish to me.
Sure if times are good I'd say fine!
But I'd think twice at this moment in time!
Personally I still think there are a lot of silly people taking out loans they will find more than increasingly difficult to pay back, considering that they will exclude themselves from the low paying aerial work needed to hour build to put themselves forward for a professional career, with the demands required from the bank & the revalidation & renewal of licences.
ANSWER they won't.
With the job market saturated at the moment both in low pay & high end payscales seems a little foolish to me.
Sure if times are good I'd say fine!
But I'd think twice at this moment in time!
Join Date: Aug 2003
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Hello,
for all the people who got (or said they did) loans from HSBC, what terms did you get to pay back the loan? 5 years, 10, 20 etc
Also for those who got loaned over 20k did the manager/ advisor at the bank not ask you the question: " In the worst case scenario when you complete your training and you are finding it hard to get employed with an airline, how are you gonna pay us back?? " if they did, what were your answers ?
Normally for lending money, the back dont really give a monkeys what your plan says, all they want to know is how can they get back their money in the worst case scenario! thats why they often take security for such a loan, so if you cant get employed with an airline and cant pay them back...they can legally take your house!
seems a bit risky for a bank to be lending you guys over 20k when they have no idea, that a business plan for pilot training will be successful! are we all telling the truth in here? or are there some wishfull thinking going on??
Bonjour
Oh yes forgot to mention, 22k for a professional studies loan being recieved is well over the odds! 15k UNSECURED is more like the maximum for an unsecured loan!
I suspect some people here are telling little white lies!
for all the people who got (or said they did) loans from HSBC, what terms did you get to pay back the loan? 5 years, 10, 20 etc
Also for those who got loaned over 20k did the manager/ advisor at the bank not ask you the question: " In the worst case scenario when you complete your training and you are finding it hard to get employed with an airline, how are you gonna pay us back?? " if they did, what were your answers ?
Normally for lending money, the back dont really give a monkeys what your plan says, all they want to know is how can they get back their money in the worst case scenario! thats why they often take security for such a loan, so if you cant get employed with an airline and cant pay them back...they can legally take your house!
seems a bit risky for a bank to be lending you guys over 20k when they have no idea, that a business plan for pilot training will be successful! are we all telling the truth in here? or are there some wishfull thinking going on??
Bonjour
Oh yes forgot to mention, 22k for a professional studies loan being recieved is well over the odds! 15k UNSECURED is more like the maximum for an unsecured loan!
I suspect some people here are telling little white lies!
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Someone need security!!!
Sorry mate,but someone ,like me do need security, like a home or the same amount of money to get the loan from HSBC.
Probably because I'm Italian,but they just denied a loan to me...
Before starting my PPL they said that there was no problem...now after 10,000 pounds invested they changed their mind.....very profesional!!!!
By the way ,I'm Italian but I have been living and working in Uk for few years .
Chek your situation very well before investing money!!!
Ciao for now!!!
Probably because I'm Italian,but they just denied a loan to me...
Before starting my PPL they said that there was no problem...now after 10,000 pounds invested they changed their mind.....very profesional!!!!
By the way ,I'm Italian but I have been living and working in Uk for few years .
Chek your situation very well before investing money!!!
Ciao for now!!!
Join Date: Nov 2002
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HSBC
I have just been through the process of trying to get the loan with HSBC in kidlington with the help of a certain member of the OAT staff. This is what i concluded after the process
With the help of an OATs prepared and supervised business plan you have high chances of getting the loan. Cos they seem to have a very good understanding with the branch manager at the kidlington branch( who actually makes the decision for you there and then).....OAT meet you just before going for the interview to prep you as to what to expect even though it seems the manager already knows what you are about to say......but here is the catch drawn to me by OAT ..if you have security u are more than guranteed to succeed, meaning you will have to have some form of equity on your property to stand as security and then the rest as was put to me would be plain sailing... oh yes you also have to say you gonna study at OATs ...they have been using this bank to finance most of the APP students who didnt have the resources and it seems they have succeeded in getting money for loads of them....I hope this helps out those of you who are willing to go through this form of loan or have security to show. as for me well i will just do the modular and hope to get through without owing alot of money
With the help of an OATs prepared and supervised business plan you have high chances of getting the loan. Cos they seem to have a very good understanding with the branch manager at the kidlington branch( who actually makes the decision for you there and then).....OAT meet you just before going for the interview to prep you as to what to expect even though it seems the manager already knows what you are about to say......but here is the catch drawn to me by OAT ..if you have security u are more than guranteed to succeed, meaning you will have to have some form of equity on your property to stand as security and then the rest as was put to me would be plain sailing... oh yes you also have to say you gonna study at OATs ...they have been using this bank to finance most of the APP students who didnt have the resources and it seems they have succeeded in getting money for loads of them....I hope this helps out those of you who are willing to go through this form of loan or have security to show. as for me well i will just do the modular and hope to get through without owing alot of money
Join Date: Feb 2003
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Just arranged an unsecured loan for £15k with HSBC, payable over 7 years maximum. That is the maximum they would agree to as I am a "stranger" to them. My banking history is about as good as it could be with no black marks against my credit history and I prepared a polished business plan for them too, but £15k was as far as they would go. Anything above that figure and they wanted security or I need to have banked with them for many years and built up a history. They also let you repay over a maximum 11 years if you borrow over £15k.
All I have to do is move my current account to them. They will also consider any further requests next year when I have some history with them but hopefully that won't be necessary.
All I have to do is move my current account to them. They will also consider any further requests next year when I have some history with them but hopefully that won't be necessary.
