The Personal Development Loan scheme closes Jan 2019, is it worth getting?
Thread Starter
Joined: Feb 2018
Posts: 6
Likes: 0
From: Hull
The Personal Development Loan scheme closes Jan 2019, is it worth getting?
Hi all,
Like most people trying to fund their various licences, I'm looking to go commercial and came across the UK's Career Development Loan (can't link due to account restrictions) of which you can lend up to £10,000, which is almost a PPL(H).
What are people's opinions on these? Is it a bad move? I'm curious if anyone else has taken one.
Cheers,
K
Like most people trying to fund their various licences, I'm looking to go commercial and came across the UK's Career Development Loan (can't link due to account restrictions) of which you can lend up to £10,000, which is almost a PPL(H).
What are people's opinions on these? Is it a bad move? I'm curious if anyone else has taken one.
Cheers,
K
Joined: May 2002
Posts: 2,697
Likes: 71
From: Wanaka, NZ
And on what basis might you be eligible for the loan?
https://www.gov.uk/career-development-loans/eligibility
This is a bank loan. You need to start paying the money back one month after finishing the course. Obviously you'll need a non-flying job now with an income sufficient to pay back the loan. I would expect to be eligible there would need to be a connection between the training and your professional development that earns you income. I don't see how training for a PPL-H would qualify any professional development test.
You shouldn't be taking out any loan for pilot training on the assumption you will get a job as a pilot. If you have a good paying job doing something else, and you can afford to pay back a loan, then sure. But before you do take out a loan you need to accept that you might blow the lot and never recoup that investment (which applies either way, however you might finance your training, via a loan or savings or rich distant relative or whatever).
https://www.gov.uk/career-development-loans/eligibility
This is a bank loan. You need to start paying the money back one month after finishing the course. Obviously you'll need a non-flying job now with an income sufficient to pay back the loan. I would expect to be eligible there would need to be a connection between the training and your professional development that earns you income. I don't see how training for a PPL-H would qualify any professional development test.
You shouldn't be taking out any loan for pilot training on the assumption you will get a job as a pilot. If you have a good paying job doing something else, and you can afford to pay back a loan, then sure. But before you do take out a loan you need to accept that you might blow the lot and never recoup that investment (which applies either way, however you might finance your training, via a loan or savings or rich distant relative or whatever).
Last edited by gulliBell; 27th September 2018 at 01:17.
Joined: Sep 2017
Posts: 339
Likes: 1
From: Canada
I generally finance all my dreams, if I didn't, life would be so boring....I'm too impatient to wait to save for anything, and my relatives are just as broke as me.
So get that loan, start living on the edge and enjoy the life you seek.
So get that loan, start living on the edge and enjoy the life you seek.
Joined: Aug 2014
Posts: 9
Likes: 0
From: IGE
Hi all,
Like most people trying to fund their various licences, I'm looking to go commercial and came across the UK's Career Development Loan (can't link due to account restrictions) of which you can lend up to £10,000, which is almost a PPL(H).
What are people's opinions on these? Is it a bad move? I'm curious if anyone else has taken one.
Cheers,
K
Like most people trying to fund their various licences, I'm looking to go commercial and came across the UK's Career Development Loan (can't link due to account restrictions) of which you can lend up to £10,000, which is almost a PPL(H).
What are people's opinions on these? Is it a bad move? I'm curious if anyone else has taken one.
Cheers,
K
Joined: May 2002
Posts: 2,697
Likes: 71
From: Wanaka, NZ
Not according to these guys:
https://www.risehelicopters.co.uk/he...or-your-ppl-h/
https://www.risehelicopters.co.uk/he...or-your-ppl-h/
Joined: Aug 2010
Posts: 86
Likes: 1
From: Boundary Layer
As hu269 says, " You may want to have another look at the costings" - don't just accept a sales pitch as definitive information of what a PPL will cost you. Talk to several different schools and ask for an honest assessment of the costs involved. You are unlikely to complete your PPL in the minimum hours - be prepared for it to take around 75 hours and you won't get a nasty shock later - and if you are Ace of the Base, you'll have spare funds available for the next steps. Don't forget to add VAT and landing / circuit fees into the estimate. Also calculate on the pro rata, pay as you go rate - DO NOT put money on account with schools offering big hourly rate discounts for paying lots in advance. That doesn't make any sense if you are borrowing the money and the reason schools do this is because they need your money for their cashflow - if they go bust, you lose everything but will still have to repay the loan. Double Whammy! Going full Commercial is going to cost you anywhere up to £90,000 in the UK, you need a more robust plan.
