The paying back of outstanding bond money, advice please
Join Date: Mar 2000
Location: Arizona USA
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All too often scenario...
New pilot joins an airline.
The company requires a bonding arrangement whereby the new guy/gal confirms (and enters into) a binding contract, with a stipulated payoff.
Then after a short while, the new pilot decides the grass is greener elsewhere, so gives notice.
Now the company has to go out and recruit another to replace the departing crewmember, and expend the training funds as necessary to operate their schedules.
Is it any wonder just why some companies insist that the departing crewmember repay the bond in full, especially after they have made the offer of employment in the first place, with the full expectation that it will be completed?
In short, if you want to leave early, expect to pay.
The airline company is entitled to nothing less...and they will find a way to collect.
Like it or not...and I suspect many will not.
Do a runner....expect to pay, simple as that.
New pilot joins an airline.
The company requires a bonding arrangement whereby the new guy/gal confirms (and enters into) a binding contract, with a stipulated payoff.
Then after a short while, the new pilot decides the grass is greener elsewhere, so gives notice.
Now the company has to go out and recruit another to replace the departing crewmember, and expend the training funds as necessary to operate their schedules.
Is it any wonder just why some companies insist that the departing crewmember repay the bond in full, especially after they have made the offer of employment in the first place, with the full expectation that it will be completed?
In short, if you want to leave early, expect to pay.
The airline company is entitled to nothing less...and they will find a way to collect.
Like it or not...and I suspect many will not.
Do a runner....expect to pay, simple as that.
For £2,500 over 6 months my advice would be to get a loan, pay them of, focus on your new job and get on with the rest of your life. At 10% pa and on a declining balance the interest charges will be about £60 - £70, so it is worth about two hours of your time. The principle is not worth fighting for, and they have infinitely more resources than you do.
The people who are advising you to take them on won't have to face the hassle of doing it.
The people who are advising you to take them on won't have to face the hassle of doing it.
Join Date: Jan 2003
Location: The Heart
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In Denmark, if leaving a company for another will cost you money, that cost will be tax deductable. Might be worth asking at your local tax office.
The worst that they can happen is that they can pusue for the interest lost over the six months of your repayment but they'd have to go to court and produce evidence that this wasn't included in the actual amount. A bond, in this respect, is actually a loan agreement which includes interest and you are not breaking the terms if you meet the payments.
Some companies actually set up loans with a bank in the employers name; when you leave the company, they cease their repayments.
You're going to have to Pay up and look big whatever!
The worst that they can happen is that they can pusue for the interest lost over the six months of your repayment but they'd have to go to court and produce evidence that this wasn't included in the actual amount. A bond, in this respect, is actually a loan agreement which includes interest and you are not breaking the terms if you meet the payments.
Some companies actually set up loans with a bank in the employers name; when you leave the company, they cease their repayments.
You're going to have to Pay up and look big whatever!
Join Date: Mar 1999
Location: NZ
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Ah yes but that's the beauty of it, in these days of increasingly rare interesting threads! Recycling!
It is a perennial problem, so worth revisiting.
I don't think anybody believes our orange friend shouldn't pay the bond back, merely that the company should fulfill its own contractual obligations by not demanding the outstanding sum back immediately. They already have the money, the bank loan should be allowed to run its course.
Unfair, immoral or discriminatory as training bonds may (or may not) be, if you sign one, you owe the money. Simple as that.
411A
Any company that expects all its new employees to stay for the length of the training bond is suffering from terminal stupidity. People move on. Smart companies know this, and plan accordingly - hence the bond.
It is a perennial problem, so worth revisiting.
I don't think anybody believes our orange friend shouldn't pay the bond back, merely that the company should fulfill its own contractual obligations by not demanding the outstanding sum back immediately. They already have the money, the bank loan should be allowed to run its course.
Unfair, immoral or discriminatory as training bonds may (or may not) be, if you sign one, you owe the money. Simple as that.
411A
Is it any wonder just why some companies insist that the departing crewmember repay the bond in full, especially after they have made the offer of employment in the first place, with the full expectation that it will be completed?
Join Date: Mar 2004
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I really can`t be arsed to read all of this knowing how the system works - yes you were " given " a type rating and you agreed to pay it back over a set period. You elected to not bother and move on - pay in full before a smartass accountant works out the interest ! have been there my friend it still hurts -
. . I signed over 6 weeks pay prior to leaving and they seem neutral !
oh and I was already typerated on that one
. . I signed over 6 weeks pay prior to leaving and they seem neutral !
oh and I was already typerated on that one
