Pilot Loan - CTC Wings Cadet

drew2k9

Not sure if this should be here or in transport, or both, as its two questions!

first one is Loan related, so thats why it is here as well as in the transport section

has anyone ever heard of the bank called - Banco Bilbao Vizcaya Argentaria, S.A also known as BBVA group.

the reason i as this is because i am planning on trying to become an airline pilot, and i think i have found a great course, but the money they require us to put down is on a huge scale! they recommend this bank with whom they are partners.

they say they will give out loans against such assets as houses, or more particularly my parents house... i know, sounds bad, but this is a dream i have had and i am not going to be put off by anything, regardless of money or time required, if i dont do it now, i never will!

i wanted to know has anyone had dealings with this bank? or has anyone ever taken out a professional studies loan with them, or even better has anyone ever gone through this exact course and used this bank in the process??

any help would be greatly appreciated!!

Hax

drew2k9 wrote: »

they say they will give out loans against such assets as houses, or more particularly my parents house... i know, sounds bad, but this is a dream i have had and i am not going to be put off by anything, regardless of money or time required

It might be your dream, but what if things go wrong (which they frequently do) - are you willing to sacrifice your parents house in pursuit of your dream? Sounds a bit selfish to me - but that's just IMHO - obviously, it's up to you and your parents if you go ahead and gamble with their house.

drew2k9

no i completely understand your reservations, and dont worry, that was the first thing that i had thought, and it was also the thing which nearly made me give up on it, but my parents are willing to go with me to the open day that the people running the course are holding in march, and the financial advisors will be there to deal with these very queries, but it will involve me travelling from northern ireland to england for a whole day, and if i find out in advance that it is a bit of a con then i wont waste the money on our transport over.

also my parents are backing my dream 100% and i am so thankful for their support, so hopefully it will all work out, but we are also all prepared for the worst to happen and for it all to fall apart, but i am so determined to make it work that i hope that will never be the case!

couldnt ask for better parents, actually willing to use their house to back up an enormous loan.

it works out as being like a massive student loan though, you only start repaying it when they have you in a job with one of their partner airlines, which they say over 90% of people get into, but then the 10% who dont will have to repay the loan themselves... but will be qualified Commercial Airline Pilots, just very very poor ones! but i'll cross that bridge if i ever come to it.

CLAPTON

drew2k9 wrote: »

no i completely understand your reservations, and dont worry, that was the first thing that i had thought, and it was also the thing which nearly made me give up on it, but my parents are willing to go with me to the open day that the people running the course are holding in march, and the financial advisors will be there to deal with these very queries, but it will involve me travelling from northern ireland to england for a whole day, and if i find out in advance that it is a bit of a con then i wont waste the money on our transport over.

also my parents are backing my dream 100% and i am so thankful for their support, so hopefully it will all work out, but we are also all prepared for the worst to happen and for it all to fall apart, but i am so determined to make it work that i hope that will never be the case!

couldnt ask for better parents, actually willing to use their house to back up an enormous loan.

it works out as being like a massive student loan though, you only start repaying it when they have you in a job with one of their partner airlines, which they say over 90% of people get into, but then the 10% who dont will have to repay the loan themselves... but will be qualified Commercial Airline Pilots, just very very poor ones! but i'll cross that bridge if i ever come to it.

this makes little sense

..you say you only start repying when you get a job with a partner airline
except that if you dont get a job then you pay anyway?

how much is the loan?
what would the monthly repayments be?
can you parents afford to repay it if you aren't successful in getting a job?

what other ways are there to become an airline pilot?

drew2k9

i meant to say that the loan will have to be repaid after a certain period of time after completion of the programme, regardless of weather you have a job secured or not. the loan is for around... £80,000 *gulp* scary biscuits! but having had a look at the repayment structure, found here, http://www.ctcwings.com/europe/pdfs/BBVA Basic Terms Conditions Pilots_may10.pdf, i do feel we would be able to repay it in the event of me not getting a job. if i didnt think we could then i would even start to think about doing it!

if you get employed by a partner airline, then they take the monthly repayments straight out of yout pay and into the bank, so it is easily managed, and it will be only around half of the monthly pay a newly qualified pilot can expect to recieve. which is over double what i am getting now.

like i said, its a huge step, the biggest decision of my life, and probably the biggest decision my family will have to make too, but if i carry on only making small decisions i will be stuck in a convenient life rather than going for what i actually want in life! i honestly would rather die on my feet than live lying down.

and as they say, you gotta spend money to make money.

CountryGoose

I think you're in the wrong forum for questions - pilot training and jobs are not well understood by many people.

I'm assuming you've had a look around Pprune?

The most appropriate place for some questions and research would be the Wannabees Forum http://www.pprune.org/professional-pilot-training-includes-ground-studies-14/

Good luck with the dream!

Lplates

Paying for the training that will result in an ATPL (Airline Transport Pilot Licence) is a very large commitment, and I would advise you do plenty of research before finalising your choice.

The credentials of the lender are possibly the last of your worries – BBVA are one of Spain’s major banking groups. Remember that they are a bank, they will want security for a loan and they will be prepared to use that security if the loan is not repaid according to the agreement.

Do you already have any pilot qualification – a PPL for example? This will give you some insight into the training that will be required for a professional licence. Are you absolutely certain that you can meet the requirements of a class 1 medical, and are you certain that you will still be able to do so in say twenty or thirty years time?

If you don’t already have a PPL, I would suggest you start the training now – preferably self-funded. Get a class 1 medical. During the training you will come into contact with many professional pilots; when you do, make a point of asking them for advice and recommendations about ATPL training organisations. This will help you form a view about the quality of training at the various locations, the costs and the success rates.

iolanthe07

Aren't lots of airline pilots ex-RAF? Have you considered going down that route?

drew2k9

i have ruled out the RAF route due to the ongoing war at the moment, i would prefer the banks to reposses my house than to be shot down tbh!

and also i dont think going into the RAF with the attitude that it is just me training to become an airline pilot would necessarily be the right way to go about it.

i have done a couple of lessons, and a family friend has agreed to take me up in his plane as much as possible to get a bit of experience.

i was looking into getting my PPL yes, but this particular course doesnt trequire it, and it infact gives you the chance to do it alongside the Commercial Pilot Licence, but advises against it as they say you wouldnt need it at that stage and it would be too much extra work on top of what i would already be doing.

i realise how big a choice this is, but we all have to make big choices at one time or another.

yes i have been on pprune a few times looking about and seeing peoples opinions of the course, but theres a lot of pointless and unhelpful conversations on it rather than info, but i am going to sign up to it and try to get some actual info from people who have done the course or similar.

but thanks, the main question i needed answered here was about the bank, so it is a reputable one?

oh and yes i will be up to standards for the medical, i am a committed rugby player at the moment (but willing to give it up to undertake this training) and do a good bit of gym work, along with perfect eyesight etc, cant see what would go against me in that, very very rarely ill, and no family heart defects and all that jazz.

Mands

drew2k9 wrote: »

i honestly would rather die on my feet than live lying down.

Then add this to your things to consider: if you die on your feet, or are run over by a #73 bus, then your parents will have lost their son and have to service an £80k loan.

So if you are going to do this then take out adequate life insurance and put it in trust for your parents. That way if the unthinkable happens they won't also have lost their home. £100k of insurance should cost you less than £20 a month.

Mands

dgtazzman

Just as an indication, my gf and myself have a joint life insurance policy for just over 100k which costs us GBP6,50 a month, so it would be a small investment compared to what's at stake.

Also, though this is rather uninformed, I was under the belief that every half-decent airline ran it's own training program that wouldn't require you to put down 80 grand of your own money, really seems like a very large investment when you have no guarantee of a job at the end of it.