Pilot Training Loan

DCFC79

Fishingtime wrote: »

Drug running is a lucrative business these days :rotfl:

It is, just dont go to Peru or Thailand.

ReadingTim

andy_vip wrote: »

Get yourself on PPrune and emerse yourself in the threads over there about the current state of the industry.

Including the wannabe board on the forum, where you'll find a wealth of info from those far more acquainted with the subject than the regulars of this forum (no offence to MSE-ers!)

Clive_Woody

andy_vip wrote: »

No, they don't. Only BA do, if you're lucky enough to get in. They haven't taken new cadets for a while as there are enough pilots who have been made redundant begging for jobs in recent years.

Fair enough, it's definitely not my area of expertise.

The thought of paying back a £50k loan over a long period I would want to be doing Gareth Bale's job or something with a similar salary to make the retraining worthwhile.

paddyrg

Hold on a sec... FIFTY GRAND??? For a CPL? Go to New Zealand or somewhere like that and you'll come in somewhere around half that.

Problem is, even with a CPL you're still in a buyers market - you may have to go to the Asian domestic airlines for work, Indonesia has quite a lot of island-hopping work based from Jakarta, although their safety record is hardly shiny. The UK airlines are in a position now where they can pick and choose - some of them (you can probably work out which) even make you buy your own uniform and skimp on every penny. Not sure that's really living the dream TBH.

Clive_Woody

paddyrg wrote: »

Hold on a sec... FIFTY GRAND??? For a CPL? Go to New Zealand or somewhere like that and you'll come in somewhere around half that.

Problem is, even with a CPL you're still in a buyers market - you may have to go to the Asian domestic airlines for work, Indonesia has quite a lot of island-hopping work based from Jakarta, although their safety record is hardly shiny. The UK airlines are in a position now where they can pick and choose - some of them (you can probably work out which) even make you buy your own uniform and skimp on every penny. Not sure that's really living the dream TBH.

That's possibly not how the sales pitch went to the OP....

cc_user

Clive_Woody wrote: »

Yes I would imagine they do which can't leave many openings for those who have opted for private run pilot schemes.

Well, actually, no they dont.

BA run their Future Pilot Programme, which still requires you to provide in excess of £80,000 upfront, which is 'repaid' to you over your first 7 years of employment (during which you are on a reduced cadet salary, so in reality you are paying for it).

FlyBe run their MPL cadet scheme, but again, £84,000 upfront.

Training off your own back requires you to stump up the cash upfront, around £70,000, but you still need another £25,000+ just to get into Ryan Air at the end for your 'specific' training on an aircraft type known as a type rating.

HSBC used to run an unsecured loan system for training if you got into one of the 'big 3' schools, but this stopped in 2007. From now on, its only through BBVA, which secure the amount on your parents house, subject to equity.

The BBVA loan will give you a repayment holiday of 18 months (usual integrated training length), although you can opt for a further 12 months at half payments on completion of training (but accrue more interrest). This further 12 month option arose after the majority of graduating pilots werent getting work (the market is flooded/saturated with fresh graduates all with 250 hours etc). You can find some horror stories on the web of folk who have completed training and have had to go back to old line of work and they never get a real, paid flying job!

Becoming an Airline Pilot is a rich man's game and given the current errosion of T&C's of employment, is not worth getting into, until the full, REAL sponsorship programs come back (not likely with so many people willing to get into £100k of debt to pay the training themselves!!!)

poppasmurf_bewdley

When you've done your pilot training, and paid back your loan, will you be coming back here asking how much to borrow to buy a second hand Jumbo Jet?

nomoneytoday

Why not join the Navy or RAF ?

Clive_Woody

nomoneytoday wrote: »

Why not join the Navy or RAF ?

Because people try and shoot down the plane that you are flying.