stewby's bid for freedom.

stewby

hi there.

i have posted in the mortgage thread but have decided to post in here to see if anyone has any specific experiences that will help me.

my partner recently completed a training course which required a £90,000 bond.
if he gets hired by a partner of the training company then they take over the bond and his wages drop to cover the cost of repayment.
however, if he doesn't get a job with a partner then we have to take over the bond and pay it ourselves.

i have no knowledge of bonds and i don't have the documents relating to the bond. although even if i did i wouldn't understand them.

summary: my partner has £90,000 of debt in a bond.
i have a mortgage (£57,000); a loan (£10,000) and a credit card of about £3000.

my main question is: does anyone have any experience with bonds?? or understand how they work??
if we were to take the bond on ourselves, does the interest (if it has interest) change or anything??

sorry. i am a very new newbie in relation to looking after my finances. (my dad has had to take over my main bank account and i now get "pocket money" every month). any help or advice or anything would be very gratefully received. thank you.

Weird_Nev

What on earth is this job? And what was the training given?

I hope your partner fully understands what he has signed up to, surely it's down to him.

Commercial Pilots are about the only people I can think of who are expected to self fund their training to that level. And I know a few people with a commercial pilots licence, £70k of debt, and no job......

pelirocco

stewby wrote: »

hi there.

i have posted in the mortgage thread but have decided to post in here to see if anyone has any specific experiences that will help me.

my partner recently completed a training course which required a £90,000 bond.
if he gets hired by a partner of the training company then they take over the bond and his wages drop to cover the cost of repayment.
however, if he doesn't get a job with a partner then we have to take over the bond and pay it ourselves.

i have no knowledge of bonds and i don't have the documents relating to the bond. although even if i did i wouldn't understand them.

summary: my partner has £90,000 of debt in a bond.
i have a mortgage (£57,000); a loan (£10,000) and a credit card of about £3000.

my main question is: does anyone have any experience with bonds?? or understand how they work??
if we were to take the bond on ourselves, does the interest (if it has interest) change or anything??

sorry. i am a very new newbie in relation to looking after my finances. (my dad has had to take over my main bank account and i now get "pocket money" every month). any help or advice or anything would be very gratefully received. thank you.

You really need to read the terms and conditions ,.....tbh they should have been read before signing

That is some training course

nicp60

Is he training to be a pilot or something similar? That's the only thing I can think of that would require such a large bond.

stewby

Weird_Nev wrote: »

What on earth is this job? And what was the training given?

I hope your partner fully understands what he has signed up to, surely it's down to him.

Commercial Pilots are about the only people I can think of who are expected to self fund their training to that level. And I know a few people with a commercial pilots licence, £70k of debt, and no job......

this is exactly our situation... except 90k of debt plus another 10k for him to get a type rating when (being positive here) he gets a job.

his mum and him read through it together and his mum appears to understand it... but my partner has no clue what is going on. thought he was supposed to start paying it off in june but the bill never came so now he has no idea what is going on. i can't really offend his mum by asking to look at the bond contract as my oh keeps saying that she has it all under control.

the problem is that i am very nervous person and worry about this massive debt that we now have and how we are going to pay it off if he can't get a job. do bonds have a expiry limit where they will give up waiting and just start making you pay it back?? i am quite embarrassed by my lack of knowledge on this.
:undecided

Weird_Nev

None of us have the paperwork. None of us are commercial airline pilots. I know they offer favorable interest rates to trainee pilots because they are seen as highly employable once qualified and thus a low risk. However, it's such a 'desirable' job the airlines have been able to get people to pay out up front for their own training - one of very few industries to do this.

Your OH has taken on this debt in expectation that he will land a lucrative job as a pilot. He may have to start off as a Ryan Air pilot, he may have to go to Papua New Guinea or Africa to work as a bush pilot before he has enough hours to make it through the big carriers selection process.

These are things you need to talk to your OH about, because you are embarking on that life with him. He should know, or can find out, the exact terms of what he has signed up to and what the expectations on him are.

Don't worry because he has have £90k debt - If he is able to get work, then he will be able to pay it back and you will be wealthy.

But do TALK to him, about his hopes, fears and how he is looking to get work. Because he will need your support.