Final Flight Training loan - First Timer

Sncjw

No way anyone would loan you that amount of money on your wage.

Why won't the airline pay for your training. If they really wanted you they would do so. I wouldn't work for someone for free. How are you expected to fund your living costs

Westminster

Sncjw wrote: »

No way anyone would loan you that amount of money on your wage.

Why won't the airline pay for your training. If they really wanted you they would do so. I wouldn't work for someone for free. How are you expected to fund your living costs

The whole business model of low cost carriers is to shave every possible cost.

In fact they profit from those desperate to fly by selling a £15k course for £25k to enable the various 'hopefuls' to put raybans on and boast.

Think about that next time you book a £5 flight .... one of the pilots up front probably has around £130k of debt and will only get paid if they turn up ... you better hope they are not ill but really need to pay off the car loan for their fancy car so they can show off to their so-called facebook friends.

[Deleted User]

Hi Everyone who has posted above,

Thank you so much for all your replies and advice, it's been very very helpful. I am continuing to look at ways of getting a loan but as you all said above, it is going to be very tricky as:
1) I have never taken a loan out before
2) Have no solid credit score
3) Have no credit card.

It's only because this was the airline I wished about flying for since an incredibly young age, and to now have that opportunity (albeit at a cost..) is something pretty incredible, and very proud of myself for getting that far.

If I had it my way, I wouldn't pay for the training but sadly you have to to get that position, so I'm still looking around for options but this definitely doesn't mean I am going to go down that route.

The trouble with this airline is it a contract position, technically zero-hours contract and no guarantee of hours. Having said that.. 1000's of pilots who have gone through this route are flying approx 850-900 hours a year. They cannot fly more than 900 a year, and because of this once you reach that limit you have to take a month off unpaid.

I'm very much against PTF schemes out there, but this was just an amazing opportunity that I never thought I would've had only a few weeks ago!

I will start another thread about this, but I'm definitely considering getting a credit card for myself having never had one before. By doing this as you suggested, I can start building up my credit score for anything that I need to take a loan out for in the future. This I hope will strengthen any application I may submit as it will show I can borrow and pay back.

Thank's for your replies everyone, it is much appreciated.

Sncjw

The loan amount is huge compared to how much you earn not many people will get a loan for more than they earn

[Deleted User]

One thing you must understand is that the credit score scores the CRAs sell you is in no way related to how lenders view you.

Get a card, use it regularly and clear in full each month. Ignore your credit score when it drops like a stone.

Geoff1963

The OP's problem is that just after taking out the loan for the training course, they stop earning ; so have to also borrowing living expenses, plus the loan payments, for that time.

If you can't get the loan, make sure you explain that to the potential employer ; even if they can't help, they might keep your offer on file until you can get the money together.

Arleen

Deleted_User wrote: »

Hi Everyone who has posted above,

Thank you so much for all your replies and advice, it's been very very helpful. I am continuing to look at ways of getting a loan but as you all said above, it is going to be very tricky as:
1) I have never taken a loan out before
2) Have no solid credit score
3) Have no credit card.

It's only because this was the airline I wished about flying for since an incredibly young age, and to now have that opportunity (albeit at a cost..) is something pretty incredible, and very proud of myself for getting that far.

If I had it my way, I wouldn't pay for the training but sadly you have to to get that position, so I'm still looking around for options but this definitely doesn't mean I am going to go down that route.

The trouble with this airline is it a contract position, technically zero-hours contract and no guarantee of hours. Having said that.. 1000's of pilots who have gone through this route are flying approx 850-900 hours a year. They cannot fly more than 900 a year, and because of this once you reach that limit you have to take a month off unpaid.

I'm very much against PTF schemes out there, but this was just an amazing opportunity that I never thought I would've had only a few weeks ago!

I will start another thread about this, but I'm definitely considering getting a credit card for myself having never had one before. By doing this as you suggested, I can start building up my credit score for anything that I need to take a loan out for in the future. This I hope will strengthen any application I may submit as it will show I can borrow and pay back.

Thank's for your replies everyone, it is much appreciated.

Problem with that approach is that by the time your credit will be good enough for this type of a loan (talking years here) you could have all the money you need saved up, so also save yourself on the interest. So while building credit history is good on it's own, as long as done for free, simply start saving hard for that dream of yours.

Westminster

Having said that.. 1000's of pilots who have gone through this route are flying approx 850-900 hours a year.

Several friends of mine found themselves in bases that were so busy (usually the training bases) that they only ended up with 600-650 hours.

This is a significant reduction in earnings from the maximum potential so you may wish to be prudent and not assume you will max out your flying hours when calculating what your repayment plan could look like.

CKhalvashi

Westminster wrote: »

Several friends of mine found themselves in bases that were so busy (usually the training bases) that they only ended up with 600-650 hours.

This is a significant reduction in earnings from the maximum potential so you may wish to be prudent and not assume you will max out your flying hours when calculating what your repayment plan could look like.

Plus aircraft can be removed from a base with not a lot of notice. They did it in Denmark and I believe STN lost at least 2 last winter, one to OTP and another to somewhere in Italy.

As rightly pointed out, with contractor status there is the potential to earn more but also to earn less.

In addition to yesterday, Wizz are also looking for crews to be based at Luton at the moment. I believe a TR and base training is IRO £12k, with the option to pay it from salary for slightly more. It's another airline with quick commands and a stable roster if that's what you're looking for.

Salary is €20k + €50ish/day + €27/sector for the first 1500 hours, so count on about £35k/year, £50k/year as SFO. Whether London rates will be higher I don't know, however I'd guess so.

Brock_and_Roll

Wish the OP the best of luck - if it were me, I would get a second job in a pub and save like mad.


Its amazing that being a pilot continues to attract so many potential recruits that are willing to run up £100k+ in debts to secure a £35-50k job - a job which has lost much of the glamour (if there ever was any), even some of its social status.


By way of contrast, the starting salary for a newly qualified tube driver is £49.5k and rises upto £60k after 5 years. This is for a 36 hour week and 45 days annual paid leave. And of course TFL provide all the training free of charge!


Mind the gap!