Funding!!!

[oceanicclarence]

Hello there.
Just interested in how people have funded their flying ambitions? I have all 14 ATPL examinations completed, and quite a bit of debt too. looking for ways to fund the CPL and FI ratings. anyone had the same experience? is it best to just 'rack up' some more and get finished (bearing in mind the 36 month time limit) or clear debts first...........personally I was counting on selling my flat, but the housing market is on it's arse. so that is plan 'A' scuppered. so now I find myself with credit card debt, a loan, and pretty limited rescources! must be a way round it? apart from robbing a bank!!
it is frustrating to be through the ground exams and not have a way forward..........
Stay safe.
Oceanic 'C'

[MIKECR]

You could apply for a Career Development Loan. Maximum 8k, deferred payments(with good interest rates) for up to 18 months. You will need a business plan and will need to apply fairly soon, as the application process can take a month or 2. I got mine for my ATPL theory course a couple of years ago.

8k wont off course pay for both a CPL as well as an FI rating but it will certainly pay for at least one of thm.

[preduk]

You could do a Career Development loan, I would have a read here:

Career Development Loans - an interesting career move...

They have some info at the bottom on how you could cut your costs a bit.

[Notoc]

I managed to get £18k funding for my ME/IR/CPL using the BFC Card at Bristol Flying Centre. It gave me nine months interest free and no repayments for the same period.

That was over three years ago, so not sure if it is still offered.

[redsnail]

Remember you only have a limited time to complete your IR before the exams lapse.
I believe you have 3 years from the completion of the last exam. (Do check this)

Do you have a job? If not, get one ASAP and save every penny you can. Do this for 2 years. You should then have pretty much what you need to complete an IR.

Try and sort out your debt.

[pdsgillett]

Finished at Bristol a few months ago and i used the BFC card to fund some of my training, so its definately still there but i think the limit is capped at 12K. Even if you do have the cash its worth using the card to gain the 9 months interest free.

[Notoc]

Bristol Flying Centre Funding

Thanks Pete.

You're right, the BFC card is still available. Obviously the credit crunch hasn't reached Bristol Flying Centre.

I've just booked a Beech King Air BE200 Type Rating Course for January 2009.

All funded by the BFC card. No payments to make until October !

Great, now I can go Christmas shopping !!

[IrishJetdriver]

If you don't control the debt it will sure as hell rear up and bite you. Big time.

Min payment on cards even at 0% can be eye watering. Banks will be exchanging details of "credit card tarts" and make it harder to go for the 0% balance transfers.

Not a nice place to be. I know. i've been there. Fortunately I was able to clear it.

[Notoc]

Thanks for the advice Irishjetdriver.

I would never get into debt for flight training.

I used the Bristol Flying Centre BFC card to gain my ME/CPL/IR and go onto flight instructing. No problem, worked long hours, saved up hard and paid off the debt.

I have the offer of a Beech King Air BE200 position, but without the rating - no job offer !

Fortunately, I can cover the cost of the Type Rating course, but why should I not use the facility of the credit offered, ie: 0% interest and no payments for 9 months.

I have read the Barclays Partner Finance documents and provided I pay off the balance in full by the end of the 9 month period, there are no penalties.

Or, I am missing something ?

[MartinCh]

FYI, CDLs are going to be 10k according to Jane Hutt, Minister for Education, Lifelong Learning and Skills, and that 'expansion' is going to include more flexible options, ie less restrictions on kind/type of courses.

Every little helps, as they say, right? Especially in this up situation.

[fabbe92]

Don´t know how it is in your countries but here in Sweden you can applie for a scholarship. It is just that no one does it since they belive they will not get accepted.

Last year, a guy I know was the only one from my city to apply for a schoolarship. It ended up with the state or bank or whatever it was, paying the entire cost for he studying at the finest university in Japan as well as for the food and housing there.

So maybee if your lucky the swedish state can pay everything for you But only if you are swedish. I hope it is the same in your countries

[captain_rossco]

NatWest Private banking are offering loans to OAA students, unsecured and up to £alot!
You cannot walk into your branch and ask about this, you have to contact NatWest Private Banking directly.

Regards

CR

[jonjam]

Move back in with your parents and rent your flat out, you should save nearly a grand a month with the rental income and the reduced outgoings such as gas electric etc etc..

[ewsd02]

Save as much as you can now, and pay off your current debts as best you can. At the same time get as much flying as you can by contacting every gliding and parachuting place within 200miles to see if you can get any free flying. Notwithstanding the 3yr time limit on your exams, wait for the housing market to stabilise and carry on with plan A.

[I like planes & stuf]

UKDY

If you or your parents are not already clients of NatWest / RBS Private Banking then you can pretty much forget it. Last time I had dealings with them, the 'criteria' to be a clients was minimum earnings of £100,000pa or investable (non-property) assets of £250,000

[Mickey Kaye]

To be old fashioned.

Get two jobs work 16 hours a day - save the cash. When you have enough spend it.

[captain_rossco]

"If you or your parents are not already clients of NatWest / RBS Private Banking then you can pretty much forget it. Last time I had dealings with them, the 'criteria' to be a clients was minimum earnings of £100,000pa or investable (non-property) assets of £250,000"

Not the case, Oaa students (of which i was one) are still having money thrown at them by NatWest.

Call them, worth a punt. Worked for me, no house, just a job offer. They didn't even ask about my parents.

CR

[Celtic Pilot]

UKDY

If you've been a customer all your life, then just walk into the branch tell them that, and ask them for a phone number to enquire if they dont already know themselves!!!

[Adios]

UKDY,

Most banks require security over a house. Most students don't own one, so their parents house is often the security. Rossco said, pretty clearly I think, that Natwest didn't require security. His parents had nothing to do with the loan, and yours shouldn't have to either.

Natwest does charge high interest though. For a secured loan, I think they want BoE Base Rate plus 4%. For unsecured, they will want even more. Base plus 4 is only 5% right now, but it is a base rate tracking loan and there is a lot more room for rates to go up and only 1 point it might go down.

[MartinCh]

I am a Natwest customer and have been my whole life! I earn 50k p/a and I have 82k equity in my house.. I'm not going to need bank of mum and dad like some wannabes.

One could only wonder why someone in your skin would pay for overpriced integrated - whatever the 'brand' - instead of intensive FT modular (if rushing it, but why, oh why these days?). Or actually check out this thread.

Are you able to burn all the disposable income on weekend flight training?

50k pa? Nice. If I earned that much in OK job I enjoy, flying would be just a frequent leisure activity, and not earning a living. Also, I would not rejoice the drop of income - hm, I see SSTR or two along the way, as TP job etc won't be 'worth' you.

But that's just me.