Borrowing from HSBC

[glueless]

Hi,
Hope someone can help with regard to a query I have about funding my pilot training.
As many will know the cost is prohibitive unless you have rich parents. Anyway I don't but I still want to train.
I've been looking at two schools, one in Oxford in England and the other in Jerez in Spain. Both say HSBC is willing to consider loan applications to assist students in financing the cost of their commercial pilot training. However, it appears this applies only to British students. Has anyone ever dealt with this bank in Ireland or taken a loan with them. I haven't heard of them advertising here so wonder do they actually operate here or just have an office.

Unless I get funding from some institution I can't get started so if anyone has any better ideas on how to go about funding, I'd appreciate it.
We're talking her about 93,000 euro!!! I would not be able to start paying back until I qualify - in approx. 18 months. Any institution willing to wait??

I should add that my parents are willing to go guarantor for me.

 

[CCOVICH]

HSBC don't offer retail banking here in Ireland. They are based here, but they only offer trustee and insurance services (and even then I don't think that they offer these services to Irish customers).

 

[glueless]

Thanks CCOVICH, Thought as much. If they offer so little and not even to Irish customers you'd wonder why they bother.

Wish I cud get more info about funding though.

 

[CCOVICH]

Thanks CCOVICH, Thought as much. If they offer so little and not even to Irish customers you'd wonder why they bother.

Hah!

Check out this list

[broken link removed]

A lot of it has to do with tax reasons (the 10% rate-isn't as relevant any more)

Wish I cud get more info about funding though.

And I wish I could be of more assistance.

Could you contact the [broken link removed] or the [broken link removed] and see if they can point you in the right direction?

Have you seen/posted on [broken link removed]?

Have you and your parents talked this over with your local bank manager?

That's all I have I'm afraid!

 

[conor_mc]

Hi glueless,

The HSBC loan is a UK-government backed Career Development Loan so you need to be a UK resident to qualify as far as I am aware.

If you speak to Mary-Jo Sanchez at Jerez, there was talk a few months ago of a finance deal with Ulster Bank at Dublin Airport - I don't have the details to hand but she did give me a name to speak to at that branch. If the possibility is still there, I'm sure she'd gladly give you the contact name. You may need to go down to Jerez for their aptitude tests first though, which I believe are free at present - only cost is Ryanair to Jerez via Stansted.

Another alternative to the big integrated schools would be Pilot Training College in Waterford. They've recently sorted out a deal with a local AIB branch so I'd have a word with Darragh Owens down there. As far as I'm aware, the deal includes deferred repayments until a few months after training is completed. PTC may not have the same reputation as one of the Big Three (Jerez, Oxford, Cabair) but their success rate with getting graduates into jobs seems fairly healthy to me. Your costs would be significantly lower too if you go full-time modular rather than integrated - about €60k in PTC. But beware, in all cases those costs are based on minimum hours to completion. You'll need a slush fund to pay for extra training required, rising fuel costs etc.

Let us know how you get on, I'm currently finishing up my PPL then I'll be getting down to work with my ATPL exams - after that I'll be running to the bank manager for more money so any tips would be welcome! Who knows, we may share a flight deck some day!

Best of luck whatever you decide,

Conor