Pilot training loan repayment (New Jersey)
10-17-2020, 04:05 PM
#11
Line Holder
Joined APC: Mar 2010
Posts: 89
Sounds like Short Hills in MMU.
That loan program was abusive.
That loan program was abusive.
Originally Posted by AntiPeter
I started working for a FAR 135 company earlier this year which I now dislike and regret. Quite frankly, I'd rather be unemployed and poor.
Unfortunately I signed a "pilot training loan" at the beginning of my employment. In the state of New Jersey, are these agreements legal and enforceable?
It's not a training contract, but a "loan" for my training. It seems like I'm liable for what I initially agreed to, just wondering if there is any legal caveat for this stuff. It's my fault, I didn't do my homework and I'm being taken advantage of.
Thanks for the replies.
Unfortunately I signed a "pilot training loan" at the beginning of my employment. In the state of New Jersey, are these agreements legal and enforceable?
It's not a training contract, but a "loan" for my training. It seems like I'm liable for what I initially agreed to, just wondering if there is any legal caveat for this stuff. It's my fault, I didn't do my homework and I'm being taken advantage of.
Thanks for the replies.
08-13-2021, 12:44 PM
#12
Banned
Joined APC: Jul 2021
Posts: 1
I'm wondering how this "pilot training" costs. This is the first time I've ever heard of it, to have a loan for training at a company. It is so weird.
All I can recommend you is to call a lawyer that can help you because they know all the laws of your state. It's safer.
I can't even imagine what kind of interest this loan has. Sounds like a trap, to be honest.
Next time be careful what you sign because it's very easy to scam a person that way. Even if you agree to some loan, choose the most profitable one.
All I can recommend you is to call a lawyer that can help you because they know all the laws of your state. It's safer.
I can't even imagine what kind of interest this loan has. Sounds like a trap, to be honest.
Next time be careful what you sign because it's very easy to scam a person that way. Even if you agree to some loan, choose the most profitable one.
08-20-2021, 10:25 AM
#13
Line Holder
Joined APC: May 2012
Position: 75CA
Posts: 82
A couple of years ago 135 operators (and more importantly pilots)realized that training contracts were not legal in most states. One particularly sharp operator came up with the concept of making it a “note” (i.e. a loan) and had them recorded as such.. Then if you back out they can go to court and get a judgement against you.. The loan/note has become the new standard….
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