Pilots plan to sue ABN Amro for allowing them to borrow money

A group of seven unemployed pilots are attempting to sue ABN Amro bank for being irresponsible in granting them huge loans to pay for their training, RTL news reports on Wednesday.

The pilots say the bank was far too lax in allowing them to borrow thousands of euros to pay for their flying schools while there is little prospect of finding work.
‘We estimate there are 1,200 to 1,300 unemployed pilots,’ Evert van Zwol of the pilots’ associaiton VNV told the broadcaster.
Interest rates
The cost of becoming a qualified commercial pilot can mount up to €150,000, which generates around €1,000 in interest a month. ABN Amro is the only Dutch bank to offer loans to trainee pilots.
‘The law states that you have to give young people with little financial knowledge extended information and point out the risks. Unfortunately, that did not happen in the cases I am concerned with,’ lawyer Frank Olberts told RTL news.
He represents the seven unemployed pilots who say they will take legal action if efforts to reach an out of court settlement fail.
ABN Amro has dismissed the charges out of hand, the broadcaster said.

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