Bankruptcy or flight school Loan discharge chances? Any experience?

Posted by One-Pressure1615@reddit | flying | View on Reddit | 31 comments

If anyone wants yet another private loan horror story stay tuned. But I am looking for advice, mainly experience, concerning my options.

to keep it brief. I took out a large private loan from Meritize to fund flight training up front. it was years ago, I know it was incredibly stupid. I was promised in writing that the amount would cover everything to ATP, no matter what. Took out the loan and started.

A few years in I get hit with the medical bullshit. After getting my instrument I have to stop flying for anxiety. That was the last time I flew.

The school was aware of my attempts to get my first class SI. They said it was no issue. etc etc. repeated assurances, I was told to not even look at the flight receipts for costs as it didn’t matter. They would make sure I got all my training.

Fast forward and I hear through a third party that the school sold. It was part 61. Can’t get into contact with the old owners. New owners say I pretty much don’t exist for them. so my remaining funds are gone. I was not provided the service I paid for. and the school got Meritize to disburse my entire loan.

I don’t want to pay 200k+ for something I didn’t get. My only two options seem to be bankruptcy or somehow going after Meritize. There is a notice in the contract mentioning the holder of the loan can be held responsible for the actions of the service provider.

I was wondering if anyone has been able to get one of the lenders to have to shuck the loan due to the services failing to provide a service you paid for.

Or if anyone knows what my chances are at bankruptcy liquidating the loan.

Any help is appreciated. Would rather not have to leave the country and live as a hermit in the woods.