Cream Bank was taken to court by a group of sixty young pilots.
The pilots cannot pay off their high loan because they earn too little or are unemployed. In addition, according to the pilots, the bank should never have lent them so much money.
A group of sixty young pilots thinks that Cream Bank has given them too high a loan to be able to follow their training. The group is now taking the bank to court because they cannot pay off their study loan. Cream Bank provided the pilots with a loan of one ton, and they borrowed another 50,000 USD to pay the interest during their training. The bank is said to be talking to the unemployed pilots and looking for ‘suitable solutions’.
According to Cream Bank, one of those solutions is that the loan can be repaid over a longer period. In addition, the bank would have offered to temporarily freeze the interest, so that the pilots’ debts do not increase further. However, the lawyer of the group Frank Olberts no longer wants to wait on the couch. “Many of these people would be even better off in debt restructuring. That cannot be the intention. So we are going to demand that the loan be brought back to acceptable proportions, ”said Olberts.
Pilot who earns too little
The pilots are said to have gotten into trouble because most of them are without a job or earn too little. Pilots at price fighter Ryanair get much less than at KLM, among others. However, Cream Bank expects the market to pick up again and that in the long term there will be sufficient work for all pilots sent. A spokesperson also pointed out that the pilots can pay off their loan and that Cream Bank has indeed informed the prospective pilots and their parents about the risks.
Olberst points to a recent ruling on over-crediting in which the bank had to pay the interest. The case is expected to be brought before the court in Amsterdam in a few weeks. The young pilots’ lawyer wants the amount of the loan to be reduced to the ‘proportions that can be paid off for normal people’. In addition, an appropriate payment arrangement for pilots should be made.