ARmy Rumour SErvice

ive just been talking to someone on the armyjobs website,using the livechat facillity and he told me that i would not be able to join the army with this level of debt,even if i was paying it,or was on a debt plan such as a iva or simlar.He siad the debt was just too high.

I feel gutted and debt has ruined my life.I dont know what to do.Im so frustrated with my life and wish it would all go away

With that level of debt and no real income to pay any of it off, wouldnt personal bankruptcy be your best bet? I dont know much about it, but recall seeing a thread on here a while back regarding this subject. Although I imagine bankruptcy will also affect your application, if you did it now, in maybe a year or two you would be a more attractive option to the army. I would guess that by then the current recuiting situatioon may have balanced out again, and you will feel less under pressure.

I've just been informed that as a guidline if you are paying £285 a month or more in debt, you will likely be declined.

mm

Just a thought how is joint debt viewed by recruiters? as older applications are now allowed i imagine a few would have mortages loans etc in joint names so would this give a potential applicant any leeway.

Originally Posted by joey_deacons_lad

Just a thought how is joint debt viewed by recruiters? as older applications are now allowed i imagine a few would have mortages loans etc in joint names so would this give a potential applicant any leeway.

i have joint debt (mortgage , household bills etc.) at my interview 2 wks ago never really went into it too much, just asked how i was sorted financially, told him we both work full time the now and manage no bother , end of!!

I have a loan which takes up 250p/m in repayment (fixed term, can cover repayments fine) but that along with student loan - my recruiter had to fill in a form (I don't know form name/type/no) and send it off to get the ok in writing. They said it's ok as my student loan doesn't 'count' but if I did have more debt (in addition to the 250p/m) then i'd be nearing the threshold and it'd probably be a no for me then.
(I guess at almost 27 I'd fall into 'older applicant' territory)

Debt needn't be a nightmare.

Forget fukcing Churchwood finance and their kind. Rule no.1 - It doesn't matter how deep you are in the smeary stuff, there's always a false friend in the finance industry ready to screw you over for a bit more. Individual Voluntary Arrangements (IVA) have a use, but if you're considering going down that road for fukcs sake speak to an impartial advisor first (National Debtline/Citizens Advice). All the other toads make money from your misery (there are even Debt Brokers who pass you on to other companies. They claim to be impartial, but they're businesses, not charities and thus have a vested interest in hooking you up.) It could be that this will become another scandal similar to the endowment mortgage one in the years ahead. In accordance with the law, they lay out your options (often in the most negative terms) and then let you "make your own decision" - my asre! They're like double glazing salesmen. Don't be suckered into anything. Once you're onboard, they become your boss. If they've "helped" to tailor your financial calculations, chances are that you'll manage the agreed payments for just long enough for them to take their cut and then when you're fukced, they'll hang you out to dry and bankrupt you. Beware FALSE friends, especially IVA practioners.

The debt recovery industry is the only one that has boomed in the last few years and there are some real batsards out there who have simply jumped on the bandwagon. Those horrible letters they send which people so dread are mostly full of 100% pure krud. It's a psychological thing and completely counterproductive in my view. If you ignore the large red letters and angry, authoritive tone, and actually read what they say it's usually "can" "could" and "may" as opposed to "will". The official line is that you should work with your creditors to arrange a mutually acceptable repayment scheme. In practice, without third party intervention nearly every single creditor will endeavour to coerce you into paying them what they want you to pay and there is no room for discussion. The message is - play them at their own game. Don't be nice, be every bit as fukcing nasty as they are. PARTICULARLY, do nothing by telephone and change your number or bar their calls. If you don't do this and it drags on so that the debt is passed from the original creditor to a debt recovery company, that shower will make your life hell. Don't let them. Close that avenue to them and never forget that they can and will trace your number if you call them.

Getting into debt in today's society is a piece of piss and when you're in it, it's one of the most horrible and depressing experiences ever, but don't despair. I don't know of a single instance of debt which wasn't solvable. Okay, that doesn't mean it's pain free, but my point is that it's not the end of the world and no-one should feel stigmatized. It's so fukcing commonplace now that even HBOS and UK plc are up to their necks in it. Face it, fight it, fukc it off and start again. I'm a layman not a CAB expert, but I'll be happy to offer a word of encouragement or advice if anyone wants to PM me.