An Advance On Your Gratuity - Can It Be Done?

#1
Evening All.

I am on VEng and will reach my 22 year point in April 2011. Is there any mechanism by which I can receive an advance of a portion of my gratuity? This might seem an odd question but it is for a genuine reason and I'm just wondering if it can be done.

Many thanks in advance

Berlin
 
#2
Evening All.

I am on VEng and will reach my 22 year point in April 2011. Is there any mechanism by which I can receive an advance of a portion of my gratuity? This might seem an odd question but it is for a genuine reason and I'm just wondering if it can be done.

Many thanks in advance

Berlin
No because you can die at your 21 year 364 day point.
 
#6
No, the maximum you will get from the Army is LSAP (£8500), but obviously that is for buying a house. The biggest advance you can get from the Army for no reason (as such) is 7 days pay as a CO's Cash Advance. Obviously the CO would want to know why you want it though !!

Possibly a bank would loan you in lieu of your Gratuity but I doubt it
 
#7
Yes it can be done if your an Officer or Warrant Officer through Holts Bank..............I think it's Holts, still a bit pissed from last night, your FSA/Regt Acct may know the details.
They have been doing Gratuity loans for some time now, basically you pay back the interest monthly until you get your lump sum then pay it off. Just give them a call
 
#8
Yes it can be done if your an Officer or Warrant Officer through Holts Bank..............I think it's Holts, still a bit pissed from last night, your FSA/Regt Acct may know the details.
They have been doing Gratuity loans for some time now, basically you pay back the interest monthly until you get your lump sum then pay it off. Just give them a call
are you still pissed ? Anyone can ask their bank for a loan but there is no guarantee you will get it. If you have not done 12 years you do mot get a gratuity, if you have between 12-22 years you get a resettlement grant (not much) and only when you get to your 22 point (under 75 scheme) do you get a pension with the associated lump sum. If this bloke has yet to complete his 22 they will not entertain him so stop filling his head full of bollox and get back to your Jack Daniels because you know **** all about the subject.
 
#9
Holts will advance you a proportion of your gratuity (up to half) at a very good rate if you are an officer who has completed 16 years of service. It is called an executive package, requires you to have a current account with Holts and is on their website. Interest rate is 3.5% above base rate and there is a 2% set up fee with an annual renewal fee. You pay monthly interest on the amount you take and can repay as much or little as you want until you retire when they get their money back, there are few if any constraints on how you use it, it can even be used for house purchase (obviously not the full price unless you plan on living in a shed). You have to take out life insurance which includes war risks, etc, bit like PAX except that you cannot reassign PAX. Sterling Life do a Service Life Insurance which can be reassigned to the bank and which gives pretty much the same benefits as pax.

Hope that helps
FFS-RTFQ. Berlin is a soldier who is yet to complete a pensionable term, 22 years. Your answer is for an officer who (under AFPS 75) will have completed a pensionable term at his 16 year point.
No bank will give an advance until the service person has reached (& earned) their pension point, that is the way it is. Easy.
 
#10
I did read the fcuking question, I was responding to Ewan2000s point about Holts! Sanctimonious dick
I get sick of people coming onto the ARSSE spreading gossip and rumour on financial matters because it is 'what a mate told them' which is, like your post, normally wrong.

You missed the CRITICAL point - people must have completed a pensionable term to get this from any bank.

I know **** all about Trident missiles which is why I do not give any opinion on them. Don't talk shit on here because, unless you DO explain the criteria or you will confuse people and falsely raise expectations.

Berlin wanted an answer - not inappropriate advice.
 
#11
Now whos not reading the posts, as you say FFS read what I said. I clearly said that you had to be an officer with 16 years of service, a pensionable term! I also said I was responding to Ewan 2000.

Get off your high horse you cnut, I was answering absolutely factually as I have checked it out with Holts myself to be sure of my facts, not a mate but the guy who deals with this daily.
Yawn, Berlin asked the question, you answered soneone else's criteria without explaining to Berlin that what you were saying did not apply to him. Customers need straight answers to simple questions - that is what Berlin wanted. I am not surprised that your 'mate' gave you advice because you have given a perfect example of how the current financial crisis arose from greedy bankers - he wants to sell sothething that Berlin does not qualify for (and no other serviceperson does before they reach a pensionable term) but neverthe less you are promoting it because you trust your mate though have have no financial credibility youself. Did your mate once work for Bradford & Binggley or Northern Rock ? Go away and stop confirming your financial ignorance. Berlin - you are not entiled to an advance in your current circumstances and will not get it from any bank; take it from me and not this buffoon.
 

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#13
Evening All.

I am on VEng and will reach my 22 year point in April 2011. Is there any mechanism by which I can receive an advance of a portion of my gratuity? This might seem an odd question but it is for a genuine reason and I'm just wondering if it can be done.

Many thanks in advance

Berlin
There is nothing in the scheme rules that allows a gratuity to be paid while you are still in service. SPVA can only do what the rule book permits.
 
#14
Gents,

Many thanks for the advice and I apologise for the late response.

I hope I didn't cause too much upset!

Regards

Berlin
 
#15
Berlin is obviously not an officer and so should have immediately spotted the clue! I'm sure he can manage to look after himself and doesn't need patronising pillocks like you to do it for him.

Don't make assumptions about me and what I do or do not know, if all you can do is spout the sort of shite I have seen in this and your other posts then you are indeed a dangerous troll.
I think you may be an officer....sadly evident by your post. Next time your platoon ask for advice direct them to someone who knows what they are talking about - you don't. Now go for a run, have a shower and lie down and live it down.
 

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