debt

[The-Stig]

Hi after a bit of advice.

I signed up to join the army about 4 months ago. i lost my job last year and have been working in a bar since just earning enough money to get by. i had an agreement with my mortgage lender that i would put the house up for sale and they would hold off on the mortgage payments until either the house sold or i got a job. i informed them of my intentions to join the army and said that if the house wasnt sold by the time i joined i would start remaking payments once i was earning a regular income from the army (thinking positive i would get in)!!!

I started the application process and had my brief and my barb and my first interview and everytime they asked if i had any debts i would struggle to pay i said no. However last week the mortgage people phoned me and said that as it has now been six months and the house hasnt sold i must clear the arrears and start making payments immediatley or they would commence leagal action to reposes the house. They also told me that bad credit as been listed against me.

Got my second interview next week and am wondering weather this is going to cause me problems as currently i am only just earning enough money to get by.

Sorry about the long first post but any responses would be much appriciated.

luke.

 

[DaRiK]

Two ways you can go really.

(1) Postpone your joining the Army until your house is squared away. This will allow you to focus on Phase I & II without the added stress of trying to make payements on a house your getting shot of anyway.
(2) Put your head in the sand, carry on regardless and hope it all pans out for the best.


My opinion of course, each must tread his own path.

 

[The-Stig]

Two ways you can go really.

(1) Postpone your joining the Army until your house is squared away. This will allow you to focus on Phase I & II without the added stress of trying to make payements on a house your getting shot of anyway.
(2) Put your head in the sand, carry on regardless and hope it all pans out for the best.


My opinion of course, each must tread his own path.

id love to take option 1 but im 26 now and not gettin any younger but if i take option2 what will the army do if they find out about it all??

 

[Litotes]

Hi after a bit of advice.

I signed up to join the army about 4 months ago. i lost my job last year and have been working in a bar since just earning enough money to get by. i had an agreement with my mortgage lender that i would put the house up for sale and they would hold off on the mortgage payments until either the house sold or i got a job. i informed them of my intentions to join the army and said that if the house wasnt sold by the time i joined i would start remaking payments once i was earning a regular income from the army (thinking positive i would get in)!!!

I started the application process and had my brief and my barb and my first interview and everytime they asked if i had any debts i would struggle to pay i said no. However last week the mortgage people phoned me and said that as it has now been six months and the house hasnt sold i must clear the arrears and start making payments immediatley or they would commence leagal action to reposes the house. They also told me that bad credit as been listed against me.

Got my second interview next week and am wondering weather this is going to cause me problems as currently i am only just earning enough money to get by.

Sorry about the long first post but any responses would be much appriciated.

luke.

Welcome to the site, The-Stig.

I am sorry to hear about your problems but you have posted to the wrong forum. As you are not yet serving, you should have posted your question in the "Joining Up" forum, after using the "Search" function.

It is all too easy to think you are the only one with such a problem, but you aren't. Search for "debt" in the "Joining Up" forum and you will find enough information to sink a battleship! You will also find that people like Fivetodo will be able to advise you.

The Army is more relaxed about secured debt like mortgages than it is about unsecured debt (car loans etc) but it sounds as if you are in deep trouble. I wish you luck.

Litotes

 

[The-Stig]

The Army is more relaxed about secured debt like mortgages than it is about unsecured debt (car loans etc) but it sounds as if you are in deep trouble. I wish you luck.

Litotes[/quote]

so if i tell the recruitment officer about this problem do u think they will tell me to come back when its sorted or will i still be eligable to join?

sorry i put in wrong category, will no for future.

edit - dont want to start my army career off with a lie so whatever way i will tell them, just im on pins worrying over it!

 

[Litotes]

The Army is more relaxed about secured debt like mortgages than it is about unsecured debt (car loans etc) but it sounds as if you are in deep trouble. I wish you luck.

Litotes

so if i tell the recruitment officer about this problem do u think they will tell me to come back when its sorted or will i still be eligable to join?

sorry i put in wrong category, will no for future.[/quote]

The Mods will transfer the thread...

How much in arrears are you, and do you have any other debts?

Litotes

 

[The-Stig]

im six months in arrears with is about £1800 pounds. if the house sold tomorrow this problem wouldnt even exist!! its so annoying. i have had debt in the past but nothin now apart from the house.

 

[Litotes]

im six months in arrears with is about £1800 pounds. if the house sold tomorrow this problem wouldnt even exist!! its so annoying. i have had debt in the past but nothin now apart from the house.

£1800? FFS. That is a tiny amount when compare to some debts!

I understand that the Army will not consider that amount of debt to be an issue, but Fivetodo is the current expert on recruiting.

You must talk to the Bank/Bldg soc and persuade them that it is in their interest to hold off proceedings. Even if you are called to court, you must tell your solicitor to tell the Judge that you waiting to join the Army and will soon have an income.

Have you taken advice from the CAB?

As for the Army, you must also be completely honest; tell the recruiters as soon as you can.

But that also means that you have to pass all the tests and then basic training; start your training programme now!

Litotes

 

[DaRiK]

Two ways you can go really.

(1) Postpone your joining the Army until your house is squared away. This will allow you to focus on Phase I & II without the added stress of trying to make payements on a house your getting shot of anyway.
(2) Put your head in the sand, carry on regardless and hope it all pans out for the best.


My opinion of course, each must tread his own path.

id love to take option 1 but im 26 now and not gettin any younger but if i take option2 what will the army do if they find out about it all??

I hear what you are saying but (without knowing what arm/trade you are joining) I joined at 28 and 11 months so dont worry too much. My point is that for the sake of a few months wait it could pay dividends by reducing the stress and leaving you able to focus on basic etc.


I speak from experience as I had £15000 worth of debt before I joined and had to talk to a lot of people to get the debt managed before I joined. It was worth the year it took to square away and reduce the payements.

Citizens Advice Bureau is excellent advice as they pointed me in the right direction.

 

[The-Stig]

i am currently im training and have been for the last 6 months. i have got my 1.5 miles down to 10 min 4 sec and heaves i can do about 10. the physical i am deff getting fitter. it was just the debt thing that was worrying me. i will phone the recruiter tommorow and speak them.

am going for avionics tech and really looking forward to it so all came as a massive blow when the bank rang me and told me this!! passed my barb with a 82 score and medicals all came back clear so would really annoy me if this stops my application process. will go to the cab as well and seek advice, thanks for putting my mind at rest at least for the moment

 

[Mag_to_grid]

Cant really offer any advice about the debt situation but just want say good luck for when you get in, sounds like you got the shi*ty end of the stick in Civvy street.

 

[The-Stig]

thanks mate, yeah had a bit of a shitty year where moneys concerned. want a good job so i can look after my kids!! thanks for all the advice

 

[PandaLOVE]

Luke,

Firstly, well done for finding this forum and posting the question. Like previously mentioned £1800 is not a huge debt (considering what your basic Army wage will be), but when it is mortgage debt of 6 months it is a more serious burden.

I would follow the advice offered so far and also arrange an interview with your mortgage lender/bank manager to discuss this face to face. Smart suit and all that. You may be able to hold off the legal process for a bit longer. If until you lost your job you paid your mortgage without a problem then this will weigh heavily in your favour. Remember, the lender would rather agree a solution than take your home away.

Lastly, while your debt and joining the Army are linked in as much as without the Army income you are certain to lose your home, if possible try and approach the whole joining up process, basic training and onward career with as little mental clutter as possible.

Do you have a car or bike that you could sell? Maybe not £1800s worth but at least a chunk of money that you can offer to your lender?

PL

 

[LongJohnSilver]

In addition to all the good advice above, declair it to the recruiter, whatever the amount, last thing you want is a discharge from "Defect on Enlistment".

Good Luck