Discussion in 'Finance, Property, Law' started by BennnY, Nov 21, 2006.

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  1. Got told I had too much debt when i went to the careers office.

    Any idea what the actual limit, or maximum monthly outgoings are?

    Mine are around £200-£250 contracted a month.

  2. That doesn't sound too bad - manageable debt I take it, or is it £200-£250 contracted a month for the next 912 years.
  3. I wouldn't have thought that was too much. Starting salary is £39.24/day or roughly £1200/mth. Losing a third in tax, rent and food should leave you with £800/mth spending money.

    Not that much, I know, but you could survive on that after the deductions for debt.

    The Army is concerned about people joining with too much debt, though, and you may find this is a hot topic. Talk to your recruiters about what is acceptable!

    Or become an MP. They are paid far more for doing far less, and debt isn't an issue; in fact, the larger the debt, the better! :lol:

  4. lol.

    Well when I told him how much I had he said I wouldn't be accepted because of it and he couldn't get an application, bloody great I thought, Now have to sell the bloody car!

    Nevermind. Realistically I can get it down to about £60 a month when I sell my car.

    Failing selling my car (sodding RS turbo) Dad is going to 'buy' it off of me, so the debt isn't contracted anymore.

    Nevermind, proper kick in the bollocks though.

    MP, nah thanks, AAC for me mate :D
  5. AAC? Then keep the RS Turbo. It will be almost de rigeur! :lol:

  6. Try another careers office and declare nil debt.
  7. Do a couple of jobs as a "mule", then you should be minted.
  8. Think I'll keep to the straight and narrow, I know its a job and lifestyle to you guys, but for me, its what my life will be, or what it won't be. Need to get it sorted.
  9. Just trawling through and noticed this thread, sort of answering a question I have.

    Can they actually find out if you don't declare it? Do they credit search or something?

    Reason I ask is that a friend and I got a joint-loan a while back to buy a car and the cnut decided to feck off and left me with the option of paying for all of it or defaulting by not paying it. as such I have about £250 p/m to pay out in contacted debt.

    Not including my mobile phone contract (does that make a difference btw?)

  10. WRT your car loan - if it is a Hire Purchase Agreement then you are covered by what is called the 'rule of halves and thirds' which is part of the Consumer Credit Act, and basically states that you can return the car to the finance company once you have paid off a certain amount. This doesn't apply to personal loans, however. Check your finance docs, pm if assistance required (do this for a living unfortunately)
  11. Thanks for the reply.

    Actually it was a personal loan as we found the interest rates more favourable doing it that way, so I'm stuck with the loan unfortunately. I mean, it's not an unaffordable amount p/m - especially with the higher level of disposable income in the Army.

    I'd just rather not let it fak up my selection process if I don't actually have to declare it. I'd hate for that tw@ who fakked off to be the reason I don't get in.
  12. Debt can be a bar for entry into the Army. If you decide to apply the recruiter at the careers office will chat to you about this. As a rough guide if you have payments of £245 a month or more you will not be able to complete an application.

    Yes we will find out when carrying out the security clearance checks. Anything you have not declared is grounds for a discharge as a defect on enlistment.
  13. what about if we are married and have a mortgage?

    i havnt got a mortgage but i have worked out that if 250pm is the limit im well over it, however its managable and it has been for the last 2 years mines about 400p/m at the moment! loans credit cards, finance for laptop etc. so im buggered then!
  14. The Army would take into account your wife’s earnings but they have a duty to ensure that you can support yourself, family and meet all your commitments. If in the opinion of the recruiter you cannot do this on the wage in basic then you can be rejected.