Financial Help

Discussion in 'Army Pay, Claims & JPA' started by firesquaddie, Aug 16, 2010.

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  1. I have recently found myself in a bit of debt and am really struggling to make ends meet.
    A couple of years ago i got some money from the army that i paid back through my wages spread over a year, though i cant remember what this is.

    What was it?
    Do they still do it or similar?

    Help greatly appreciated!
     
  2. Christ you are thick as well as financially incompetent. Go to your pay office and ask them. That'll be 20 Guineas please.
     
  3. Gee your help is " REALLY " helpfull!! (dam cant hear sarcasm on writing!)
     
  4. Glad you appreciated it. That'll be another 20 Guineas please.
     
  5. put it on my tab...... no wait thats what got me into this in the first place!
     
  6. Advances are now limited to: becoming a Banking Soldier (after a spell on AWOL usually), posting overseas, or up to 7 days pay on discretion of CO. Although you probably don't want to disclose your problems to him. HR may be sympathetic, but can only signpost you to sources of advice. Best just to go straight to Citizens Advise Bureau or Google 'Debt Advice'.

    Dependant on the depth of shit that you're in, it may be worth using a consolidation firm (like FCL Ltd). They will pay off all your creditors (for an amount less than you owe) and you will pay them an agreed amount monthly to clear the total debt. This option is much, much better than taking an IVA (don't even ask what this is, it's not worth it, please don't pursue one!)
     
  7. Do not do anything until you have spoken to the CAB.
     
  8. alright pal, before going to CAB (who don't know their arse from their elbow) or another bonk firm that will charge you for paying for creditors (A debt management company), visit this website The Consumer Forums - Welcome to the The Consumer Forums and look at Debt Collection Forum, Banking Forum etc, the amount of knowledge on there is unbelieveable. If you have credit card/bank loan debit they are normal people going through the same thing and have alot of info on how to fight the debt. The Consumer Credit Agreement 1974 is open to attack from your creditors banks, credit card companies etc. If you had to get PPI with a loan etc you may be able to claim it back. Just have a look, any dramas PM and I'll help you as much as I can. I've used it for the same thing and I can honestly say if ******* rocks! PM
     
  9. Like he said, CAB. Then go and see your bank manager. It's the Army, love, not HSBC.
     
  10. All i need is just a little extra cash to pay it all off, going CAB and debt consolidation is more than i need to do to be honest.
     
  11. A "little extra cash" doesn't equate with your original statement does it?

    No matter how tempting it may be, do not take out a loan to pay back debt. Starve yourself, give up the fags, stop going to the bookies/pub/flicks and bite the 'feckin bullet.

    Do not consider bankruptcy. Do not take on an IVA.

    Vote for bringing back the O 'n' B forum

    CAB will tell you the same.
     
  12. sorry to ask a completely bone question, but what is wrong with IVA's?
     
  13. Not a bone question at all.

    1. An IVA usually means you pay off an agreed sum to yor creditors over a 5 year period. That's a long time.

    2. An IVA is usually pretty inflexible, most will allow only 2 missed payments over the whole period of the agreemment.

    3. Your credit rating will be affected for 6 years, and often longer than that.

    4. If you start an IVA whilst an employee, and then leave to start up as self employed, your monthly repayments could increase, and you will not be eligable for a loan to start up your new enterprise. (see point 3.)

    5. At the creditors meeting at least 75% of them have to agree to take you onto an IVA, and the creditors must receive more in repayments than would be expected in a bankruptcy plan.

    6. Socialising, gifts, holidays, savings and even gym membership are classed as "luxuries"

    7. Even if you pay off all your debts early in a full and final settlement, your credit rating will still be affected for 6 years, although there will be a "satisfied" stamp on your records.

    I have not been part of an IVA programme. All of the above is from first hand knowledge of a mate who is currently on year 4 of a 5 year IVA.