Debt help

Discussion in 'Finance & Pensions' started by mead13, Jun 19, 2011.

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  1. Hi everyone,

    Im currently in the process of applying for the royal navy. Ive Passed the recruit test, medical, fitness test and have an interview friday. The thing is I have some debt to the total of around £4000. Mainly due to a lack of work 2 years ago. I do have plans in place and am making regular payments and my debt is reducing

    I was just wondering how the careers team would view this??

    Any help and advice on this matter will be much appreciated

  2. P.S. My payments are currently around £145 per month. Im not sure what the maximum of initial take home pay is so help is needed to clarify
  3. You need to provide the evidence of the payment plan and that you've been keeping up with payments as they'll be vetted by the DVA.

    Also, provide statements of your monthly income and outgoings, with a sealed letter for the DVA explaining why you got into such problems in the first place. Once you've done this and passed (you can appeal a negative decision - you're already sorting out your debt, that makes you less susceptible to bribery, if you catch my drift), then DON'T make any further mention of it unless you're directly required to provide the information. However, if you need advice, the RN does provide a financial advisors service within HMS Raleigh itself and in the wider fleet.

    As far as pay is concerned, it should be around £800 net, however it does depend on what day you join. If you join after the pay run, don't expect anything. You might have to have an advance of pay. However, it's not unknown for pay to be completely buggered after the first couple of months. Two members of my class didn't get their pay sorted out until week 9. Pretty shoddily treated and they received no apology to my knowledge. They may have done by now.

    To be fair to the civvies, they have a lot of accounts to set up, but if anything isn't correct or doesn't look right then speak to your DO and they'll point you in the right direction.
  4. That's fine as I get a monthly statement from the company I deal with. I'm hoping by the time I get to raleigh my debts will be cleared or be next to nothing. I am just a little worried because of the security check. Will I be asked about debt at the interview? I plan to be completely honest and tell my advisor about what I owe and how I'm rectifying the situation.
  5. It usually depends on who you have interviewing, some are far more thorough than others. You don't normally get asked about debt, but some like to know that you can manage your finances.

    At that point ask them what they'd like to know and answer their questions from there. Otherwise, you keep the debt repayment between the DVA and yourself. They don't normally need to know anything more than that.
  6. Thanks for your help. Just hope I don't have to many problems
  7. Any other advice with regards to the interview and anything else would be much appreciated aswell. Just want to be aswell prepared as I can be. Thanks
  8. Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more

    theres an armed forces forum on there where people have asked similar questions and lots of help and advice as to how to sort your finances out.


  9. Normally if your outgoings are more than 50% of your monthly income then you could be rejected at interview. You WILL be asked if you have any debts during the selection interview. Best advice is to be upfront and honest about it as your integrity is at stake here. If the Careers Adviser feels you are hiding info from him/her then they will reject you.
  10. Hey guys,

    Generous and helpful I'm sure, but did you not notice that the OP inquired 12 months ago yesterday and hasn't posted here since?

    (BTW his -£4k is pocket money compared to some of the debtors in the similar thread here: Application On Hold - Debt problems - read before posting )
  11. Maybe the,cough...gentlemen he borrowed the money off wernt too impressed with his joining the mob and scarpering the country, any flyovers been built in his manor lately.

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