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Debt Management

In answer to my own question, It is acceptable to join a debt management company so long as you have at least 50% of your wage left over from your RN pay.
 
Stefan_grainger said:
In answer to my own question, It is acceptable to join a debt management company so long as you have at least 50% of your wage left over from your RN pay.

Hi Stefan,

Yes you are roughly right, the CA (careers advisor) needs to be able to justify that you will be able to cope on the money you have left after all of your out-goings. So your starting salary will be approx £790 pm after tax, NI etc. Therefore you can roughly afford to be payng off about £395 per month.

If you declare yourself bankrupt or a court order is issued these will need to be cleared before joining. Talk to your Careers Advisor before committing yourself to anything.

Regards

Supermario

:)
 

mick82

Midshipman
Mario I see this a old post and am new , what is the basic starting wage a month after tax now mate and do the same rules apply ?
 
mick82 said:
Mario I see this a old post and am new , what is the basic starting wage a month after tax now mate and do the same rules apply ?
.

The initial pay is actually about £840 per month for the first 6 months. It then goes up to around £980 per month. This means £420 per month in debts is the maximum you should really be paying. However, that's only the ball park figure, your careers advisor will make the final decision on any debts.

Supermario

:)
 

mick82

Midshipman
should I start panicking then as i think my monthly outgoing will go over that , Ive bought my house with me girlfriend and share all bills like but i know I wont be left with 50 % of my wages once all bills are covered :( . being honest thou I dont know anyone who does either in this day and age
 

Taff2Join

Newbie
I’m 36 and hoping to join up as a chef. Got my date for my test, however I have an unresolved CCJ – when my marriage fell apart I ended up with a lot of debt and could not pay one, hence the CCJ.

I did not realise that my debt could be a problem until I came on here, my concern at the start was my age and being fit enough to get through HMS Raleigh.

All my creditors receive monthly payments to the agreed amount on the dot – this totals £155 per month. As far as I am aware, everyone who is owed money is being paid each month.

Is the CCJ or my previous bad debts likely to prevent my SC?

Obviously Mother Nature is against me as by the time I would have cleared the CCJ I will be too old to join :(

Apologies if this has already been answered - I did read through and could not find the same question.
 
Taff2Join said:
I’m 36 and hoping to join up, however I have an unresolved CCJ – when my marriage fell apart I ended up with a lot of debt and could not pay one, hence the CCJ.

All my creditors receive monthly payments to the agreed amount on the dot – this totals £155 per month. As far as I am aware, everyone who is owed money is being paid each month.

Is the CCJ or my previous bad debts likely to prevent my SC?

Obviously Mother Nature is against me as by the time I would have cleared the CCJ I will be too old to join :(

Apologies if this has already been answered - I did read through and could not find the same question.

Hi,

Rules taken form our recruiting bible:-

County Court Judgements, whether declared by the candidate or discovered during the SC process, must be cleared by the candidate before a SC can be applied for. This can be done by the candidate obtaining a "Certificate of Satisfaction" from the Court which made the Judgement. Records of county court judgements are maintained on a central register and once a judgement is registered there are only two
ways it can be removed:
(1) By application to the issuing court with evidence that the debt has been paid in full.
or
(2) By providing sufficient evidence to the issuing court that the original
judgement was entered against the debtor in error.

SO it looks like unless you can clear the judgement and get proof time is definitely going to be against you.

Best of luck

SM

:)
 

Taff2Join

Newbie
supermario said:
SO it looks like unless you can clear the judgement and get proof time is definitely going to be against you.

Best of luck

SM

:)

Thanks SuperMario - I guess I'll not be joining then :(

The debt is far too much for me to clear quickly....
No one to blame but myself at the end of the day.

My only option now is to try and clear it before I'm 44 and keep my fingers crossed for the RNR...

Cheers for your advice.
 

Ninja_Stoker

War Hero
Moderator
Taff2Join said:
Thanks SuperMario - I guess I'll not be joining then :(

The debt is far too much for me to clear quickly....
No one to blame but myself at the end of the day.

As SM states above, you don't have to necessarily clear the entire debt, but make good the missed payments to the satisfaction of the creditor.

Providing repayments are maintained (below 50% of projected net income), a letter of satisfaction maybe requested & Security Clearance requested.
 
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