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Debt

dreamer1987

Midshipman
evening all,

I have my selection interview tomorrow. I understand that I need to be honest about everything and declare my debts, the CAB are dealing with these for me at the moment but as I'm on a low income it's a struggle. On the securty form it only asks about CCJ's and defaults, I have put details in of CCJ's, if I just explain everything at the interview am I likely to be ok?

Cheers
 

JonnoJonno

Banned
Without knowing the extent of your troubles it would be difficult for anyone to say (and I'm not suggesting that you start posting further details on here).

Turn up, be honest and show that you are taking responsibilities for your debts and the rest will be up to the recruiter.

Couldn't lend me a tenner could you mate?
 

JonnoJonno

Banned
dreamer1987 said:
would bankruptcy make the application unsuccessful, as that is a possibility the CAB are looking at?

I am sure Ninja will be along shortly to give you chapter and verse.
 

WreckerL

War Hero
Super Moderator
dreamer1987 said:
would bankruptcy make the application unsuccessful, as that is a possibility the CAB are looking at?

Wait for SM or NS to answer that one (or search bankruptcy), failing that just lay all your cards on the table at the AFCO and go from there.
 

2_deck_dash

War Hero
From what I gather they will assess your situation and work out if your monthly outgoings will be more than a certain percentage of your salary on joining. I'm not sure what the percentage is but basically if your outgoings are over the percentage you won't be allowed to join.

As usual I may be talking utter bilge but that's how I understand the situation. Ninja Mario or Super Stoker will be along shortly with the DS solution.
 

JonnoJonno

Banned
2_deck_dash said:
From what I gather they will assess your situation and work out if your monthly outgoings will be more than a certain percentage of your salary on joining. I'm not sure what the percentage is but basically if your outgoings are over the percentage you won't be allowed to join.

As usual I may be talking utter bilge but that's how I understand the situation. Ninja Mario or Super Stoker will be along shortly with the DS solution.

In addition to what 2DD says, there will be an assessment of your vulnerability to cohersion etc when considering your security vetting.
 

dreamer1987

Midshipman
Ok cheers all, I've passed security vetting for one of the worlds biggest financial institutions so fingers crossed!
 

WreckerL

War Hero
Super Moderator
dreamer1987 said:
Ok cheers all, I've passed security vetting for one of the worlds biggest financial institutions so fingers crossed!

Considering the state of the financial market, that's not really a recommendation plus the Armed Forces have different criteria.
 

RNRC

Badgeman
I had a stray CCJ on my record, owing to a total tit of a former landlord who told the courts that I was still living in accommodation after my contract had expired (he knew I wasn't - seemingly lied to the court!).

An 'unresolved' CCJ (one you haven't paid off) is a bar to entry as I understand it. I have had to go through a lengthy court process to get it removed from my credit record.

I realise my situation is a little different to your's. As others have said, SM or NS will undoubtedly be along shortly to clarify.

I would be very surprised if the forces were willing to take a bankrupt applicant.
 
Rules on debts:-

0607. General
a. Once entered into the Naval Service financial problems may, through worry and other pressures, seriously reduce an individual's efficiency. Moreover, if an individual is financially irresponsible, particularly if it leads to dishonesty, it will affect future advancement, the handling of classified material, and may therefore become an administrative burden leading to discharge from the Service. The examination of personal finances is therefore and important part of the recruiting process. Careers Staff/OES AIB must assess the candidate's suitability in terms of financial
responsibility. In particular, information must be obtained about the candidate's debts, assets, monthly outgoings and income and any unpaid County Court Judgements (which can be a bar to entry).
b. Candidates who are declared "Undischarged Bankrupt" are not eligible for entry into the Naval Service until they can produce proof of "Discharge from Bankruptcy".
c. Candidates who declare significant debts are offered the opportunity to
demonstrate their ability to cope with the repayment of the debts.
d. Independent Voluntary Agreements (IVA) (or Trusted Deeds in Scotland) are themselves not a bar to entry. A candidate who has entered into an IVA will automatically get a financial check as part of the Security Clearance, which may or may not result in the candidate being given an SC. Being given an SC means they are not a security risk from a financial viewpoint, but it does not mean they are eligible from an employment point of view. When processing candidates with an IVA consideration should be given to the time to run before expiry, time before entry, past
performance in maintaining IVA payments and the candidates attitude to debt.
e. On the basis of the information obtained during the interview, an assessment must be made of the candidate's likely trustworthiness and ability to survive financially, on future service pay, without becoming an administrative burden. In making this assessment the primary concern must be whether or not the candidate is financially responsible and his/her attitude towards incurring debts.
f. It is impossible to state a sum which could be considered as unacceptable e.g. a mortgage (or other secured loan) or student loan are entirely different debts from those owing to a debt agency or credit card. Careers Staff must use their judgement and experience but in all cases when total outgoings exceed 50% of the candidate's expected rate of pay on entry, the candidate must demonstrate that they can reduce
the amount outgoing to this level before the candidate can be considered suitable for entry. Where Careers Staff consider the candidate's outgoings are in excess of 50% of the expected rate of pay on entry, the candidate can be offered the opportunity to clarify their financial situation by completing a financial summary.


0608. Credit Reference Checks
a. As part of the Security Check, the DVA carry out a credit reference check for all candidates over the age of 19 years. The check may reveal serious financial difficulties and the existence of any unpaid County Court Judgements against a candidate. Candidates should be made aware that this check will be carried out.
b. 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.

Hope this helps answer your questions about debts and the selection process

Good Luck

SM

:)
 

RNRC

Badgeman
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!
 

danny

War Hero
RNRC said:
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!

Its just as well its not now. Everyone would get charged lol.
 

JW7121

Lantern Swinger
danny said:
RNRC said:
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!

Its just as well its not now. Everyone would get charged lol.

Surely if an applicant is in their overdraft, that would count as debt wouldn't it?
 

Polto

War Hero
JW7121 said:
danny said:
RNRC said:
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!

Its just as well its not now. Everyone would get charged lol.

Surely if an applicant is in their overdraft, that would count as debt wouldn't it?
Yes - of course it is but so what? 1p overdrawn isn't exactly much. It's all taken case by case and the whole 'picture' as it were is examined - what the debt is, how big it is, why the applicant has it, what the applicant is doing about it so on and so forth.
 

JW7121

Lantern Swinger
Polto said:
JW7121 said:
danny said:
RNRC said:
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!

Its just as well its not now. Everyone would get charged lol.

Surely if an applicant is in their overdraft, that would count as debt wouldn't it?
Yes - of course it is but so what? 1p overdrawn isn't exactly much. It's all taken case by case and the whole 'picture' as it were is examined - what the debt is, how big it is, why the applicant has it, what the applicant is doing about it so on and so forth.

I was just wondering if someone being in their overdraft would count as debt that could potentially go against an applicant.
 

Polto

War Hero
JW7121 said:
Polto said:
JW7121 said:
danny said:
RNRC said:
Right on queue!

I'm not sure of your situation, and thankfully my CCJ was administered in error. The short answer is there's no easy way out and you have to pay your creditors.

Used to be the case that having an overdraft was an offence in the forces!

Its just as well its not now. Everyone would get charged lol.

Surely if an applicant is in their overdraft, that would count as debt wouldn't it?
Yes - of course it is but so what? 1p overdrawn isn't exactly much. It's all taken case by case and the whole 'picture' as it were is examined - what the debt is, how big it is, why the applicant has it, what the applicant is doing about it so on and so forth.
I was just wondering if someone being in their overdraft would count as debt that could potentially go against an applicant.
Well, now you have the info, what do you think? Have you managed to form an opinion?
 
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