I've had a Request for Finacial Information!

Discussion in 'Joining Up - Royal Navy Recruiting' started by GSSR_Vvd, May 8, 2007.

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  1. I got a letter today requestion more information on my financial background. I was kinda expecting it as i currently live in student accomodation.

    The thing is what sort of financial matters can keep you from joining up? I have never been declaired as bankrupt but have a couple of credit cards from when i was younger which i havent been able to pay off due to my student status. In total it amounts to less than £1000 arreas but it hasn't been paid for a while. Is this enough? I told my careers advisor about it.

    In fact this is the actual reason which i decided to join up now rather than finishing uni, the financial stability and the ability to pay this debyt off once earning a full wage.

    Advice please :?
     
  2. I'm clueless in all of this mate but I'm actually wondering myself now.

    I have a credit card but I owe something like £20 on it and my bank balance isn't too shabby but nothing Bill Gates-style!

    I'm sure they just want to see if you're way in over your head and you're just joining the Navy to pay off debt! (I THINK)
     
  3. hi

    the navy wants to make sure that you can serve on navy pay, 1) to pay ur debts off 2) you will be able to socilise with your mates. finance is one of thouse questions they ask you in the interview! i do have debt but I know that i can manage it on the monthy pay that i hopefully get when i join.
    ship_rat
     
  4. Ninja_Stoker

    Ninja_Stoker War Hero Moderator

    OK, here we go:

    1. If you have recorded loan or credit card defaults you need to establish contact with your creditors and negotiate a method of repayment acceptable to the creditor. Once this is underway, request a "letter of satisfaction" from the creditor that you are clearing the debt. You
    need to do this so that there are no problems obtaining your security clearance.

    2. Ensure your monthly outgoings are less than 50% of your projected new entry net Naval income. (ie: below £400 per month.)

    3. DO NOT declare bankruptcy or enter into IVA's - face the debt, get rid of it.

    4. Be aware that you can be discharged from Naval service for financial irresponsibility - don't take on more debt to clear what you have already.

    5. Good luck mate, it really is worth it.
     

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