Joining and bankrupcy

#1
Hello guys, ive been lurking on here for a while and finally decided to post up.

Well as the country gets worse and worse and companies are making cutbacks. In my work they have started paying people off to try and make up for the shortfall. If this effects me then i cannot afford repayments to my debts.
I recently broken up with my fiance and we agreed to share the debt which was a stretch but it was affordable rather than bankrupcy. I decided then i would take 3 years to pay my debt off and then join the RM, But due to pay offs throughout the country it seems like i would need to do the bankrupcy route. The number of unemployed is increasing it is harder and harder to get a job, i have been working in a trade supplying parts for trucks now for 10 years (im 27 in december) and this credit crunch is really crippling my trade.

So the question i am asking is, Do the RM take on board people who are effected with bankrupcy and have been to court to settle the debts. Or are they avoided totally?

Thanks
Frank
 
#2
Hi Red7 and welcome aboard.
The RN/RM have issues with large debts for sure. Bankruptcy may also be a problem.
Wait for an answer from Ninja Stoker or Super Mario, both are AFCO staff and know their onions, for a definitive answer though.
Best of luck.
 

Ninja_Stoker

War Hero
Moderator
#4
Hi, welcome to the site.

The current rules are as follows:

Unpaid County Court Judgements can be a bar to entry.

Candidates who are declared "Undischarged Bankrupt" are not eligible for entry into the Naval Service until they can produce proof of "Discharge from Bankruptcy"

Candidates who declare significant debts are offered the opportunity to demonstrate their ability to cope with the repayment of the debts.

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.

CREDIT CHECKS

The check may reveal serious financial difficulties and the existence of any unpaid County Court Judgements against a candidate.

County Court Judgements, whether declared by the candidate or discovered during the SC process, must be cleared by the candidate before SC.

This can be verified by the candidate obtaining a "Certificate of Satisfaction" from the Court which made the Judgement. There are only
two ways a CCJ can be removed:

a. By application to the issuing court with evidence that the debt has been paid in full.

or;

b. By providing sufficient evidence to the issuing court that the original judgement was entered against the debtor in error.

Hope that helps & the very besty of luck.
 

Stepto

Lantern Swinger
#5
Red7, I've waited for an official answer before I make a post as those guys really do know their stuff. I'm 32 and lost my job a while ago due to the state of the housing market. I've got a few debts and have had problems paying my mortgages in the past, (5 of them, 4 buy to lets).

I'm waiting for my SC as we speak. Fingers crossed that I've sorted out my debts to a degree that will let me in.

Best of luck fella.

Kind regards,
Stepto.
 
#6
Redseven said:
Hello guys, ive been lurking on here for a while and finally decided to post up.

Well as the country gets worse and worse and companies are making cutbacks. In my work they have started paying people off to try and make up for the shortfall. If this effects me then i cannot afford repayments to my debts.
I recently broken up with my fiance and we agreed to share the debt which was a stretch but it was affordable rather than bankrupcy. I decided then i would take 3 years to pay my debt off and then join the RM, But due to pay offs throughout the country it seems like i would need to do the bankrupcy route. The number of unemployed is increasing it is harder and harder to get a job, i have been working in a trade supplying parts for trucks now for 10 years (im 27 in december) and this credit crunch is really crippling my trade.

So the question i am asking is, Do the RM take on board people who are effected with bankrupcy and have been to court to settle the debts. Or are they avoided totally?

Thanks
Frank
Hi Frank,

Candidates who are declared "Undischarged Bankrupt" are not eligible for entry into the Naval service until they can produce proof of "Discharge from Bankruptcy".

If you have large debts, you will be given the opportunity to demonstrate your ability to cope on service pay with your current repayments.

If you take out an IVA, this will not bar you from applying. However, it may mean you fail the financial check which is carried out as part of our security checks.

I would advise you to talk with a Naval Careers Advisor before you make any decisions on your finances.

Hope this helps

Neil - Supermario

:nemo:
 
#8
Thanks for your help guys, makes it clear at least what is expected, now ill arrange a meeting with the recruitment officer and talk more in depth.


Thanks again
 

janner

MIA
Book Reviewer
#9
Red, I believe that Mario is an ex communicator and is therefore a much more reliable source than Ninja who was after all a stoker.

I shall not be available for abuse until tomorrow as I'm off to a Submariners Association meeting now
 
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