Previous lives

In a previous life (i.e. when i was a student) I managed, like most students, to rack up stupid amounts of debt. Now I'm slightly older and wiser and I'm in a debt management plan to sort out all my said student debts. Because of this I have defaulted a loan and I just wanted to know if anyone out there knows if this will be a bar to me applying to join the RN.

Surely my DMP shows that I am taking responsibility for my young and stupid mistakes?

Any help would be very much appreciated.
No wont matter... unless your constantly defaulting! If its a one off, you'll be fine. Just let them know when they ask though and explain as you did in this post. You'll have no problems.


War Hero
Hi & welcome to RR mate!

Finance, always a thorny issue!

General advice is to get a consolidation loan, from you Bank (not a loan shark company) & pay your loans off if possible - then get a letter off the lenders confirming you are no longer in debt to them. Failing that get in touch with the companies & arrange agreed re-payments - ask for a "letter of satisfaction" off the lender, to prove you have the situation in hand & can sleep soundly. :sleepy:
Do not enter into voluntary bankruptcy or IVAs, as they can prevent you getting security clearance, just accept responsibility & start getting rid of the debt. (No Security Clearance- No job)

Your current outgoings, including maintenance payments, must be less than 50% of your projected income. The issue is the defaulted loan payment- this will come up on your Security Check as page 12 question 11c of the Security Questionnaire asks about defaulted payments- you'll have to answer "Yes", but if you have a letter confirming you have cleared the debt, or the loan company are happy you are making reparation, it'll no longer be an issue. The credit check agency the Defence Vetting Agency use is, I believe, "Experien" so, once you've cleared the debt, make sure they update their records.

You'll possibly get asked to fill out a "statement of means" listing your outgoings to confirm you're liabilities are less than, 50% of your projected start income.

You should be aware, that the services take a dim view of financial irresponsibility to the extent they can & do discharge people who prove to be a financial liability. =(

Doubtless people will tell you they know people serving who are bankrupt & doubtless they exist, however you need to get in first!

Good luck :thumright:

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