Security Checks and Debt

[Meercat88]

Good evening.

I am in the process of joining the RNR and have filled in my security check forms, so it's just a waiting game. I'm worried that my previous debt may cause me a problem and could anybody advise.

I entered a Scottish Trust Deed in 2017 which lasts for 48 months. I am on my final 7 payments now (ends January 2021) without a single missed payment or overdrawn on any accounts since I have been involved with a trust deed. Back when I entered a trust deed I had a massive reduction in wages, now I am back earning more money and it is not really required but it's a 48 month contract with no early pay out so I just have to hang it out.

Is this likely to have a serious impact on my chance of joining?

 

[Branch-Hopper]

Having debt is not an issue. After all most of us will have a mortgage and/or car finance. Additionally, in the RNR, you may find that many are company directors, with all the additional burden that that may carry.

Not being able to service that debt is an issue. It would appear that you are in a position to service the loan, so I don't see why there would raise any concerns.

As with all of these things honesty is the best policy.
Good luck.

 

[Meercat88]

Branch.

Thank you, and I have been honest about it from the first day I spoke to my ACLO. Always believe you should be honest, as a lie will always catch up with you. I appreciate your comment as I'm hoping to put my mind at ease. Fingers and toes are crossed but until I get the green light then I think there is always going to be a little shadow of doubt at the back of the mind.