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Leaving army and need deposit for renting! Bank help??

Hi,

Any advice would be greatly appreciated. My husband is leaving the army after 16 yrs served, and will get a resettlement grant of around 12,000. We will have to leave our married quarters property and this will probably happen a month or so before this money comes through. We have no savings unfortunately and quite terrible credit ratings.

My question is would a high street bank be willing or more likely to give us a 2000 loan for example if we could provide evidence to show this resettlement is coming and therefore could be paid back within a month or to?? I know people may say the best solution would be to ask family or friends but after our recent wedding I hate to ask parents again!

If anyone could advise or perhaps suggest anything helpful that would be great (any ex military face the same problem?).

Thnk you!!
«1

Comments

  • ehlo
    ehlo Posts: 397 Forumite
    Part of the Furniture 100 Posts
    I'm not in the military however I wonder if a good place to ask would be a military credit union as they will obviously have experience in this area :)
  • kev_min
    kev_min Posts: 160 Forumite
    It may be better (and cheaper) to stay in your MQ for a short while after hubby has left army as an "irregular occupant" until his money comes through, which should happen fairly fast.

    http://www.aff.org.uk/army_family_life/housing/irregular_occupancy.htm
    At times any combination of my spelling, grammar or punctuation may be incorrect. Please do not pick me up for this as, after all, it is only an internet forum.
  • Thanks Kevin- min! I thought there must be some way of staying for an extra month if we were literally going to be homeless! Although my oh wouldn't like it, it would be the best option.

    Thanks again.
  • kev_min
    kev_min Posts: 160 Forumite
    I can not say if its the best option but it is AN option for you. After 16 years hubby should be entitled to the full resetlement package, amongst other things they hold a very good housing workshop which explains all sorts of options. He should be aware of this, but follow this link for details https://www.ctp.org.uk/
    At times any combination of my spelling, grammar or punctuation may be incorrect. Please do not pick me up for this as, after all, it is only an internet forum.
  • peteuk
    peteuk Posts: 2,023 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    This is a big problem that service personell find...

    16 years of a steady wage and no savings! Your husband should have been counting down for the last 2 years (if leaving at end of service) if made redundant he has had 6 months (voluntry) 12 months (non-vol) to sort out life and some savings.

    Im no angel, but at the end of this posting I will be debt free, that gives me another 7 years to work out were we want to settle and to sort out deposites ect.

    As soon as you tell a bank your husband is out of work (I assume he has nothing lined up) then they wont give you a loan. Equally if you take a loan out and then tell them hes unemployed they will quickly work out you knew this was happening. So I very much doubt you will get a loan, especially in the current financle climit.
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
    DEBT FREE
  • spike7451
    spike7451 Posts: 6,944 Forumite
    You can get a tax/interest free crisis loan from the DSS which might be an idea.

    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_10018856
  • helsee
    helsee Posts: 119 Forumite
    http://www.britishlegion.org.uk/can-we-help/immediate-needs-grants

    would this be any help? it does state it can help with getting into rented.

    Peteuk, I quite agree service personel need to have one eye on post service life long before the time comes, and could in many cases do more to help themselves but I'm not sure pointing that out was particularly helpful here?
  • Longships
    Longships Posts: 361 Forumite
    Part of the Furniture Combo Breaker
    The SSAFA will help - http://www.ssafa.org.uk/how-we-help/
    Thank-you to everyone who posts comps :beer:
  • Pink_Fairy_2
    Pink_Fairy_2 Posts: 1,065 Forumite
    Hi. Apart from any re-settlement advice, you can contact SSAFA as above, or the regimental association (whichever reg he belongs to). There should be a representative within hailing distance of your posting.
    DMP mutual support thread No: 433 - Mortgage - £54,556, Credit cards - £4012, Unsecured loan - £3,376, Other - £419

    Now isn't always!
    Major Stella Ward
    1928 - 2007

  • lolly_896
    lolly_896 Posts: 1,058 Forumite
    Maybe Soldiers off the Streets could point you in the right direction - they are a charity

    http://www.soldiersoffthestreet.com/
    DFW Nerd #awaiting number - Proud to be dealing with my debts!

    Dont cry because it's over, smile because it happened.

    Sealed Pot Challenge #781
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