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

MrsgirouxGiroux
Posts: 5 Forumite
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!!
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!!
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Comments
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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 area0
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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.htmAt 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.0 -
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.0 -
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.0
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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 debtsStarting debt 2005 £65.7K.
Current debt ZERO.DEBT FREE0 -
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_100188560 -
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?0 -
The SSAFA will help - http://www.ssafa.org.uk/how-we-help/Thank-you to everyone who posts comps :beer:0
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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
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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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