Consequences of having a Debt Management Plan

Jinx

Consequences - trashed credit rating, threatening letters/phone calls - which can be dealt with

Cant do some jobs with defaults/CCJs, most banks would refuse I believe, police, prison services etc

Cannot get more credit (quite often a blessing).

The upsides are soooooooooo much more than the downsides Good luck!

Bosniavet96

rdchick wrote: »

I'd quite like to know too as I assume something like this will happen when wanting to join the forces? I have £9k of debt and about to go on to a DMP but want to join the RAF will this hold me back? Xxx

Like Mort, I also served in the RAF some years ago. Quite what the situation about debts is nowadays, I don't know, but I seem to remember one recruit I was training with discharged, allegedly because of debts, but I cannot guarantee that was the case. You can try online with an advisor I believe, as long as you remain anonymous, you won't have a problem. Also, it all depends on what trade you wish to do.
Any chance you can take out a loan for, say, 5 years at a rate you'll be able to afford whilst training? Alternatively, do your best to reduce the capital whilst waiting to get in, I have been told they are taking their time with the enlistment process now (mind you, they told me that 20 odd years ago, it only took me about 3 months & I had to be told to ignore the offer letter that said do not resign your job as I had 1 month's notice of my enlistment date!).

rdchick

Bosniavet96 wrote: »

Like Mort, I also served in the RAF some years ago. Quite what the situation about debts is nowadays, I don't know, but I seem to remember one recruit I was training with discharged, allegedly because of debts, but I cannot guarantee that was the case. You can try online with an advisor I believe, as long as you remain anonymous, you won't have a problem. Also, it all depends on what trade you wish to do.
Any chance you can take out a loan for, say, 5 years at a rate you'll be able to afford whilst training? Alternatively, do your best to reduce the capital whilst waiting to get in, I have been told they are taking their time with the enlistment process now (mind you, they told me that 20 odd years ago, it only took me about 3 months & I had to be told to ignore the offer letter that said do not resign your job as I had 1 month's notice of my enlistment date!).

Just typed a long reply and the browser died

Anyways thanks for your replies. I had applied last year but couldn't progress because I didn't have the right maths GCSE certificate... so have retaken my maths and hopefully will get a decent grade so I can apply again this year. I do worry about the debt thing so I guess I can annoymously ask! I asked some guys on an RAF forum last year and they said that they didn't see my debt as too much of a problem because I wouldn't be in a position to be bribed (I want to be a nurse) and as long as I could service my debt on the lowest wage - which is about a grand less than what I am on now a year so it won't be a problem as will have much less outgoings but I just needed to prove I was being sensible about it and not making it get any worse (ie: going on a DMP)

So fingers crossed it will be ok but thank you for your replies I will apply again in November and see what happens! xxx