Serviceman money problems-advice sought

Forcesman

Hi there, I am currently serving in the armed forces and have unfortunately managed to get myself into approx £6000 of debt. Unfortunately this debt is to people, not companies. It is getting to the stage now where the police are potentially getting involved, work are aware and it has the chance to ruin my career.
If I was in a position to get a bank loan for the £6000 and e able to pay it off I would do that, however after living on camps all my life that is not a option apparently, due to a low credit score. I am really starting to struggle for options. There are no family members around that can help me out and I just don't know what I do. The debt was caused by a number of unfortunate occurences and also my own stupidity-however I have addressed that to stop it from happening again.
I realise there may not be any advice people can give but I thought I would atleast ask as It is at the stage now where it is making me ill.
I appreciate anything anyone can advise. Thanks.

huskypup

Living on camps should not be a reason for not getting a loan - have you tried the bank that your wages are paid into?, as they will have your full credit history.

Are you registered as a service voter, this gets you on the electorial role, you can be registered in your barrack block. Its usually not being registered that stops you.

yangptangkipperbang

You being in debt and owing money will be of no interest to the police - unless you undertook some illegal act to get hold of this money in the first place.

Forcesman

Thank you for replies. I am not on the electoral register no. However will look into that this afternoon. Also, all I am aware is that one of the people has said he has contacted the police as I owe him the money. As I said before-I am in a position where I just want to be able to pay everything back and start again, but I am struggling to find a company who can help with a loan. Are you aware of any companies who tend to concentrate on loans for forces more specifically.

greytroot

Have a chat with SSAFA Forces Help's ForcesLine 0800 731 4880 totally confidential.

MissKitty

Are you able to do a little extra work through an agency when your not at your army job to bring in some extra money to help clear your debt?

You will need to get permission from your CO first.

You could then set up a payment plan with the people you owe money to and pay them off weekly/monthly until you clear the balance.

You could also try creating your own income/expenditure spreadsheet to see if there is anywhere you can save money.

If your looking at taking out a loan make sure you can afford the monthly payments or you will end up no better off.

Good luck, I hope it all works out for you.

Tillymama

How long have you been in, have you already had your 4 or 8 year bonus if you've been in long enough? If not perhaps look into this.
As for poor credit due to living on camp this shouldn't be the case. I lived on camp for many years yet still held good credit so has my husband

PaulF81

I would go straight to your boss and declare this. I would also think seriously about removing this post and dealing with this purely through work.

Approach the saafa or other forces charity, they may be able to provide a bridging loan, also consider approaching your padre who may be able to sort something out through your unit commands hardship fund.

Serviceman debt is not something that should be open for public discussion. You need to use the support network provided to you through work. Be as open and honest as possible with your command chain and you can expect fair treatment in exchange.

I would offer to pay back the debt at 'the drawing rate' through your pay.

I would also consider volunteer for a 6 monther as the op allowance as part of a non formed unit, the op bonus would just cover this debt and the reduction in outgoings would solve your problem.

Alias_Omega

How much of the debt is owed to friends & family.?

How much of the debt is owed to friends and family without a loan agreements etc.?

peteuk

I disagree with Paul, Service Man debt should be mentioned. The avarage debt is £20K, so why are service personel exempt from this.....

I ran up £10K debt and then bounched a cheque to the paymaster! I had to reveal my income/expense every month for 12 months following this. Although I was never charged with anything, it did stop my promotion! I sat with the chief Clerk as one of my friends was driving around in a £22K car brought on finance.

Do take this seriously, even though £6K sounds like a small amount. You may find it hard to get finance with little or no credit history. The police (service) may be intersted in your situation, if not your line manager will be.

Because it is unsecured a Debt Mangement Plan will provide little, but do speak to the Citizens Advice. They may be able to help or point you in the right direction.

Good Luck

Meadows

Forcesman wrote: »

However after living on camps all my life that is not a option apparently, due to a low credit score.

Tillymama wrote: »

As for poor credit due to living on camp this shouldn't be the case. I lived on camp for many years yet still held good credit so has my husband

Forcesman I have to agree with Tillymama, living on a camp/being in the forces does not affect your credit rating, my husband served in the forces for 35 years and we never had issues with a credit rating (never had loans but that's bye the bye), not being on an electoral register will though affect your credit rating as checks can not always find you and if they can't find you they can't score you so get yourself on the Electoral Register.