Financial situation question

DamageInc85

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This is probably one for my AFCO direct but I thought I'd throw it out there anyway in case any of you guys are in a similar situation....

Having read a few bits on this forum it sounds as though the Marines are quite interested in your financial background/situation when you apply and are keen to make sure you can live on a Marine's wage.

I was just wondering what the deal is if you own your own property?

Basically I won't be able to support my mortgage on a marine's wage. So, will they insist on me selling it/renting it before progressing with my written application? or, will I be able to deal with it after I get to (and hopefully pass!) the PRMC stage of the application? Hope this makes sense! cheers.
 

Matt B

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If you have ANY financial commitments that cannot be fulfilled on your Marine wage then you cannot join. It gets quite complicated and becomes a big headache for the MOD if you get yourself into significant debt while serving, so they will not let you join if a potential problem is already foreseen.

Its not like debt collecting agency's can send balifs into your barracks or camp Bastion.
 

Seedytucker

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erm... what a bout CCJ's for example? would they be a problem?
 

Matt B

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See Im not sure about that because although the payments may be well below your Salary minus expenses, it may count as an 'un-spent' conviction. This is because by simply not paying while in the marines you would be prosecuted.

All convictions must be 'spent' so that there is no way that any past wrong doings/mistakes can bite you in the ar$e while in the corps.
 

Seedytucker

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thing is i'm not sure if i've got any. but i've lived in shared accommodation before and can't imagine all council tax was paid and up to date (i'm pretty sure i paid my fair share but council tax isn't split like that- all in the house are individually responsible for the total amount utterly ludicrous if you ask me)
 

Phoenix

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My AFCO told me that they do not count your mortgage, there only interested in credit cards, loans, store cards etc. How accurate this is I do not know Im only passing on what I was told. I have a mortgage too, I am lucky in that my wife works so we can meet our financial commitments even on a Marines wage during training. Infact if I am successful then I will earn more as a shiny new Marine than I do now :)
 

Matt B

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My AFCO told me that they do not count your mortgage
They are obviously wrong. If you told them you had a mortgage of £2000 a month and you had no savings they will quickly work out that you're *text deleted* get yourself in trouble!
 

Phoenix

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Yeah I see what your saying Matt, I will no doubt be told something else when I go back *text deleted*.
 

Seedytucker

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You've got me worried now. Anyone know if there's a way you can check if you have any CCJs etc?
 

Phoenix

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Seedytucker, Im pretty sure if you can check if you have ccj's by looking at your credit report. There are lots of sites out there that offer to let you see your credit report for a fee. Just do a google search on credit reports and take it from there.
 

daz665

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Just to check, getting a small loan that is easily within RM wages is ok? I want to get a car and few other bits thats all.. should have most of it paid off before RT anyway. Its going to be a loan of £2k maximum..
 

Ninja_Stoker

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As long as your outgoings are less than 50% of your projected net income (£770 per month initially), you have no defaulted payments etc., you'll be just fine.
 
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re: CCJ's

erm... what a bout CCJ's for example? would they be a problem?
Not long after i'd filled in the app form an durin the informal after bein told i had biffed the written test they told me the only way you can get in the marines, is to produce a cert of satifaction ( from the depter youv'e paid ) relating to CCj's in question.
 

DamageInc85

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Daz, if your only after £2000 then look into getting a credit card. Look for one with 0% interest for 6 months, that way if you can clear your debt in 6 months you won't pay any interest.
 
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