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GLM
Starting Member
United Kingdom
3 Posts |
 Posted - 02 March 2009 : 15:02:58
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| Hi, Could you tell me if a Naval Officer is allowed to go Bankrupt? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 March 2009 : 16:55:42
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Hello there and welcome to the forum, with regard to your question the answer is rather complicated i'm afraid in that it depends on your rank and the attitude of your Commanding Officer. Generally I would say not the best thing to do for someone who wishes to progress their career. If you would like specific advice with regard to your situation please contact me direct or one of the other experts by clicking on 'experts' on the left hand sideof the screen and email debt level etc or indeed you phone number and we can see whether or not there is a better solution for you rather than do something which may affect you career prospects.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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pix1
Average Member
689 Posts |
Posted - 02 March 2009 : 17:08:14
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GLM,
You could try this link;
http://www.insolvencyhelpline.co.uk/debt_advice_for_the_armed_forces/royal_navy_policy.php
I will let you know if I find anything else.
Surely, though, as with any form of employment, it sohuld depend what it says in your terms and conditions of employment and what you said when you applied. If there is nothing there saying you cannot go bankrupt then I don't see how it would affect you. Of course, if you seek navy advice unofficially it may turn into an official problem where none might have existed.
The insolvency service would not contact the navy directly. |
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pix1
Average Member
689 Posts |
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GLM
Starting Member
United Kingdom
3 Posts |
Posted - 03 March 2009 : 12:03:57
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| Thank you for your answers, thinking DMP is best way to go. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 03 March 2009 : 12:22:12
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Hi there
have you considered an IVA as a solution? I have done many succesful IVA's for serving members of the Armed Forces, if you qualify for an IVA this mey be a better route than a DMP as at least you will have an end date to your financial situation. If you would like me to assit you in having a look at your whole situation to give you free advice as to what the best option is for you get in touch via 'experts' on the left hand side of this screen.
You would be under no obligation in any way all i want is for you and other people in your situation to have access to the whole range of solutions available to enable you to make an informed decision
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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GLM
Starting Member
United Kingdom
3 Posts |
Posted - 03 March 2009 : 14:31:33
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I have done a huge amount of searching through internet debt forums over the last month or so, and have read about how life with an IVA is incredibly tough. For example not being able to put money aside for childrens birthdays or Christmas presents. I'm not sure how you explain that to young children.
DMP's seem more flexible, however I am aware that creditors do not have to agree to terms, so could prove very stressful!
Does anyone know if creditors have become more sympathetic in the current climate, i.e having being bailed out by the great British public! ;-)
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 03 March 2009 : 14:57:20
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Many many people have succesful IVA's they are not ment to provide for luxuries granted, but they can work and with budgeting many families get through with little problem. Don't just dismiss it, explore it from your own personal income & Expenditure, it may not be as bad as you think. Far better that some DMP's which can last 20+ years
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 March 2009 : 23:03:38
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just a thought re the DMP
it will last for XXX years, it will not afford you any protection from your creditors, they can start adding interest at any point ( then you go backwards), and eventually you could easily be paying it from your pension or lump sum.
Give Melanie a call first to review the IVA option and she will go through all the options and consequences.
Incidentally i have helped a huge number of Police offices and some members of the armed forces in becoming debt free. It is possible but check out the options with Me first
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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is a Naval Officer allowed to go Bankrupt?
