Im in the military with debt roughly around 15 thousand it could affect my career if it's not cleared. Is bankruptcy the best option as after my rent and cost of fuel etc I'm only left with 300 pound a month.
A DRO is unlikely to be an option for you as you have disposable income of more than £50 - assuming this sum is what you have remaining to repay your creditors.
To avoid bankruptcy I would look at either a DMP or an IVA - and given the low level of debt you are holding, I would say a DMP ought to be looked at as the option of first choice - and you can either go to one of the charity companies or a reputable commercial provider.
The experts on here are highly recommended, as are the firms a www.iva.com which also has customer reviews.
We have had posters from the military on here who are due to receive a (what's the word) gratuity/ golden goodbye on leaving the army. If you are likely to get yours during the term of any debt solution, be sure to mention it upfront so it can be dealt with to your best advantage.
I am ex mil and indebtness as you should know is not taken lightly by the Armed Forces. I would suggest as Mel has stated that an DMP would probably be the better soultion as your employer would not be aware that you have entered this. A DMP would probably take longer to pay off than an legally binding 5 year IVA.
If you have served 18 plus years then the gratuity could be used to make a full and final settlement early on the IVA.
Last edited by snoopydog6311 on Sun Jan 30, 2011 7:35 am, edited 1 time in total.
I am also ex-military, and I can categorically state that being in an IVA will not affect your confidentials, career progression or vetting status. The debt solution you choose should be one which best suits your circumstances, and if you are planning on getting promoted over the next couple of years, that additional money could really knock chunks off your debt if you were to enter into an informal arrangement with creditors.
