25 grand debt

[FeudalNinja]

Hello I'm 45 years old set to take my second medical in a weeks time, and I can't remember if they told me I would have to pay for the blood test myself or they would cover that? also Due to the economy I'm 25 grand in debt, since about a year ago, there seems to be no legal action towards me yet, Will this prevent my application? thanks for any advice

 

[mariomike]

.

 

[Winds]

The blood test is not paid for by the CAF.

As for your debt, it is not the amount that matters so much as if it is in good standing (if you have been making regular payments towards it or not). If you have not been making payments, then you will be asked for additional information.

You should also be aware that, unless CAF policy on compulsorary retirement age (CRA) changes, you would be forced to retire at 60 and take your pension at its current value (14 years equates to 28%).

 

[FeudalNinja]

The blood test is not paid for by the CAF.

As for your debt, it is not the amount that matters so much as if it is in good standing (if you have been making regular payments towards it or not). If you have not been making payments, then you will be asked for additional information.

You should also be aware that, unless CAF policy on compulsorary retirement age (CRA) changes, you would be forced to retire at 60 and take your pension at its current value (14 years equates to 28%).

thank you, what would be the additional info asked for? would it be possible to declare bankruptcy ?

 

[brihard]

thank you, what would be the additional info asked for? would it be possible to declare bankruptcy ?

Bankruptcy would probably be a problem for recruiting.

What’s the nature of the debt, and are you making payments? $25k isn’t necessarily a big deal; a mortgage dwarfs that. Student loans or a car loan could be higher. If you racked up debt but are steadily paying it down and your credit’s not too bad you should be alright. The rationale for asking about debts is because someone who’s struggling with money can potentially be at risk of corruption. Simply having the debt is not a showstopper.

Now, if you have this debt and are buried in payments, collections are calling etc, that could be an issue. If you’re unable to make your regular payments, you’d be well advised to talk to a credit counselling provider who can help look at your lifestyle holistically and get your head wrapped around what you need to do. That’s true whether or not you end up in the military.

 

[Quirky]

$25k in debt with these interest rates?

 

[da1root]

thank you, what would be the additional info asked for? would it be possible to declare bankruptcy ?

Last I recall you cannot be "in" bankruptcy while you enroll, and there has to be a certain amount of time between being discharged and being able to enroll.

 

[Ostrozac]

You should also be aware that, unless CAF policy on compulsorary retirement age (CRA) changes, you would be forced to retire at 60 and take your pension at its current value (14 years equates to 28%).

That’s not accurate at all. A member joining at age 46 and retiring at CRA at age 60 would be able to collect a pension (28% or so) starting at age 60. There are other possibilities, but transfer value isn’t one of them, you can’t take a transfer value if you’re over age 50.

Active member with two or more years of pensionable service - Pension entitlement - Plan information - Active member - Canadian Armed Forces pensions - Canada.ca

This page provides information on pension entitlements for members with less than two years of pensionable service.

www.tpsgc-pwgsc.gc.ca

 

[Winds]

That’s not accurate at all. A member joining at age 46 and retiring at CRA at age 60 would be able to collect a pension (28% or so) starting at age 60. There are other possibilities, but transfer value isn’t one of them, you can’t take a transfer value if you’re over age 50.

Active member with two or more years of pensionable service - Pension entitlement - Plan information - Active member - Canadian Armed Forces pensions - Canada.ca

This page provides information on pension entitlements for members with less than two years of pensionable service.

www.tpsgc-pwgsc.gc.ca

I did not mention "transfer value" once, please read more carefully. Rather, I said to the OP, "you would be forced to retire at 60 and take your pension at its current value (14 years equates to 28%)"... how is that "not accurate at all"? Saying that a pension has a "current value" of X is in no way the same as talking about a "transfer value".

And what "other possibilities" would be available for someone in this situation? At age 60, deferred annuity, reduced pension, and transfer value are all no longer options.

 

[Ostrozac]

And what "other possibilities" would be available for someone in this situation? At age 60, deferred annuity, reduced pension, and transfer value are all no longer options.

CRA extension and transfer to the public service pension plan were the two possibilities I was thinking of.

 

[Cloud Cover]

Last I recall you cannot be "in" bankruptcy while you enroll, and there has to be a certain amount of time between being discharged and being able to enroll.

French Foreign Legion enters the chat …

 

[Lumber]

I've never seen someone respond to their own necro post so seamlessly.

 

[Cloud Cover]

I've never seen someone respond to their own necro post so seamlessly.

Wow. I just noticed that! He’s had enough time to emerge from bankruptcy twice since the original post!

 

[FeudalNinja]

lol

 

[FeudalNinja]

I've had a few years of bad luck and am still in the same hole, are there any rich people willing to help me out of this so I can join the army asap? I'll pay u back

 

[jaxhades94]

I've had a few years of bad luck and am still in the same hole, are there any rich people willing to help me out of this so I can join the army asap? I'll pay u back

bruh it sounds like you can't pay off your current debt....why go into further debt to other individuals just to pay off one debt in order to join the military? Matthew stealing from Peter to pay Paul and all that...

 

[Jarnhamar]

I've had a few years of bad luck and am still in the same hole, are there any rich people willing to help me out of this so I can join the army asap? I'll pay u back

Do you have nice feet?

 

[ArmyRick]

Consider entering a consumer proposal and work out an interest free payment plan. Its better than bankrupt

 

[Quirky]

I've had a few years of bad luck and am still in the same hole, are there any rich people willing to help me out of this so I can join the army asap? I'll pay u back

Seek other employment. The CAF isn't for you.

 

[FeudalNinja]

bruh it sounds like you can't pay off your current debt....why go into further debt to other individuals just to pay off one debt in order to join the military? Matthew stealing from Peter to pay Paul and all that.