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I have heard from an unreliable source that LSAP (navy, i diont know about the others) is going to be increased from 8.5k to about 30k. Has anybody else heard this one.

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I have heard from an unreliable source that LSAP (navy, i diont know about the others) is going to be increased from 8.5k to about 30k. Has anybody else heard this one.

Heard the same thing going about the rumor mills- 28.5k or a years wages, whichever is less. Not sure what they will do about recovering it though- at least the 8.5k (or the balance owing) could be covered by a terminal grant- you'd have to retire as an admiral to cover this sort of money (assuming you took the full whack).

I understand that the new system comes in next month, but haven't seen the DCI/been to the UPO yet.

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Heard the same thing going about the rumor mills- 28.5k or a years wages, whichever is less. Not sure what they will do about recovering it though- at least the 8.5k (or the balance owing) could be covered by a terminal grant- you'd have to retire as an admiral to cover this sort of money (assuming you took the full whack).

I understand that the new system comes in next month, but haven't seen the DCI/been to the UPO yet.

Yeah I think it will all be secured against the terminal grant so dont expect it to be available to those with less tahn about 12 years in. 28.5k at 0% (taxable - so 1.25% in reality) is too good to be true but the down side is youv'e got to buy a house. Remember pusser gives nothing away, this move is probably designed to take the pressure of the FQ stock (which it oversold) and now costs pusser a fortune, so sit tight and wait until the tide has turned 2007 and jump in before they withdraw it when housing becomes a good buy again. I saw your reply on the plymouth thread, like your style living on board and see the pusser of for some free scran into the bargain. Saving a grand a month, they pay you lads far to much, but dont forget your obligation to get out on th p155 every night..its your duty. Live the dream

IB.

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Yeah I think it will all be secured against the terminal grant so dont expect it to be available to those with less tahn about 12 years in. 28.5k at 0% (taxable - so 1.25% in reality) is too good to be true but the down side is youv'e got to buy a house. Remember pusser gives nothing away, this move is probably designed to take the pressure of the FQ stock (which it oversold) and now costs pusser a fortune, so sit tight and wait until the tide has turned 2007 and jump in before they withdraw it when housing becomes a good buy again. I saw your reply on the plymouth thread, like your style living on board and see the pusser of for some free scran into the bargain. Saving a grand a month, they pay you lads far to much, but dont forget your obligation to get out on th p155 every night..its your duty. Live the dream

IB.

Not so sure about 12 years in... poss seniority or SNCO/Officers only? Last time went to handbrake house they were making it out that all individuals are eligible, and up to 1 years salary is the rumour (not including pocket money like flying pay... :angry: ). take it you "pussers" are ship bound chaps then? I am one of the "Crabs" as you so call us.

Do you know how the tax works? someone mentioned 4-5%, is the tax due only 40% of the 5% (top rate earner) or are you eligible for the full 5%?

Will definately be pushing up my deposit with this one, got the old documentation in my room and even that looks good! a 32 grand loan for sub-inflationary rates is my idea of a bargain!

From the current DCI, the loan is repayed at 5-10% of annual( net or gross? )wage, and comes straight off your PAYE slip, a la accom and Food charges. Do afforementioned fish heads pay food charges once offshore?

Edited by mbga9pgf

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Not so sure about 12 years in... poss seniority or SNCO/Officers only? Last time went to handbrake house they were making it out that all individuals are eligible, and up to 1 years salary is the rumour (not including pocket money like flying pay...  :angry: ). take it you "pussers" are ship bound chaps then? I am one of the "Crabs" as you so call us. 

Do you know how the tax works? someone mentioned 4-5%, is the tax due only 40% of the 5% (top rate earner) or are you eligible for the full 5%?

Will definately be pushing up my deposit with this one, got the old documentation in my room and even that looks good!  a 32 grand loan for sub-inflationary rates is my idea of a bargain!

From the current DCI, the loan is repayed at 5-10% of annual( net or gross? )wage, and comes straight off your PAYE slip, a la accom and Food charges.  Do afforementioned fish heads pay food charges once offshore?

I also understand that LSAP is to be extended to cover all ranks/rates, but am not sure how they are going to go about recovering the money. I personally have a minimum of 6 more years to serve before I am able to leave, against a commission of seven more years (which I can obviously opt to extend etc). My question being, if I leave after another 6 years, having taken 32 k, how do the MOD get their money back? Looking at the pension calculator, I would get a terminal grant of about 13k, which means that I would have to take the money now to have it all paid off by the time I leave (6*3.2+13=32). If I were to take the money with 4 years to go, then I would obviously owe the MOD 6.5k on leaving- I assume that interest on this would then be charged at comercial rates?

No idea on tax unfortunately. We in the Navy do pay food and accom if we live ashore, but not if we are on board, even if the ship is alongside. Which is nice.

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I also understand that LSAP is to be extended to cover all ranks/rates, but am not sure how they are going to go about recovering the money. I personally have a minimum of 6 more years to serve before I am able to leave, against a commission of seven more years (which I can obviously opt to extend etc). My question being, if I leave after another 6 years, having taken 32 k, how do the MOD get their money back? Looking at the pension calculator, I would get a terminal grant of about 13k, which means that I would have to take the money now to have it all paid off by the time I leave (6*3.2+13=32). If I were to take the money with 4 years to go, then I would obviously owe the MOD 6.5k on leaving- I assume that interest on this would then be charged at comercial rates?

No idea on tax unfortunately. We in the Navy do pay food and accom if we live ashore, but not if we are on board, even if the ship is alongside. Which is nice.

We goet 1 years lump sum as part of my permanent commision; are you short service? Honest answer is I dont know. Best ask your adminers. Either way, think its a good scheme in the main, however, ammounts above 5 grand are taxable as an advance of pay accordig to the treasury.

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Not so sure about 12 years in... poss seniority or SNCO/Officers only? Last time went to handbrake house they were making it out that all individuals are eligible, and up to 1 years salary is the rumour (not including pocket money like flying pay...  :angry: ). take it you "pussers" are ship bound chaps then? I am one of the "Crabs" as you so call us. 

Do you know how the tax works? someone mentioned 4-5%, is the tax due only 40% of the 5% (top rate earner) or are you eligible for the full 5%?

Will definately be pushing up my deposit with this one, got the old documentation in my room and even that looks good!  a 32 grand loan for sub-inflationary rates is my idea of a bargain!

From the current DCI, the loan is repayed at 5-10% of annual( net or gross? )wage, and comes straight off your PAYE slip, a la accom and Food charges.  Do afforementioned fish heads pay food charges once offshore?

Is there a DCI on this new scheme, got a number????

The tax works like this -

If you had £100 lsap then the benifit that you see from this is calculated at about 5% (so benifit is£5, ie the amount you would have had to of paid in interest if you had borrowed from the bank). This £5 is effectively added to your pay and taxed at the according rate. So if you are on a wedge then you pay 40% of £5 ie effectively 2% on the loan amount. If you pay 22% tax then the effectiveinterest you will pay on the loan would be 22% of £5 effectively 1.1% of the loan amount.

So in real terms say you got a 30k advance then it is worth as cash in your pocket £900 a year for 40% tax payers ((30kx5%)-(30kx2%)) and £1170 for 22% tax payers ((30kx5%)-(30kx1.1%)).

This is a great deal but not enough to make me buy in a falling market!!!!

Live the dream

IB

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We goet 1 years lump sum as part of my permanent commision; are you short service? Honest answer is I dont know.  Best ask your adminers. Either way, think its a good scheme in the main, however, ammounts above 5 grand are taxable as an advance of pay accordig to the treasury.

No, I'm on an IC (12 year)- I joined just after FTCs were scrapped.

Do either of you guys have any idea as to what sort of deals armed forces folk get on mortgages? I would have thought that we got a better deal on the basis that we have a secure job and a fixed payscale (failing appearances at the table/courts martial suite :o )? In your experience, do these factors count for anything, or are we the same as joe public?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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