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25 grand debt

FeudalNinja

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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
 
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%).
 
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 ?
 
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.
 
$25k in debt with these interest rates?

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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.
 
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.

 
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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.

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.
 
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.
 
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