LSAP question

[sutty86]

Hey people,
quick question as ive got the wife on my back,

okay my exit date is jan 2014 as the regiment are not signing on gunners for 12 years now,( im still an SAC,
so this will mark my 9 years engagement.)

And ive read some LSAP gen saying you can apply within 3 months of discharge,

for example if i was to enquiry to get LSAP for my first home would i have to pay the full £8500 back within my exit date?

so if i was to apply jan 2013 would £8500 be withdrawn from my pay in installments or can i pay it back when im 'out of the mob' also???

bit confused i would ask my clerk but she is a joke ( no offence )

 

[Sniffer]

When I applied for it in 2009 my exit date was 2012 (my 9 yr point). Which resulted in immediate repayment at approximately £450 a month. It was explained that this was to ensure a large bulk of the £8500 was repaid as there is no payout at the 9 yr exit point for them to take the repayment from.

I would expect you will have to start repaying immediately and you may have to pay more than the 10% a year or whatever it is but I doubt it will be as high as I was originally quoted as they can take any outstanding from your 12 yr exit point payout. I think.

 

[Sniffer]

Just re-read your post and it would seem you are in exactly the same situation as me. Its a bit of a bummer but you can understand why they want their money back.

 

[unruly1986]

Yes you are right. You'll have to pay it back in equal instalments relating to your exit date on JPA. If you get signed on then you can phone the JPAC and they will reduce the payments to reflect your new exit date.

I got the 8k and am paying it back over three years; it sucks a bit if I'm honest. Then again I have a house due to it.

 

[sutty86]

Yes bummer bigtime....

could i though just take a larger mortgage say 8.5k more than i wanted and live off the mortgage whilst paying lsap back
sounds pretty fraudulent but i dont think it is!
i have 5k saved up just need a few grand to get a house i want on the market atm

 

[Humble Scribe]

Slightly off topic but who say's they're not signing on Gunners from 9 - 12 yrs? Desperately short at the moment and I know people who have been offered their 12 years!

 

[sutty86]

Humble im currently at Honington, and i know far too many lads who cannot sign on for 12 years and have been booted out ...
also with the new Lance Cpl brought in, my good friend tried signing on for 12 and got rejected,.....
the regiment is over manned sacs and lcpls atm

spoke to my clerk today about lsap she seems to think i can pay it off also when i leave the service???
going to ring jpac later to get the gen

 

[muttywhitedog]

If you are only signed on for 9 yrs then there is nothing to "guarrantee" repayment of the LSAP post-discharge, so the repayments will be taken out in equal installments from your pay.

If you are only in for 9 yrs, have 24 months left and borrow £8500, then you will have approx £355 taken out of your salary every month to ensure the loan is repaid come discharge date.

 

[Humble Scribe]

Humble im currently at Honington, and i know far too many lads who cannot sign on for 12 years and have been booted out ...
also with the new Lance Cpl brought in, my good friend tried signing on for 12 and got rejected,.....
the regiment is over manned sacs and lcpls atm

spoke to my clerk today about lsap she seems to think i can pay it off also when i leave the service???
going to ring jpac later to get the gen

Absolute bollocks! The Regt are crying out for 2nd tourist SAC's and are also short of L/Cpl's atm. The forecast post 2014 will improve but for the time being we are short and there is a fair chance of being signed on if your exit date falls before then.

 

[unruly1986]

If you are only signed on for 9 yrs then there is nothing to "guarrantee" repayment of the LSAP post-discharge, so the repayments will be taken out in equal installments from your pay.

If you are only in for 9 yrs, have 24 months left and borrow £8500, then you will have approx £355 taken out of your salary every month to ensure the loan is repaid come discharge date.

Exactly this.