There are lots of military allowances which help you out financially when moving around but are you aware of how the Armed Forces Covenant can help support you so you’re not out of pocket? AFF Money & Allowances Specialist Claire Hallam explains…
CANCELLING AND SUSPENDING CONTRACTS
It can be a real chore ringing companies after every move as we all know that assignments may not tie in with the end of a contract.
If you are cancelling a broadband or media contract and moving to an area in the UK where your provider can’t give coverage or overseas, some companies will waive cancellation charges, so you don’t have to pay out mid-contract.
LETTING OUT YOUR PROPERTY
you’re moving from your own home to Service Family Accommodation and have a mortgage on your property, you don’t need to get a buy to let mortgage if renting out your home. You can ask for consent to let while you are posted away in the UK or overseas. More than 40 mortgage providers have agreed to this commitment.
SUPPORT OVERSEAS
Mobile phones: If you’re deploying or moving overseas, you can suspend your mobile phone contract until you’re back in the UK. It’s worth contacting the company if you’re going overseas to avoid being stung with high roaming charges. Some add ‘fair use limits’ on the amount of time that customers are allowed to use their phones abroad.
No claims bonus: Building up your no claims bonus on your car insurance can take time and you may be worried about losing it if going overseas. Some providers have agreed to ensure that you keep the no claims bonus for up to three years, so you don’t lose out.
Car finance: Having a car on finance is another concern when you’re going overseas. Special provisions with some providers allow you to take your car on finance as long as it’s comprehensively insured. For more information on car finance and overseas postings, see FLA – Motor finance solutions for deployed service personnel.
National Insurance credits: It is often a struggle for partners to find employment overseas, so to protect against gaps in your state pension record, you can claim back National Insurance credits for the period of the assignment. This also applies to unmarried partners. See aff.org.uk/advice/money-and-allowances
If you’re having issues using these Armed Forces Covenant commitments email: moneysupport@aff.org.uk
More information on the Armed Forces Covenant is at armedforcescovenant.gov.uk