Any new news on the LSAP Scheme?
 

Was wondering if anyone had heard whether the updated LSAP scheme has come closer to fruition? As I understand it, the scheme was up for review and changes were due to be made. But ayone know when and exactly what changes will be made?

Will the scheme be available to everyone?

What tax liability is there? (in simple terms; read the old DCI's and cannot make head nor tail of them, it seems the government will charge you 5% pa for the privilege)

How much can you borrow?


Thanks for any help! :ok:

I believe that, under the old rules, you could borrow up to £8,500, however, anything over £5k was liable to tax. The rules on eligibility are dependant on your Service (21yrs+ for RN and 35yrs+ for RAF/Army). If you have in excess of 10yrs to serve, you van delay repayment and if you leave the Service before repayment and arrears is taken from your gratuity.

I believe that LSAP was reviewed, even if only to ensure that the rules for eligibility became Tri-Service, but I am not aware of any increase in the ammount that you can be given.

I have heard, however, that if you are a teacher in London you may be entitled to a loan of up to £100k to buy a house!

kipper

There is definately a big change coming up, the sixe of the loan increased to 1 years pay or 28.5K, whichever is lower, and eligiblity was due to be extended. Thing is, every time I ask handbrake house, the change is always due...

Wondering if there was any more gen going around the rumour mill?

LSAP
 

Try the link below for details of the current scheme:

http://www.army.mod.uk/soldierwelfar...neral/lsap.htm

I'm sure I read something about this fairly recently in the RAF News.

Safety_Helmut

When JPA comes in I heard . .. .