Advice needed Please re Job & debts

Bismarck

oscar52 wrote: »

Bismarck,

I'm not going down the route of a financial advisor, just that I happen to work Credit card industry. I can see your point in what you say, but look at it another way.

many people phone up their CC companys with regards to interest rate increases etc - they wouldnt have to do this if they hadnt spent all the money available (this is not a dig at anyone, just a fact) - How could I tell someone I cant reduce their interest, and then go to one of my creditors as I am in the same situation - Wouldnt that make me a hypocrite?

As for a DMP - this again is a no go area for the same reasons of job loss.

I was really referring to the fact that your personal circumstances should have nothing to do with your job...I don't see how it's relevant in a lot of cases.

Forgive me if I get the wrong end of the stick on this...

If I'm working for MBNA and someone calls me about an interest rate rise, I'm assuming I'm required to act according to the company's rules and policies etc....this should not prevent me ringing up some other company who I personally owe money to and trying to get a rate decrease that would help my personal circumstances. I don't see how my ability to do my job should be affected by whether I've £10K in the bank or -£10K or whatever.

What I'm fearful of is that that some people will be pushed into secured consolidations rather than DMPs to keep their credit record unblemished for the sake of their job when there's a spurious, employer-led connection between financial circumstances and job performance.

Now, typing this, I'm wondering if there's an underlying fear from the employer that someone in a similar boat to a customer might be more sympathetic when they're asked about account changes...

I don't think hypocrite is the right word here...I just think it's unfair that you should be restricted in your personal options because of the job you do....

I'm not here to provoke anyone..I just think the rules are dumb!

oscar52

Possibly hypocrite isnt the right word, but as you say, when you start to type, certain things start to click and fall in place and you can see it from the employers (distorterd) view. You mention about the company policies regarding the rate changes, and there will be policy on this (not sure exactly what as i dont work in that area), but you can gurantee its not weighted in the customers benefit.

I fully agree that the fact I have debt doesnt affect my ability to do the job, however the shareholders may not see it that way.

Rockbottom,

As I said, I was having a go at anyone, just stating my situation from my employers perspective (as i understand it) The problem with making people or companies more approachable is that it doesnt make money. My opinion (and experience in some cases) is that it is only people with a large outstanding balance that ever get hit with massive hikes in interest as this is where the most profit is.

I myself have written to one of my CC's after they whacked my interest to 35% (have also spoken over the phone) Although its "variable" rate, it can only go up - the bank wont bring it down (guess what - its policy). When I pointed out that the BOE had reduced base rate, I was told they couldnt comment on other lenders.

LilacPixie

Many local authorities appear to have the same T&C's for admin staff. The excuse is apparently the staff must be whiter than white.

I think the idea is so that no unscrupulous person can use your own money issues as a reason to get specialised treatment. The good old I'll give you £xxx if you process/fast track my claim.

MrsTinks

Next banks and CC comps etc will insist that people with any debt can't work there... wonder how many in middle and higher management would have to leave then Probably more than you'd think...

Bismarck

that's what I was getting towards....it's like a slow wave of cleansing that they're trying to bring in when there should be a firm line between professional lives and personal finances.

angelflower_2

surely if they have brought in a new contract though, you dont have to accept it and they cant actually enforce this ruling? Not your fault that the rules changed whilst you were in the job?

But still, I would advise telling them - better in the long run than being found out.

whitewing

Speak to ACAS first on 0845 74 74 747

rockbottom2

Thanks for all the advice. Luckily I'm not having to go down the IVA route, but just need to write to the 'nice' people at GE money & see if they will accept reduce payments and also Halifax to see if they'll stop adding charges etc to my account as I do make the min payment each month- but their charges have taken way over my limit which they are charging me for. I've written etc, but doesn't seem to sink in that they are making situation alot worse & I haven't used the card in over a year!!