I'm in severe debt and I work in a bank!!!

bjones2007

I currently work for a major high street bank as a mortgage adviser. Unfortunatley, due to personal circumstances I currently have over £11000 owing, with 18 credit searches in my name in the last 12 months.
On my credit report which I have checked, I have up to 4 missed payments together with credit card and overdraft arrears.

I can no longer even afford the minimum payment on these. So today I went for a loan to welcome finance, just to try and repair my credit and at least clear the arrears.

However, welcome finance declined me! My credit score is extremley low.

I need to improve my credit score and repair my file as qucikly as possible, because I'm looking to work in another bank, to work as a mortgage adviser, because of travel distance and other reaons and people tell me that no other bank will take you on, as an employee with a bad credit record.

I have no registered defaults or CCJ's. I am also not a homeowner.

Does anyone have any advice, as to how I can get myself out of this hole?

hypno06

Welcome to the boards........

You CAN open a new account even with poor credit - the co-op cashminder is one that is available to people who have been made bankrupt, so would certainly be ok for you!

I would suggest you speak to CCCS or one of the other debt charities and they will give you your choices - you have options, and this can be sorted.

Lots of us on here have debt but yet work for financial institutions......each place of work has their own "rules" but they are generally quite workable.

bjones2007

Got an appointment with CCCS. I'm really scared that my career will now be affected because no bank will take me on with my credit record, and worried about clearing the credit too.

My biggest scare at this moment, is that no bank will employ me, as I have an extremley low credit score and adverse credit as wlel as a high amount of credit owing.

GeorgeUK

Welcome to the board bjones.

You seem to be struggling and if you cannot make the minimum payments, your credit record will just get worse. It is usually advised not to have more than 3 credit searches in a 6 month period, so definately no more credit applications. Even a mobile phone will put a credit search on your file.

Post up a statement of affairs and we'll try to see if there are any savings to be made.
http://www.makesenseofcards.com/soacalc.html

Hopefully we can get 1 card clear that you haven't had any late payments on and they may offer an incentive for you to keep that card open. Credit checks are not usually done on existing customers so this may be a solution if you can maintain the minimum payments.

Merlot

Firstly welcome to the board.


£11,000 of debt isn't a huge amount, if you are working, which brings me onto the question, why do you need to move employment at this moment in time?

Could you post an SOA (a list of incomings and outgoings) and we will take a look for you.

Merlot.x.

pania

hey hon, panic ye not, fellow advisor in exactly the same position and it is not an issue. provided that there are no ccj's or bankruptcythe banks WILL take you on. You may need to agree to financial monitoring as i do. My company checks every 3 months that my situation hasn't worsened and i haven't obtained more debt. i have 4 defaults, lots of debt as you can see but i have always been upfront about it, never hidden it in interviews and not had a problem.
Keep that chin up from someone else feeling the bite of the mortgage world. xxx

LolStevo

Hiya! To work in a bank the credit search is only generally for ccjs,bankruptcy and ivas! I am in the same boat and was panicking that after starting all my training that i would be sacked but as i only have defaults then im still employed! I would suggest trying to clear as much as possible before moving jobs but if not necessary i would wait til u have had everything confirmed with your new job before leaving your current position!!!

Hope this helps! xx

bjones2007

I've just heard from some job agencies that it can cause a problem, so then it does really scare me.

I have been honest and upfront in my interviews with a couple of banks, about my credit, and now i'm just waiting to see if that will affect me getting a job there.

LolStevo

As i said im in the same boat, i do work for a strict bank and have 9 defaults which im horrified by but as long as u dont let it get to ccj or iva/bankruptcy status then im sure u will be ok!!! xx

bjones2007

LolStevo wrote: »

As i said im in the same boat, i do work for a strict bank and have 9 defaults which im horrified by but as long as u dont let it get to ccj or iva/bankruptcy status then im sure u will be ok!!! xx

Did you have any defaults, when you applied there?

blondescorpio

The only problem banks generally have is that if your seen to be in financial trouble - i.e you can't pay your debts and are struggling - they are letting you loose to millions of pounds - and I should imagine its hard to do but its all mainly covering their backs against you potentially money laundering with fictious accounts that you may have the ability to do.
I'm sort of in the same boat - I'm currently on part 2 of CeMAP but I work for a small company so it doesn't make much difference but I think the FSA have some rules on credit positions - not sure though
I'll see the compliance officer and find out tomorrow and let you know my findings.