can i work as a mortgage advisor if i go bankrupt?

willsandolly

Hi All

This is my first time on here although i have spent hours reading the forum. It has helped me loads over the past year.

I am considering going bankrupt but am also just starting back in financial services.

I want to take my CEMAP mortgage exam to give mortgage advise but i am unsure whether i will be allowed to give advise if i go bankrupt.

I know the FSA considers a person with a CCJ as "not fit and proper", or somthing along those lines !!

Anyone know the answer to this ??

peachyprice

If the position is FSA regulated, then no, I don't think you can.

Queen

Hi Willsandolly,

I work in financial services as Admin, I went BR on 05th Nov my boss had to check with FSA to see if I was able to do this, luckily I was ok but I was an advisor and regulated by FSA then this would be a different matter, someone who is bankrupt can not advise others on financial matters, mad I know, I'm sure people do not go BR lightly ours was due to my OH constant illness and loss of earnings over the last 2 yrs.

willsandolly

Thank you for your help. I thought as much. Its been a long time since i last worked in financial services and will be starting off doing admin but my plan was to sit my CEMAP and advise. Looks like i will have to re think.

Do you know what would happen if i done an IVA instead ?

GirlyGirl_2

With respect who do you think will take your advice if they know you've not been able to manage your own finances - and with bankruptsy it's printed in your local paper.
Really do you think financial services is going to be recruiting any time soon ?
Have you been living on planet earth for the past 6 months ?

fiveyearplan

Personally I don't think there are many people more suited to giving financial advice than someone who has gone BR. I am very knowledgable on the subject myself and advise people all the time regarding their finances. People trust me and trust my advice on a whole range of subjects from medical advice, exercise & nutrition, finances. If you had an alcohol problem and went for help I can almost guarantee the counsellor would be a reformed alcoholic. Why should debt be any different?

Queen

I know my boss said its all to do with a character which I think is completely unfair, alot of time's its out of a persons control for what ever reason, we had debt problems due to illness and loss of income other than gambling, over spending and living a high life, but what ever the reason why should people be judged, I think that everbody is entitled at sometime in their to make mistakes what ever it is, but alot of the time its beyond their control, I am lucky can carry on with my job in admin for mortgage broker but will not be able to take exams for FPC etc but thats the choice I had to make to keep the family roof over our heads and think we have made the right choice

GirlyGirl_2

Personally I would not be keen to talk to a Dr about saving my arm, who himself was missing an arm, however it happened.
As for giving financial advice, the person I want to help me deal with my next mortgage ideally wouldn't have one at all because they will have paid theirs off with their financial knowhow.
This is the biggest purchase anybody ever makes and I don't care whether you were made bankrupt through mistakes, illness whatever, if you were savy enough to be trusted to instruct others on their financial future it just should not have happened to you.
There's a reason why bankrupts aren't able to be solicitors, in the army, police etc. You've proven yourselves to be untrustworthy.

Queen

Untrustworthy doesn't come into, just because circumstances have happended beyond your control why should you be penalized, if you went BR through silly spending taking out credit over maxing yourself then that's a bit different but you cann't help being ill and you certainly don't know what's round the corner you can only deal with the best you can and BR was out nest option my OH has an illness which he will suffer from for the rest of his life, I'm sure that if we advanced warning of this we would not have taken out a mortgage or any credit so I think its very unfair to judge, just because you are in financial difficulty which mos tof the country is doesn't mean you are any different at doing your job than before you were BR, in fact you are probably going to be better

chelseabun_3

Girlygirl,

your comments are very rude. No-one on here is proud of going BR - as others have said, life happens and sometimes it takes us in very unexpected directions. I hope you don't ever have to go through some of the things that some folks on here have experienced.

But if you do, then maybe you will be relieved to find an open, friendly, non-judgemental forum where people offer support and advice when you most need it.

Queen

Very well said Chelseabun :j :rotfl: :j