We're bankers... and in a complete mess..

boo80

No, it's really easy, I started a thread about it here http://forums.moneysavingexpert.com/showthread.html?t=1597891 Took about 2 weeks to set everything up but it's still early days for me. Boo.x

CCCS_Alan

Hi Saskia1

Welcome to the boards.

Some very great advice already provided here, and the main step you have to do is take control of your situation and surviving on what is coming in and not relying on credit. Moving your income to a new basic bank account will allow you to pay all of your priorities & essential living costs first, and what’s left is what you offer to your creditors and pay them by a SO or over the counter so you are in control of how much they receive each month. Basic accounts can be found on via the link below.

http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

If you are not making your contractual monthly payments your credit rating unfortunately can be affected, but the main reason for the credit rating is to obtain more credit which hopefully you would not be planning to do. Taking out a managed loan could increase the amount that you owe overall, so it would be easier to deal with what you owe now, rather than increasing the debt.

As the other users have advised if you can get your statement on here people will happily provide plenty of advice and ideas on what you could do to try and improve it.

It may be worth speaking discretely to your HR department regards what effects this situation could have on your employment as you would not want to take any action that could affect your job.

To get an idea of what your available options are at this point you could visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. Click here to go directly to Debt Remedy.

Regards

CCCS_Alan

RAS

Saskia

Please contact your HR department, personally or anonymously via your union representative. A number of other posters here and on the BR forum are bank employees. Most have kept their jobs including three who went BR with their in-house debt advisors approval. The two who lost their jobs went BR and then told their employers.

You may not need that option but many banks are providing in-house support for emplyees in your situation.

hypno06

RAS wrote: »

Saskia

Please contact your HR department, personally or anonymously via your union representative. A number of other posters here and on the BR forum are bank employees. Most have kept their jobs including three who went BR with their in-house debt advisors approval. The two who lost their jobs went BR and then told their employers.

You may not need that option but many banks are providing in-house support for emplyees in your situation.

A agree - this is a priority. Whatever you do, you need to do with their knowledge. If you sit down with them and explain, and ask what their requirements are etc, you know the boundaries you have got to work within. Plus, just telling them what the situation is will take a lot of pressure off you, I am sure.

If they are happy for you to do a DMP, then definitely use the Debt Remedy - it is a really good starting point, apart from anything else.

It may seem bleak right now, but it will get better, and you will regain control quite quickly once you start. It takes a bit of focus and effort, and a lot of brainstorming and thinking outside the box, but that is where the boards on MSE are invaluable - ideas, challenges, support, someone to laugh with, someone to rant with.......its all here!!

Welcome aboard!

Kavanne

saskia, you need to contact your line manager about this. Sooner rather than later. Otherwise you could end up on disciplinary, or worse. You should keep your employer up to date.

Deep_In_Debt

I worked in an advisory role and my job was regulated by the FSA also and I was on a dmp then. I'm still in financial services but no longer in an advisory role and still on a dmp. I thought the best thing to do was to be open and honest with my employers so I told my boss and HR and they were absolutely fine with it.

Worth speaking with your HR department even if it is anonymous (sp?).

debtfreeian

Hi Saskia,

Keep me informed. I'm in a similar position (work for a bank).

I was just going to set up a DMP because I assumed they couldn't find out. I guess I better phone HR. Don't really want to discuss with my line manager.

angelicmary85

Hi Saskia,

Just thought I'd pop by to say welcome to MSE!!

Good luck with your debt-fighting journey, you'll get loads of support and fab advice here so keep us up to date on your progress!

RAS

:rotfl:I am beginning to think half the banking staff in the Uk are on MSE:rotfl:

Seriously though, who had easy access to credit for many years?

saskia1

Thanks all for the great advice...........

i do agree with letting my employers aware of the situation - but as our HR dept is all web based (seriously -you cannot speak to a person) i think i will speak with my line manager - but then i think i have applied for the consolidation loan and they have updated my account details with all the financial probslems - its not like i'm hiding anything from them.

Also just as a last thought - i cannot deafult on my bank credit cards (my employers ones) and bank loan as that WILL result in disciplanary! so the managed loan option for them may be the only way forward with those debts.

first steps first - realised on all my cr cards & loans we have PPI - should i cancel this now or will they automatically do it as part of a dmp?

ta

sassy