Do IVAs or DMPs affect your career prospects?

Mercuryrising

Hi I'm new to this board but it seems extremely helpful - especially for reducing spending.

I have over 30K in debt due to a gambling problem which I have overcome with various methods of support.

What I want to know is whether you can apply to become a chartered accountant (I plan to study soon) if you register for an IVA or a DMP. I have already been provisionally accepted for a DMP. There is nothing on the web to suggest one way or the other - isn't the IVA a form of insolvency?

I suppose I could phone them up but it'd be quite an awkward call to make and if anyone knows I will be extremely grateful.

Thanks!

Broken_hearted

I don't think it does but not sure sorry

Chortle_2

Have you already registered with your chosen accounting body (CIMA/ICAEW/ACCA etc)? In the gumph they send out, it normally includes a section on ethics etc, which would normally cover their rules on this.

I know that bankruptcy/insolvency is a no-no once registered (and presume this covers IVAs too, although not having been in one, I don't know for sure). I don't think the same applies for DMPs though.

I'd suggest calling the accounting body, and asking the question. OK, so its not the nicest thing to have to ask, but you don't necessarily have to give your name

Good luck

Decadent_Fool

I'm not sure, however surely the important thing is getting a manageable way of getting rid of the debt ? Anything else can be overcome, and there's plenty of similar jobs in the financial industry similar to accounting, which could be an option.

Best of luck, and great to hear things are getting sorted

In_Search_Of_Me

Is there any guidance on the internet in terms of prfessional body? There was a guy on spendaholics who was training to be an accountant & he was on TV with his debt!! Not sure of thats any help? Hope it goes OK...

Mercuryrising

Thanks to all the replies - I'll call them anonymously to make sure...

Accountancy is my preferred option because of the relatively cheap way of getting a prestigious qualification - a Masters degree would be way out of my price range.

CLAPTON

accountants are barred if they are made bankcrupt but DMP or IVA are acceptable.
check with the appropriate authorities about trainees but one would expect the same rules.

Bloke_with_a_simple_life

Other considerations...
1. How do you anticipate paying for your studies? I presume you may be a "mature" student - will you need to save some cash ahead of time?

2. will you be able to meet the DMP repayments if you are studying (Full time, I presume)? Part time jobs etc?

3. Although the rules may be one way for associations, some firms may be more demanding than others. So need to be sure when you finish your degree you know the firms to target.

Good luck.

ians1

Hi

Don't know about the accountant thing but employers have been doing credit checks on prospective employees for years. I had to sign to say I accepted they do this once when I applied for a job, but it was for a company that printed bank notes, so maybe they had a right to be touchy! Bottom line is any prospective employer could find out about your credit history, not too difficult these days. Don't know that its that relevant in most jobs, but they seem to think it makes a good person = debt free and bad person = has bad debts. Personally, I think anyone who gets the better of a bank, building society, credit card company, loan company is a saint in my eyes.

Ian.

Mercuryrising

Bloke_with_a_simple_life wrote:

Other considerations...
1. How do you anticipate paying for your studies? I presume you may be a "mature" student - will you need to save some cash ahead of time?

2. will you be able to meet the DMP repayments if you are studying (Full time, I presume)? Part time jobs etc?

3. Although the rules may be one way for associations, some firms may be more demanding than others. So need to be sure when you finish your degree you know the firms to target.

Good luck.

To register to be an accoutant you need to do 3 years relevant work experience and pass about 15 or so professional papers. For most mature entrants, you are expected to do the bulk of the papers whilst you are working full time. It's going to be very tough.

The beauty of it is that the fees are extremely low especially if you study at home (just £59 a year body registration fee and £41 per exam paper you take plus £25 per textbook) - nothing compared to the £000s for Masters degrees.
Whilst you become more qualified and build up more work experience the earnings will go up quite considerably as well.

A lot of my friends about my age (late 20s/early 30s) have decided to make the change - there is a LOT of work available in that field at the moment.

As for the DMP I looked at my finances and think it just maybe possible to carry on the normal way for the timebeing and only use it as a last resort. I might post a SOA here soon.

Thanks for all the advice.