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Can we go into debt management
Hi, myself and my partner owe a lot of money mostly credit cards and one personal loan. We have been struggling with the debt for a number of years but we have really got to the point where we will lose our home unless we deal with it. We are considering debt management the only problem is my partner is a mortgage adviser and an IFA (I know it doesn't bode well - please don't judge us) My question is if we go down the dm route as opposed to IVA or bankruptcy will my partner still be able to work in the finance sector - I know many of you will have your own opinions on his creditability - however I am not looking to be judged I would just respectfully wish to know if anyone knows the answer to whether the FSA let IFA's continue to work if they go into Debt management - thanks.
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Dont think i've ever seen anybody judge someone on here, debt is a serious problem and can happen to anyone!
An Independent Financial Advisor can of course enter into a DMP, they can even go into an IVA if it suits their situation - they cannot go Bankrupt.
The IFA would have a duty to inform the company they work for and probably an institute or regulatory body. Their work may be scrutinised a little more closely (to monitor that they do not mis-sell for the comissions). If they do not inform their employers, managers or regulators then it would be considered gross mis-conduct and they would lose their job but provided they are above board with their sitaution then there shouldn't be a problem.
EDIT: Sorry, just to add, when you said "DM route as opposed to IVA".
An IVA route is open to you if you it suits or you would like to find out more. BOTH routes will have a record somewhere even though the DMP is informal!. A search on your partner's records would also show up a DMP (missing payments etc) if he was to enter into one and if he doesn't inform his regulators he'd be in bother.Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
Thanks so much for your reponse Charco.0
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