Debt advice for trainee accountant

jasper1983_2

im a trainee accountants and i've recently found myself in alot of debt just under £20k - im looking at options to help the problem but i've been advised that if i go down the route of trustee or debt repayment plan then it will black list me for my career path.

im not a homeowner and my salary is only £20k

Does anyone know what route i can take to get resolve my money problems, or any advice??

thanks

Nottoobadyet

Fill out a statement of affairs (link on the top of this board) and people can offer you advice. Its hard to say with so little information.

CH27

Post your SOA & people will happily advise you.

dancingfairy

1) sell everything you can think of, get rid of all uneccessary expenses and trim everything to the bone, try and do overtime where possible - ie year end or try ebaying/carbooting stuff
2) consider a dmp - debt management plan - this will ruin yourcredit rating for 6 years as it will mean you incur defaults
3) for an IVA you don't need to have a house but I think it ranks up there with bankruptcy for accountants in terms of a no-no
4) move in with family/friends and save, save, save

um that's about it really - there are no easy answers of shortcuts.
Depending on the state of your debt - ie how it's made up - can you swap any balances around - ie from cards with higher interest rates to lower ones? any spare capacity on your cards to play with to shuffle things about? any chance you might get a deal from one of your card companies - ie you could phone them up and say I owe x,y,z on a different card but the rate is awful - I'm wondering if you have any special deals/offer.
Best of Luck
df

Foggster

I have been working in finance for over 20 years and i have never had to declare my financial state of affairs for my employers.

I do know that if you were to go and work for a bank or a secure environment where you may have to have high level security clearance then they would look at your financial position. You are still young and only training and it may be a number of years before you are in a senior position which could involve your financial affairs coming under close scrutiny. Concentrate on clearning your debts now and proving you took on responsibility for these debts. I am sure there are may high flyers out there who got into financial strife when they were young.

Good luck.

dancingfairy

I believe AAT and possibly the others have a fitness to practice requirement and this involves not having been bankrupt or undertaken an IVA unless in exceptional circumstances due to a nasty divorce/domestic violence type situation.
Furthermore I thought employers sometimes credit checked individuals?
If the OP belongs to the AAT or other professional organisation it would be worth phoning them anonymously to check their view on this. They should also contact their HR annonymously as well if possible regarding the individual companies view on such things.

df