Bankruptcy and work for a bank

g8_summit

Anyone help here - been on a DMP for a while - £50K debt - work for a highstreet bank.

Is bankruptcy an option here ?? Or even IVA ??

Westminster

Were they not valid options when you went for your DMP?

If you have equity in your property then bankruptcy could be a problem.

Have you tried talking to CCCS?

tigerfeet2006

Hi and Welcome to the board,

There have been a few om here who have managed to keep their job and a few who haven't. It seems to depend on the bank, the job the person does, reason for the debt, the person's contract.

The first step you should do is make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

For ‘essential’ BR info this is Fermi’s sticky - Click here

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
TF...x

wildheart83

Only your company's HR dept can really tell you whether you are able to go BR and keep your job or not. Like others have said, please seek impartial advice from one of the charities before you do anything.

Is there any way you can speak to HR while remaining anonymous?

suehippo

You have given very little detail but is there something that has 'tipped you over the edge' that you are considering bankruptcy or an IVA?

Are you on a DMP with one of the charities or a fee paying company?

g8_summit

I've been with CCCS on a DMP but in a recent review the CCCS person asked if I had considered bankruptcy - probably due to the size of the debt and the estimated DMP payback time (13 years).
Would be nice to "get rid" of the debt but I didn't think this was an option working for a bank.
The CCCS agent suggested covertly speaking to HR as well so I guess this is the way to go.

missyp123

DH works for a bank and this was why we struggled on for so long.

In the end he explained to his boss and she found out from HR who said it was ok. they were supportive even offered to go through finances and give a 0% loan...but didnt want to have tem going through personal stuff, and it had gone to far tbh.

so yes, best thing is to ask. good luck

debt_doctor

Hi,

I agree, contact HR.

I have personally handled the BR of more than one Branch manager of a high street Bank. In one case they placed more than 80k of their banks credit in to the BR. Generally I find that Barclays have the most lienient attitude. Contacting HR, perhaps anon, is a must.

DD

g8_summit

Thanks all for your replies and thanks DebtDoctor - good to hear that about Barclays being lenient

I will contact HR next week.

After some more reading around, I'm thinking an IVA could be the best way to go.

Deep_In_Debt

I guess it may depend on what you do? Are you in an advisory role for example?

I work in Financial services and not in an advisory role and my dmp is fine, my ex OH went BR and worked in a bank and his BR was ok as he wasn't giving advice and working in a "back office" role.