Having bad debt-riddled credit file or one Sequestration default on your credit file?

yesican

Hi guys,i'd like to pick your brains a bit here please,

Which one is bad here please?
1.A very bad debt-riddled credit file OR

2. One sequestration default on your file please?

Im finishing my education soon and i went to CAB office today and this lady asked me that question and i couldnt find myself answering it.
She's helping me fill out my forms but the one thing that she asked me to go away and think about is whether its worth going through the LILA sequestration route or just ignore your bad debt?

Im really confused now.She was telling me that i will never get a job in the any financial sector but i was saying to her that recently when i went for an IT Admin position in a bank (out of 34 job applications,it was the only interview that i got and i gladly took it-hey...nowadays,grab anything you get...),i was turned down because i have bad credit i.e defaults here and there.

Your response will greatly be appreciated guys..

PS: Have a lovely evening... :-)

Ineedaname

Relating to jobs in the financial sector, the unfortunate answer is BOTH! If you had sequestration on your credit files then you would probably still have been turned down for the job at that point.

I think the best way to look at it is "how is bad debt and struggling to pay it affecting your life now and how long will it continue to affect it in the same way?"

fermi

It's not entirely an either or question.

Sequestration would be added to your credit file on top of the other bad history. It would not replace the previous bad history by one default entry.

It would however draw a line under the current history, forcing defaults to be placed if creditors are going to do so and halting the addition of new adverse account info. With the exception of the sequestration itself that is. So perhaps that is what she meant? e.g. 6 years of bad history on your report which would then clear.

Which is best for someone who may want to work in the finance sector is not something I'll comment on.

yesican

First of all, thank you very much for your prompt responses guys..

Personally, i dont mind working in any sector,among many reasons for going through the LILA route is that,im struggling at the moment with debt collectors either banging on my door or i jump whenever my phone goes or i dread opening my mails.I think its reached that point in my life that i need to gain some sanity back and the only way is through LILA.... (fyi- i didnt make this decision very lightly).

Once again, thanks for your support guys...