Will Bad Credit Rating Effect Job Offers?

VeryWorried

Hello, this is my first post here! I am hoping someone could give me someadvice or point me in the right direction. I encountered debt problems andspent a lot of time on a solution which has been to enter into a DebtAdministration Scheme (DAS) basically my debtors have agreed that I can paydebts off interest free over 10 years. Everything is going well now, it is astruggle but I get to keep my house.


I am extremely worried because it is likely that I will lose my job due toredundancies. Previously this wouldn't have been a problem because I would haveprobably got another job easily. BUT - now that my credit rating is through thefloor I'm terrified that I will not get through any of the screening that yougo through to get a new job.

Even though I was in too much debt I never missed a payment to any of mycreditors so I do not have any CCJs or anything like that, I thought a creditcheck would just show up underpayments on everything since I started the DAS, I have checked my credit file and all mydebtors are showing Default which seems a bit misleading because I have not walkedaway from my debts, I will be paying all of it off over 10 years (granted theinterest has been frozen).


Does anyone know if this means that I will not be able to get another job at a bank?

MissSarah1972

I don't know about jobs at banks but I went to an interview for TFL and had to sign a form that allowed them to get a full credit check which I failed due to the criteria that they had.

I have never had a CCJ on my name, never entered into any agreement to pay and not in arrears despite having no job but still failed so they couldn't take the application further. I know I would not attend an inteview again where you have to give consent as it's a waste of time for me.

VeryWorried

I was assuming more people would have had problems getting jobs because of being in agreed payments and their credit ratings therefore showing defaults? It would be great to know what other peoples strategies have been if they have the same problem as me.

MissSarah1972

VeryWorried wrote: »

I was assuming more people would have had problems getting jobs because of being in agreed payments and their credit ratings therefore showing defaults? It would be great to know what other peoples strategies have been if they have the same problem as me.

Not all jobs require a credit check though and even so I have no arrears or defults.

If a job wants to check this you either agree or not. I wont again as like I say there would be no point and they wouldn't even tell me how I failed.

antonic

MissSarah1972 wrote: »

I don't know about jobs at banks but I went to an interview for TFL and had to sign a form that allowed them to get a full credit check which I failed due to the criteria that they had.

I have never had a CCJ on my name, never entered into any agreement to pay and not in arrears despite having no job but still failed so they couldn't take the application further. I know I would not attend an inteview again where you have to give consent as it's a waste of time for me.

I would hazard a guess that the reason why your application failed was because the job could involve handling cash, if your having problems with debt you *may* be tempted to steal (I am sure that you wouldnt) and thats the reason why, although they dont have to tell you.

Where I work in the Civil Service, I advised my manager that I was going on a DMP (all those years ago !), I didnt have to but did so there would be no nasty surprises later on ( I dont deal with cash).

VeryWorried

antonic wrote: »

I would hazard a guess that the reason why your application failed was because the job could involve handling cash, if your having problems with debt you *may* be tempted to steal (I am sure that you wouldnt) and thats the reason why, although they dont have to tell you.

Where I work in the Civil Service, I advised my manager that I was going on a DMP (all those years ago !), I didnt have to but did so there would be no nasty surprises later on ( I dont deal with cash).

I suppose this is my problem - I am an accountant therefore I am worried that I might not be able to get another good job as an accountant and would therefore end up with less salary and therefore more money worries. The frustrating thing is that if not for this issue I could get a decent pay rise if I got another job.

MissSarah1972

antonic wrote: »

I would hazard a guess that the reason why your application failed was because the job could involve handling cash, if your having problems with debt you *may* be tempted to steal (I am sure that you wouldnt) and thats the reason why, although they dont have to tell you.

Where I work in the Civil Service, I advised my manager that I was going on a DMP (all those years ago !), I didnt have to but did so there would be no nasty surprises later on ( I dont deal with cash).

Nope wrong in the job I would not be in contact with any cash at all.

I have NO problems with any debt and I have never had a CCJ or been in arrears or entered into any agreement to make a reduced payment to anyone.

Whats a DMP?????

LaLashes

VeryWorried wrote: »

I suppose this is my problem - I am an accountant therefore I am worried that I might not be able to get another good job as an accountant and would therefore end up with less salary and therefore more money worries. The frustrating thing is that if not for this issue I could get a decent pay rise if I got another job.

There will be someone here that can better advise you on this, BUT...

I'd be inclined to say that another job at a bank or accounting job (it would depend how high up on you career ladder you were) may be a no-no.

Most banks run a credit check on potential employees, I'm sure that it is something to do with responsibly taking care of your own finances - so that you would be suited to advise others (even a company) on their finances. (I know it doesn't make sense, as if you've been in debt - you're probably better 'qualified' to advise on finances and how to stay out of debt)

If you're in a higher level job, I'd assume they'd do some personalised recruitment process (not just filling out an application online) you could possibly explain when applying at the bank, your credit situation and also if you could talk about this in a good way, it could even help your application positively?

LaLashes

OP - I'd recommend in the meantime, checking your current contract and (employee handbook as this can form part of your contract of employment) and see if there is any clause in there about your personal finances and credit score.

That's all I can advise I'm afraid, however I'm sure that there is someone on here more qualified (or works in a similar sector) who can answer your question a bit more inn depth...

dizzyrascal

VeryWorried wrote: »

I suppose this is my problem - I am an accountant therefore I am worried that I might not be able to get another good job as an accountant and would therefore end up with less salary and therefore more money worries. The frustrating thing is that if not for this issue I could get a decent pay rise if I got another job.

Are you sure you can keep your qualification status as an accountant?
I ask as often professional organisations will not tolerate certain circumstances and may not let you renew for the time being. It could be the sort of thing that would get you struck off (may be able to reinstate later)
To be honest it doesn't inspire confidence as an accountant if you cant keep in control of your own personal finances.

Treehugged

This world is getting ridiculous. Not only do we have to endure all manner of hoops to get jobs in a very competitive market, but now there's the added hurdle of credit checks.

Christ almighty at this rate rich people will be be their own hired help.

Sorry, but I really despair at where we're heading.