F&F IVA Question

Anondebtadvisor

Wouldnt they see all the defaults against you if you entered into a DMP? What is the difference in terms of a DMP V IVA in terms of your job?

Rylynn

Anondebtadvisor wrote: »

Wouldnt they see all the defaults against you if you entered into a DMP? What is the difference in terms of a DMP V IVA in terms of your job?

A default is a default but I am not sure how his professional body views DMPs.

Ox1987

DMP does not get seen and I think the credit check only checks for BR/IVA/CCJ

DMP is a private arrangement not public, though dont scare me now

More and more BR seems the only option

Rylynn

Why does DMP not get seen? how do they hide it? I know IVA can be seen as I was told my credit rating would be shot to bits when I went in for one.

Well just as I thought a DMP ruins your credit rating as well just googled it but it may not affect your job but that is about all Ox from what I just read, but as I told you, you need to seek as much advice before you make any decisions at all.

milliemonster

A DMP is not a private arrangement, I don't know who told you that, it is an informal arrangement rather than formal like IVA/BR but will still be recorded on your credit file along with any defaults etc that your employer would see when they run a credit check, they would run a credit check and see this, not just that an IVA or BR is recorded.

Rylynn

milliemonster wrote: »

A DMP is not a private arrangement, I don't know who told you that, it is an informal arrangement rather than formal like IVA/BR but will still be recorded on your credit file along with any defaults etc that your employer would see when they run a credit check, they would run a credit check and see this, not just that an IVA or BR is recorded.

Thanks Millie, I think someone has been feeding Ox some rather bad information, or not explaining things correctly. I did not think things could be simply hidden.

gardenlady_2

milliemonster wrote: »

A DMP is not a private arrangement, I don't know who told you that, it is an informal arrangement rather than formal like IVA/BR but will still be recorded on your credit file along with any defaults etc that your employer would see when they run a credit check, they would run a credit check and see this, not just that an IVA or BR is recorded.

This in INCORRECT! Don't terrify people when you don't know the facts. A DMP would show up on a credit rating yes, but not the sort of check done by employers in this circumstance. Certain professions- eg accountants, police officers- are not allowed to go bancrupt, this is due to money laundering rules. Their professional bodies do not allow them to be bancrupt, so that is what they check for, they only check records in the public domain which show legal stuff IVA, bancruptcy, CCJ. A DMP is not a legal arrangement, it is an informal arrangement.

Anondebtadvisor

Many police officers do go bankrupt and do keep their job without any problems, as long as they inform proffessional standards prior and likewise accountants can and do go bankrupt it does not always result in withdrawal of practicing certificates.

Fortunatley attitudes towards bankruptcy have changed!

Rylynn

Anondebtadvisor wrote: »

Many police officers do go bankrupt and do keep their job without any problems, as long as they inform proffessional standards prior and likewise accountants can and do go bankrupt it does not always result in withdrawal of practicing certificates.

Fortunatley attitudes towards bankruptcy have changed!

Thank you so much for this information, there are too many people who think that they know the facts when they do not. Your information should be somewhere more prominent on this site not hidden at the end of a thread.

I knew a DMP would still muck up someones credit rating, but to be honest when people are in a dire situation I am sure the last thing they are thinking about or should be thinking about is their credit rating.

Things have changed, and so have attitudes to bankruptcy (mind you there are still some sad people around who think someone is a criminal if they go bankrupt, or have taken the easy route out), and
we still have some institutions who take a very dim view of them.

The banks are one such institution, not being able to get a bank account is a major concern for people, yes we have a few that allow it, but not nearly enough, as if your debts lie with the few where the hell do you go then.

My thoughts on this are that these banks threw money at people like me, yes I could have said no, but then when push came to shove I had to search to find another bank. I needed a bank to have my wages paid into, I needed one to pay my bills ie. direct debits, I was lucky the Co Op were not one of my creditors and they have been a totally fantastic bank and I would not bank with anyone else now, even if I could.

I am pleased that some Police Officers and Accountants are able to keep their jobs, we have criminals out there getting away with things and if all one of these professional people has done is make a mistake and got in a mess with their finances I do not believe that on top of that they should then lose their job as well, they are human beings the same as any of us.

I understand why there are rules, money laundering as you say being one of the reasons, but if the person has simply got into debt personally then why should they lose their profession as well.

Bankruptcy should always be the last resort not the first, and I tried first on my own to offer money to each of my creditors some said yes but the ones who said no then meant I had threatening letters and phone calls. I then entered an IVA and due to becoming very ill 2.5 years later it failed, so my last resort in 2008 was bankruptcy.

I would like to say that BR has never been a problem to me, other than the bank account malarkey. My family all know I had to go bankrupt, my friends know and my HR department were told as I worked in finance but it was not an issue I did not handle money.

In fact bankruptcy helped me turn my life around, get back on my feet and live a normal life.

So lets hope in the future that more and more peoples attitudes change towards bankruptcy and IVA's, and this should include such people as Police Officers and Accountants and any other professional whose job could be at risk for simply doing what a huge amount of this nation has done and got into financial difficulty.

As I say thank you for your post. I hope any Police Office or Accountant reading this takes some heart from what you have said.

RL

gardenlady_2

You misunderstand me. I was pointing out that in this particular case, where the persons employer DOES do a credit check for bancruptcy/IVA it is incorrect to tell him that a DMP has the same impact. He may have read that and thought he would lose his job! His employer is not checking his credit card history, but whether or not he is bancrupt or on an IVA. He has also been told by his professional body that bancruptcy would mean he would not be allowed to be a member of said body. He was told that a DMP would have the same impact. It wouldn't.