DMP / starting a job in a bank. 4 March 2022 at 8:02PM in Debt-free wannabe 4 replies 442 views

Sholx

Title says it all really. Can you have a DMP when working in a bank? My son is about to begin a new job in a high street bank, long story short he is in a mess with his debts due to failed relationship/general bad money management ! A DMP is a recommended route for him to go down, but there is the worry this could impact his employment as we’re aware they do checks to ensure no CCJs and Bankruptcy. Granted they are not the same but is this a deal breaker. Any info would be much appreciated thanx

fatbelly

Is there a Union he could check with? He's going to get defaults and I would suspect that if they tried to sack all the bank staff who had defaults on their files, they wouldn't be left with many staff.

But I'm not an employment specialist

enthusiasticsaver

Long ago it would be a disciplinary  to have mismanaged finances if you were a bank employee with some banks but that was 40 years ago when I first started working in a bank.  I seriously doubt that is still in place. Get him to check his employment contract to see if there is any mention of personal finances. 

RAS

Firstly, has he spoken to a free debt charity or to a fee-charging debt company?

When the 2008 economic crash happened quite a lot of bank employees went bankrupt and the board here had a lot of people who were very scared about the impact on their employment.

They were able to contact HR via their union, who then referred them to in-house support.

Of all those involved I can only recall one losing their job; the only one who didn't advise their employer in advance and waited until the OR contacted their employer. Otherwise people might have to accept some additional monitoring/additional financial support but they were OK.

So bad money management going forward might be problematic, but if he's up-front, making positive efforts to sort out the existing problem and accepts in-house support he should be OK. 

But do get a union rep etc to take anonymous advice on the situation in advance.

Brie

Bank Workers Charity might be able to advise if he wants to ask a neutral party.  They usually assist people who are already or were employed in a bank but they might be willing to help.

https://www.bwcharity.org.uk/

The bank I'm current with doesn't say anything obvious about being in debt and in fact has an employee support programme for those with financial issues.  I've never heard anyone ask about how good one  handles ones own finances in interviews or upon application.  In fact some parts of the business might view someone favourably on the assumption that they would have more empathy with customers facing debt issues.