Concerned about a default

[Rockman2000]

Hi I hope someone can help give me advice ASAP.

I have been offered a graduate job in starter role at a bank that I did a placement year at. I’m my first year of uni I very stupidly opened an account and let it go into default due to not having the means of paying it back at the time. I got a role as a placement student at the bank and passed the credit check then and have luckily been offered a grad job there. The default is from 3+ years ago and I am very worried it would cost me this graduate role and I don’t know whether to declare it where they ask and if so what to say

Say the truth

It if is in hand now then you explain the truth

Did you pay the money off? A satisfied default is better than outstanding.

No I have not paid it off as I have been unable to. However, with this job I will be able to

It’s also worth noting that the default was there when they previously checked my credit for the placement role and it was much newer then

It’s likely to be the same credit check that they do for the different role. But I’d probably mention it.

I think I will mention it, the default isn’t huge like £1000+ so I’m praying it doesn’t affect me too much and I can get this job I’ve worked so hard for. I have had nothing bad on my credit report since then and have been very sensible to make up for the default. However, I’ve seen conflicting reports on the internet on whether they can see defaults with the soft inquiry that employers do so I don’t know if I’ll just be putting myself in hot water by mentioning it for the vetting checks

Definitely don't lie. It'll probably be fine if it was fine previously.

Yeh you are right I really shouldn’t lie and I don’t want to but I am only questioning it because I got through last time without mentioning it. On the flip side if I am caught in the lie there’s a very good chance the offer will be pulled

There is zero need to mention it unless it comes up.

Also, in financial services they care about bankruptcies, CCJs, and more serious financial crimes.

A default like the one you described would not be on their radar.

I was hoping this would be the case but I’ve got further into the vetting process and they’re asking if I’ve had any financial concerns over the last six years and they’ve listed a few things such as CCJs, defaults and bankruptcies and asked for details if there have been any. I’m really stressing out because I have no idea what to do and I’m scared whether I tell them or not it will cost me this job

They won’t withdraw your job offer over a default, it’s more repeated CCJs or bankruptcy which are things to suggest you’re in serious financial difficulty and therefore more likely to commit fraud. One default from years ago won’t be a cause for concern.

HOWEVER you absolutely must declare it if asked, if you don’t declare and they find out (which they will through the credit searches) you’ll be immediately rejected and potentially face disciplinary consequences. You absolutely must not lie, I cannot stress this enough. At my work we have to do an annual attestation to say no change in circumstance etc and anyone found to have lied or not disclosed faces disciplinary action.

Ok thank you for your advice, I really appreciate it from everyone that has commented.

Im going to say I have 1 default from 3+ years ago and have had no financial concerns since then. If they need anymore information from me in the future I will just tell them I didnt had the means to settle it due to being in university and COVID hitting at the time so I couldn’t even get a job to earn money to pay it off.