Anybody work in finance here and ever been in this situation?

[helpandadviceplease19]

I work at an investment firm doing admin. Have done so for over 2 years now.

I've gotten myself into quite a considerable amount of debt and I'm in way over my head. I'm absolutely terrified. It's gotten to the point where my wage isn't even covering what I need to pay out.

It's making me feel suicidal. I have nobody to turn to.

I wanted to enter a debt management plan but I'm worried I'm going to lose my job. I'm too ashamed to speak to my HR department or manager about it.

What options do I even have here?

I've only ever had a credit check at the beginning of a job, not in a job I'm currently doing. Even then it's only a problem is it's IVAs/CCJs/Bankruptcies.
Tbh your credit rating probably isn't looming great anyway and a debt management plan will most likely improve it :)
Good luck

Do NOT tell your HR department or manager. Just get on the phone, and call Step Change (the debt charity). When you're really in over your head like this, you need someone: a. On your side, and b. Who knows how to help.

Honestly, they've heard it all - you're not the first, you won't be the last. Good luck.

Please call Christians Against Poverty. Tonight. You don't have to be religious (nor am I) - they do great, great work.

And check out the Debt Free Wannabe board on MoneySavingExpert. There are so many kind and knowledgeable people.

You need to speak to them. If you can have a professional discussion about what your current situation is and what your plans for dealing with it are they should be understanding. The risk comes from someone who is in debt, not open about it and does something stupid (bribes, selling info etc).

As a priority, please speak to your GP if you're feeling suicidal.

When I worked in finance, admittedly a few years ago, DMPs didn't matter. It was CCJs etc.

As far as I'm aware the only issue is being declared bankrupt, and even then isn't it only for staff in regulated roles rather than admin?

Not sure why you need to speak to HR or your manager unless as your employer they've placed a contractual obligation to do so?

I work in finance and I've never heard that you can't be in debt are you sure it's not directors your thinking of ?
What's it got to do with your employer what your financial situation is especially if your doing a admin job ?

Why are you thinking of talking to hr?

Is there anything in your contract or legally that makes you think you need to inform your employer?

You’re not a qualified accountant so not sure what the issue is in terms of work?

Sort out your debt by speaking to a charity for advice and work on the root causes of the debt.

I wouldn’t speak to your employer, I would however contact one of the debt help charities mentioned already. Good luck OP!

You are right to be concerned and you do need to get some advice from HR within your company.
Any investment company is regulated by the Financial Conduct Authority and you will have been screened at the time of starting your employment as to wether you are fit and proper.
Once employed, your company will then probably do Good Repute checks at intervals of 2/3 years.
I can't comment on the population your company will screen or how often but if they are regulated, and you can check this by looking at the letterheads, your credit situation may become an issue.
Talking to HR is confidential and they may have an employee assistance scheme that may help you with your debt.
Best of luck. Hope you get some help x

It's not unusual for people in the finance industry to have to notify their employer if they are in difficulty, the same applies to the security services too. Your contract or staff handbook will detail if that applies to you. They're not generally concerned with managed debt, it's when it becomes unmanageable that they may have concerns.

Talking to HR is confidential

No, it's not. HR represent the interests of the employer, whilst they may well be supportive, they are not going to keep secret an employee potentially being a risk to the business.

Thanks everyone. I did a credit check at the beginning of my employment and I also remember they did an employee screening about 2 years ago, so I don't know if they will do this again

Sorry not 2 years ago, about 18 months ago

For my understanding, why would anyone working in finance need to have their own finances assessed before being offered a job?

Surely, your personal finances are no business of your employer? And surely that kind of information would not be easily accesible by the general public even if Employee X was in debt/had a poor credit rating, so it cannot be a fear of reputational damage by association.

In the industry in which I work, senior/director roles have a 'fit and proper person' check but that's about it.

You are likely to be contractually obliged to tell your employer as you work in the financial sector. Definitely best to check.

I used to do bankruptcy work. Of course there were some jobs where you were sacked immediately if you went bankrupt (usually high up financial positions) but the majority of people who had Insolvency clauses in their t&c's kept their job if they informed their employer themselves rather than the employer finding out from a third party.

As a PP said, an employee with out of control debt is more risk than one taking steps to deal with it. Phone StepChange and see what your options are.

Op check if your company offers confidential advice helpline most do where you can call for legal or financial advice without your company being told details they may be able to advise you

I have always worked in Financial Services, regulated by the FCA. My work does initial credit checks at employment commencement and then regular re-checks.

I'd speak to a reputable debt charity or similar to discuss your options but be careful of entering a trust deed/bankruptcy as this may need to be declared to your employer. Your contract should have a clause in it which may give some details on the company's stance. It can be worse to not declare something that will show in a credit check .

I agree with contacting Christians Against Poverty. My friend's husband works for them (volunteer) and says it's fantastic to help people who've got out of their depth. Often people bring in bags and bags of unopened letters and they ALWAYS leave feeling so much better.

I think you need to tell HR. My firm get us regularly to state that we don’t have and aren’t aware of any looming defaults / CCJ’s and aren’t insolvent. Credits checks are run on a spot check basis. If you declare it you might find them more sympathetic then if they find out from a credit check - There’s new conduct rules coming in December this year for staff at regulated firms (more on senior roles though) - good luck.

The financial services industry is heavily regulated, and the concept is if you’re in debt you’re more likely to be compromised, E.g. open to bribes, committing fraud or circumventing controls. I can understand why the OP is concerned.

Op I’m sorry you’re in this situation, I’m sure it’s incredibly stressful. Definitely get some advice first before speaking to your employer.

Gosh, this is all so scary. I have debt but have never missed a payment etc. Haven't defaulted or anything.

Would this still affect me if my work ran a credit check?