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?

Do you have to complete fitness and probity every year? Are you in a controlled role?

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

I think the advice on here is wrong most people have some debt if you've never missed a payment than you have nothing to worry about it's people that at risk of bankruptcy.
And it's a admin job so your hardly Alan Sugar , unless it's in your contract please take the advice on here with a pinch of salt .
Check your contact and go from here do not get worried .

This is from the FCA handbook on being a Fit and Proper person:

2.3 Financial soundness
In determining a person's financial soundness, the FCA will have regard, and an SMCR firm should also have regard, to any factors including, but not limited to:
(1) whether the person has been the subject of any judgment debt or
award, in the United Kingdom or elsewhere, that remains outstanding or was not satisfied within a reasonable period;
(2) whether, in the United Kingdom or elsewhere, the person has made any arrangements with their creditors, filed for bankruptcy, had a bankruptcy petition served on them, been adjudged bankrupt, been
the subject of a bankruptcy restrictions order (including an interim
bankruptcy restrictions order), offered a bankruptcy restrictions
undertaking, had assets sequestrated, or been involved in
proceedings relating to any of these.
The FCA will not normally require a candidate to supply a statement of assets or liabilities. The fact that a person may be of limited financial means will not, in itself, affect their suitability to perform a controlled function. The FCA would expect an SMCR firm to take a similar view in assessing whether staff being assessed under FIT, are fit and proper.

The best way forward, as others have suggested, if for you to do your utmost to get on top of this debt right now OP. If you can demonstrate, if asked, to show that you are doing everything you can to sort the situation out, then they're more likely to look upon you favourably. Personally, I probably wouldn't talk to HR until you've done that (or at all). But if asked, FGS be honest and transparent.

And it's a admin job so your hardly Alan Sugar , unless it's in your contract please take the advice on here with a pinch of salt

Nope, bad advice ^^ it depends on what your firms stance is and to what level your firm is deciding to apply the new conduct rules (going forward).
Also if the OP can’t cover repayments then She’s going to be facing being in arrears soon.
Do check your contract and please remember it’s not worth being suicidal over.

@which1 it’s to do with potential for blackmail.

please remember it’s not worth being suicidal over

And this ^ with bells on. Call these guys now OP and try not to worry www.stepchange.org/

@Pinkypurple35 it's not bad advice because you've just said the same as me check your contract.
The poor op will be panicking now and it may be unnecessary .

What's the underlying problem here, i.e. why has your debt escalated so much? I'm guessing you've got into a cycle of borrowing to repay original debts? It's good that you've never missed a payment but you've got to tackle the reason you first got into debt and why it got out of control.

I would check your contract but if credit checks are a feature of your job, you will be in a much stronger position if you tell them.

@Pinkypurple35 What are the new conduct rules?

just to say, Christians Against Poverty aren’t taking on any new cases until next year - this per their website.

i have just used Step Change as i am on disability benefits and was sinking fast when my relationship broke down. they are amazing, and have totally lifted all the stress i had been carrying about money.

just give them a call. check your employment contract, but make the call regardless. things will get better - they have done for me and i thought i was headed for saving up enough money to go bankrupt.

best of luck, be brave.

you do not need to talk to HR, or indeed anyone. Especially in an admin role - it is not like you are managing people's investments or the like. I assume they are not paying you for a professional license, and thus liability.

I hope you reach out for some help from one or more of the agencies above. They can and will help you get control of this. It can be done. Feel good that you finally are at the point of seeing you need it.

Best of luck!

I'm already aware of the SMCR regime. I'm not in a senior role so I don't think this applies to me.

Hi OP, it’s SMCR I was referring to, so senior mAnagers will be subject to new rules instead of current approved persons rules, but firms can also chose to apply ‘conduct rules’ to other staff under the SMCR policy too.
The thing it may be caught under is ‘acting with integrity’ - but I stress it depends how your investment firm chooses to apply this.
As I said upthread please check your contract and take it from there.

You need to tell each company you are having severe debt problems and seeking help for mental health issues. They will freeze all the charges and interests rates on your accounts and agree a DMP with you. You basically offer a reasonable amount you can pay each month. Even if it will take you 10 years, you offer what you can afford. They will then probably sell your debts on to debt collection agencies BUT if you work with them and agree a monthly payment with them as well, you won't have any problems.

They will report defaults on your credit report but you won't get any CCJ's or have to enter an IVA. If you need a template of what to say to them, PM me and I can send you a template that you can e-mail to them all. Be prepared to spend a good amount of time on the phone over the next few days but once it's sorted, it's sorted.

I work in finance and would be happy to help you with your budget and what you can propose to pay if you want to PM. I've seen loads of people in this mess and if I can give you half an hour of my time to help you sleep tonight, I would be more than happy to help

The issues for a company are you being open to bribery and the temptation to steal from your company.

By having a chat with your manager and letting them know you are having problems and what you are doing about it you are essentially negating both of these concerns.

I can't see it being an issue if you tell them but potentially a big issue if you don't and they find out.

@JenniferM1989 Step Change will do all this on your behalf. i spent an hour on the phone to them, gave them all the details of my creditors and within a week they had a DMP agreed with all of them. they also deal with creditors who insist on escalating, will field threatening letters and basically you set up a Direct Debit to Step Change and they take care of everything else.

much less stressful than approaching creditors yourself, particularly if, like me, anxiety is an issue. i really cannot recommend Step Change highly enough.

I would not tell HR. The reason you have finance checks is because you are a risk to the company, ie if you are financially desperate you may try to steal money or property or may break the rules for your own benefit out of desperation.
As others have said phone a debt charity first. Maybe look at moving jobs outside of an FCA regulated company ie less likely to have a credit check.
I would lose my qualifications if I got any big marks against me, not sure if you're also in that position. Well done for admitting there's an issue and definitely seek out help.

Coincidentally I had a conversation about this very thing quite recently. An ex-colleague (who works in an Investment Bank in London) - in Compliance- was in this very situation due to an ex. She did speak to HR about her DMP and they were very understanding and has had no impact on her whatsoever. Hope this is reassuring

Had tons of office jobs in financial sector.

Hr do not run spot checks on anyone including admin people after employed.

In fact it would prob be iffy to do so without permission.

Sort your debt, links above look good. Don't worry about work. Do your job go home. That side is fine.

@quincejamplease, Investment Banks do job reference & credit reference checks running back 6years on all staff including admin. (even for maternity cover PA roles I made my living doing up until to 3years ago). I wouldn't tell HR, I'd sort it with CAB advice or suggestions other posters have given. No point giving people ammunition at next round of redundancies (which were getting to be routinely 6 monthly at my last London investment bank).

I'd add that it was a London PA who fleeced Goldman Sachs out of £12million a good while back, so job agencies & Banks then tightened up on admin role reference checking.

I have a job where personal finances are relevant. In my field, They always make a point that having debt will not get you immediately fired. They are more concerned if you have debt and keep it a secret because when it’s a secret you are more prone to desperate acts.

I'm not sure about employment issues but I hope you get help asap. I do know Accounting memberships such as AAT, ACA, CIMA and ACCA can be affected by large debts. Good luck

I work in finance and am studying cima. I was in a similar position to you and ended up entering into an IVA. I spoke to my manager and HR and there was no problem on their part. I did have to notify CIMA because of the ethics etc and they did need some info and a character reference but were happy for me to continue studying

OP
Are you a certified person or just covered by the conduct rules. Fit and proper applies to certified persons (certified persons have/are replacing approved persons) not conduct rules.