anyone work in the financial services industry?

[blackmonday]

Hi, i've just started a job in the financial services industry. to be employed i had to go through a credit search which at the moment is clean. I'm now love work but we are struggling financially. Our mortgage has risen hugely as we've just come off a fixed rate and we are heavily in debt with credit cards, unsecured loans. We know we won't be able to meet all of our payments. If we go onto some sort of debt management plan or anything like that will I lose my job? Is there any arrangment we could come to with our creditors that would not affect my credit rating? We may be in the position where our mortgage payment is the only one we can meet. any advice would be helpful. (i've tried to ring debt helpline and cab with little progress at moment)

Hi
I don't currently work in financial services but did do for a loing time. I would kep trying to contact the CAB and please don't get yourself involved with a debt management company unless there is no other option. If you are having problems your creditors must be sympthetic, contact all the companies and advise them of your situation and request to speak with the relevant person in the company to arrange a different repayment schedule. I would personally always follow up any requests with a written request send by recorded delivery and keep copies of every letter and details of every call you have made along with the persons full name etc etc (a faff I know). Unless you are a high up in the company and you going bankrupt would affect the company I wouldn't worry too much about the job, have you checked your contract (sorry if being obvious)? I had a similar problem with a colleague I managed in my previous job and it was only really relevant for company directors etc etc. Have you a good HR person you can speak with in confidence? My partner is more up on this than me so i will see if he has any ideas and get back to you if so. I hope it works out for you. Sorry I couldn't be much help at the mo.

I doubt they'll credit check you again while you're employed, it's much more likely when you apply. Do you handle large amounts of money though? If so they may have a periodic check but I doubt it, I was checked pre employment but never during.

I doubt very very much you'd lose your job if you negotiate something with your creditors and come up with a payment plan etc but don't go bankrupt if you can help it or you will have to declare it (I'd have thought so, check your contract). Meet your mortgage payment, everyone else you can negotiate with. Are there other outgoings you can reduce? Moneysavingexpert.com is good on this sort of thing.

You can get your credit report from Equifax and Experian by writing to thme with £2. See their sites for details.