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DebtDumb
Starting Member

2 Posts

Posted - 15 Jun 2010 :  13:10:55  Show Profile  Reply with Quote
if i do a debt management plan will the company i work for find out. I work in a bank.

Debt Management Advisor
Debt Management Expert



366 Posts

Posted - 15 Jun 2010 :  13:31:38  Show Profile  Reply with Quote
Hi DebtDumb and welcome to the forum.

Neither your debt management company nor your creditors will have any reason to tell your employer that you are in a debt management plan. In fact it would be quite wrong of them to do so.

There is no public register of debt management plans. This is in contrast to other options such as bankruptcy, IVA's or Trust Deeds (Scotland). There is a publicly viewable register for all of these.

One way that your employer would be likely to find out about your debt issues would be if a creditor took legal recovery action against you and then applied for an "attachment of earnings".

I have never seen this happen to somebody in a debt management plan. The reason for this is that the Court is unlikely to allow the creditor to claim more than they are already receiving via a debt management plan. The legal action is therefore consuming of both money and time for the creditor without any real benefit.

I suppose another way might be if they credit-checked you but comparatively few employment contracts include provision to check credit records. As a bank worker I'd suggest you check your contract of employment on this subject.

Do you owe any money to the bank that you work for?
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DebtDumb
Starting Member

2 Posts

Posted - 16 Jun 2010 :  18:09:39  Show Profile  Reply with Quote
Hi

thanks for the advice on the contract. as i thought, i can't go bankrupt or do an iva because i'll be sacked. i do owe money to my bank - overdraft and a staff loan.
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