Many people coming to Payplan have various worries and concerns about debt management solutions. The main concern we hear is “will I lose my home?” After than comes “will it affect my employment?”
After your house, your job will be the most important thing to you; after all without your job you cannot pay your mortgage or your debts. Unfortunately not all jobs are safe with all debt solutions.
We would always recommend that if you are unsure, then check your contract of employment.
As a DMP is an informal agreement between you and your creditors you shouldn’t be at risk by entering into this type of arrangement. However some jobs are at risk if legal action is successfully brought against you, such as: a County Court Judgement, Attachment of Earnings or a Charging Order.
Individual Voluntary Arrangement
An IVA is a legally binding agreement between you and your creditors and therefore some employers may not allow their employees to enter into such as agreement. Jobs or promotions may be affected if you work in the financial services industry for example.
Many jobs are affected by bankruptcy such as those that work in financial services, legal and accountancy or if you work for a FSA regulated company. Other jobs that could be at risk include working for the Police, Armed Forces, as well as being a Local Authority Official or a Member of Parliament.
To be on the safe side, you should always check your contract of employment.
Written by Gemma on November 16th, 2011
Filed Under Debt News | Trackback | 1 Comment
Sean saysIn many situations you can get to an agreement with your creditors just by phoning them or writing a letter and they will accept any offer you can make if you are finding it difficult to repay your minimum payment, I only pay my creditors £1 per month until my sitation changes.
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