Bank Signatory

[talcster]

I would be really grateful if anybody could please help me?

I have been asked to be a bank signatory for my employers but I am in an IVA, my employers are not aware that I am in an IVA or I will lose my job. Will I be credit searched if I say 'yes'. I have looked on the web and some say yes and some say no and I think this is something to do with being a Director though??

If it is that I will be credit searched how would I decline the offer from my employer without soundling like I have something to hide??

Thank You

[kallis3]

Hi and welcome.

I don't know about this, hopefully one of the experts will be along to advise later.

[Michael Peoples]

There should be no problem but it would be worth ringing the bank and speaking to them confidentially.

[talcster]

Thank you

[talcster]

oh no just phoned and they have advised that a credit search will be carried out - my biggest dilemma now is declining the offer of signatory they will ask why?

[Tina Shortland]

Hi talcster,

This is a toughie as you have got something to hide so hard to act as if you hadn't. You could say you would rather not for personal reasons. Your company cannot do a credit search on you without your permission or force you to explain why. Of course if they ask you a direct question you would be obliged to answer honestly. Unless it is made a requirement of your role that you become a signatory you have the right to decline the responsibility without any affect on your employment. If your contract states you should inform your employers of any insolvency arrangements then unfortunately you are at risk as you have witheld it. If it doesn't and you were never told you should declare such action then you are not obliged to tell them about the IVA and therefore should have no repercussions.

Have the conversation sooner rather than later so you don't stew on it and it come out wrong when you decline the request.

Let us know how you get on.

Regards,

[leaKybrain]

what bank is it. I never would have occured to me they would do a search. It doesn't matter to me now but I have been a signatory in the past.

tell them you'd rather not have that worry or responsibility. For instance if you were asked to sign a cheque and it ended up where it had paid for something untoward, you have no comeback as to why you didn't check it out.

[talcster]

Thanks guys, I will speak with them this afternoon better out of the way, I have no contract and have not been asked to make them aware of any IVA's etc..

[Shining]

I hope it works out for you talcster x

[Broke of London]

Hi Hun - I hope it all goes well. Let us know the outcome as Julie ( our resident employment guru) may be able to help out if there are any complications. I'm sure yu are highly valued and this will not impact on your career in the company.

[orange]

sorry to be slow but what is a bank signatory?

[kallis3]

It is someone who can sign cheques for a company as far as I am aware.

[susieq]

This has me worried now. Our IVA was agreed 10th December 2010.

I am one of the main signatory's on all our accounts at work, we often look around to invest our money elsewhere - does this mean a credit search would also be carried out on me ?

I really do not anyone at work to know.

[Tina Shortland]

You should be made aware if a credit search is to be done on you, either verbally, or within something you signed to say you would be a signatory.

I would imagine if they did, a credit search would have been done at the point you agreed to be a signatory which was probably before your IVA.


Regards,

[susieq]

Hi Tina
As you know I am with Melanie, and yes all our present investments at work are prior to our IVA but we move money about at work at various times