wife would be fired from bank if we set up an iva?

[dsck]

hello, me and my wife went into a debt managment plane a couple months ago as my wife was told that if we set up an iva she would be fired. Is this right if she works in a bank.

[rayb]

I do not think so but if I was you I would be inclined to get your wife to ring her HR Department anonymously and see what they say before proceeding further

[Reviva UK]

I would suggest that she gets a copy of her employment contract and then makes an anonymous telephone call to HR.

I realise that insolvency is taken seriously in financial institutions but termination because of an IVA seems a little steep.

What does she do for the bank?

[Moneystinks]

There was a thread on this site entitled I wish I hadn't gone to work today - something like that. Anyway, there was loads of advice on that thread about a similar situation. try and search and have a look for it. It was from a few day ago. Good luck.

[Emily]

Speak to the human resource dept' of her work place but it would not surprise me as there is an 'integrity issue' here as in some professions.In the Police and her Majesty Arm Forces under Queens regulations you can get an IVA under most circumstances.

In the fanancial sector....the more senior your wife is in the Bank the more likely the 'integrity factor' will come into play.But find out for sure as there isn't a golden rule.

Besides IVA are private and so your employers cannot know under Bankrupcy but her terms and conditions might require her to report any arrangements as such??

[TheMatrix]

Not as private as it should be with the insolvency register open to everyone. It really needs sorting out to stop people snooping, and made available only to those who really need to know.

[ianmillington]

My understanding is that some banks have a bad reaction to a formal debt solution if the employee concerned is working in an advisory capacity. Whoever you work for, and whatever your role, it is advisable to check your contract of employment (assuming you have one of course) for any provisions or disclosure obligations if you are contemplating a DMP, IVA or Bankruptcy, and as Paul says put in an anonymous call to HR. It's too late to find out after the event where to say the least you are on the back foot.

Ian

[MelanieGiles]

I would love to see one of these unfair contractual terms challenged in a European Court of Human Rights - as a person in debt is a far greater credit risk than one who has responsibly addressed their financial difficulties and is doing somethink positive to resolve them.

I would not hesitate to employ someone who had been in either a bankruptcy, IVA or DMP as this tends to lead to financial responsibility and life experience which are valuable skill sets to have.

[ianmillington]

Agreed 100%

[debtfreesusie67]

I was dismissed from my job in a savings bank call centre last week for being in debt. Although in my case I think it was because they couldn't get me for my sickness. I had been off work for a while with depression and stress.

Sue

[Maz]

Hi Sue

I hope you are OK? I have read your other post on the forum and it does really make me mad how these companies can do this! If that's the case then 1000's of us out there are in a similar situation working for companies with debt which means then a high percentage of the population could be dismissed! it's crazy, is this the start of a slippery slope somehow?

I hope you are coping OK, and as Melanie said 'this tends to lead to financial responsibility and life experience which are valuable skill sets to have' so in time when you have sorted out your debts the best way possible you can be proud of yourself of having gone through this.

I hope you have a very supportive partner or family in this situation.

I wish you well

Maz

[debtfreesusie67]

Thanks Maz