job offer....but subject to credit checks...
job offer....but subject to credit checks...
Author
Discussion

tj2002

Original Poster:

525 posts

224 months

Friday 22nd August 2008
quotequote all
I've just been offered a new job following an assesment centre I attended yesterday. Only problem is it's subject to credit checks. Basically I have a couple of defaults and total debts of about £1600, from 3 different crditors. The job is in lide and pensions so FSA regulated. They're an outsourcing company whos sole client at the moment is co-op financial services. Does anyone know if they will just be looking for high levels things like bankruptcy and fraud or will my poor credit cost me the job? Any advice is greatly appreciated, I'm going to ring their HR dept on Tuesday but can't really celebrate at the moment!

m4tt

591 posts

229 months

Friday 22nd August 2008
quotequote all
All depends on how long ago the defaults were, and how they view them. If they are now satisfied that will stand you in much better stead. No real black or white answer I don't think.

tj2002

Original Poster:

525 posts

224 months

Friday 22nd August 2008
quotequote all
Nope, they're not satisfied, 1 is currently being paid, 2 of them I'm currently negotiating. Why does it matter so much, how am I that much more of a risk than anyone else, surely they could just keep more of an eye on me!

Jon C

3,214 posts

278 months

Friday 22nd August 2008
quotequote all
I am guessing that you could be considered to be open to either temptation, or more likely blackmail.

Not that you would ever do it, but they need to remove any chance of anyone ever thinking you might.

Centurion07

10,395 posts

278 months

Friday 22nd August 2008
quotequote all
I briefly had an FSA regulated role & the point is that if you can't conduct your own financial affairs in a proper way, how can you be expected to deal with anyone else's in a professional manner?

Shaolin

2,955 posts

220 months

Friday 22nd August 2008
quotequote all
It's more like a credit check for a loan. Unsatisfied defaults or CCJ's would count against you, satisfied ones should be ok, it depends what the credit check throws up. It might still be showing defaults, so the ball will be in your court to prove them satisfied, unfortunately creditors aren't so quick to rectify people's credit records as they are to damage them. The debts themselves are ok as long as they are being properly serviced - i.e. according to the loan or cc payment schedule. They're basically looking for people who get in debt and hide from it or try and get out of paying in someway.

tj2002

Original Poster:

525 posts

224 months

Friday 22nd August 2008
quotequote all
oh well, I'm fecked then! My first proper job as well, oh well, financial services clearly isn't for me!
Gutted

MPowerMark

712 posts

237 months

Friday 22nd August 2008
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Out of curiousity how long does it take to build up good credit again? say for example you had bad credit but had 2 loans aswell as a couple of direct debits....if everything was always paid on time for say......i dunno a year for example? would that greatly improve your credit rating or would it take alot longer to build it up again?

The Black Duke

1,642 posts

224 months

Friday 22nd August 2008
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deleted my last remark as I thought it may incriminate me ... DOH!!!!

Vesuvius 996

35,829 posts

302 months

Friday 22nd August 2008
quotequote all
tj2002 said:
Nope, they're not satisfied, 1 is currently being paid, 2 of them I'm currently negotiating. Why does it matter so much, how am I that much more of a risk than anyone else, surely they could just keep more of an eye on me!
Good luck in whatever job you eventually get.

Sorry.

Think of it as being a bit like being caught hanging out of back of a 14 year old, and then applying for a job as a swimming teacher.


The Black Duke

1,642 posts

224 months

Friday 22nd August 2008
quotequote all
When applying to the SRA I had to have an interview as my past credit was not up to scratch I also had to have proffesional refs from the bank and my old Uni lecturer. All went ok though.

Shaolin

2,955 posts

220 months

Friday 22nd August 2008
quotequote all
MPowerMark said:
Out of curiousity how long does it take to build up good credit again? say for example you had bad credit but had 2 loans aswell as a couple of direct debits....if everything was always paid on time for say......i dunno a year for example? would that greatly improve your credit rating or would it take alot longer to build it up again?
There is no single answer to this.

The first thing is you need to be fully up to date, have nothing outstanding or "in negotiation". Then it actually helps if you have an ongoing cc or loan that you are paying as there becomes a record of payments being made according to schedule. People who proudly boast "I have no debts, mortgage or cc's" can find it more difficult to get credit as they have no record.

You also need not to go overdrawn without arrangement too - so don't rob Peter to pay Paul for instance. After a year or so with a clean record you could apply for a loan (if you NEED one) to see how it goes. It depends how broken your credit record was and for how long, also if there are explicable (verifiable) circumstances behind it, divorce, business difficulties etc. A good place to start if you think there is a problem is to get a copy of your credit record from Experian and see what any creditors can see. The longer your record is clean the better chance you have of bigger and better (i.e. better interest rates) loans. Many lenders won't be interested, some will be at +1, +2, +3 etc. % above the normal rate and some won't care too much but will come down like the proverbial ton of bricks with minimal notice if you default.

Vesuvius 996

35,829 posts

302 months

Friday 22nd August 2008
quotequote all


So to summarise, Sportsfans, if you owe money, make the payments on time. Then things will be fine.

And ignore those people who say that defaults "are not problem because everyone has them."


You default, you're on the st list.

End of.



The Black Duke

1,642 posts

224 months

Friday 22nd August 2008
quotequote all
Vesuvius 996 said:
So to summarise, Sportsfans, if you owe money, make the payments on time. Then things will be fine.

And ignore those people who say that defaults "are not problem because everyone has them."


You default, you're on the st list.

End of.
Your so right I nearly lost out on a career I worked so hard for.

Kids let that be a lesson to ya!

Rossatron

161 posts

239 months

Friday 22nd August 2008
quotequote all
Vesuvius 996 said:
So to summarise, Sportsfans, if you owe money, make the payments on time. Then things will be fine.

And ignore those people who say that defaults "are not problem because everyone has them."


You default, you're on the st list.

End of.
I made a credit card payment one day late once as I had alot on at the time and it slipped my mind. That doesn't mean I'm on the st list does it? eek

The Black Duke

1,642 posts

224 months

Friday 22nd August 2008
quotequote all
Rossatron said:
Vesuvius 996 said:
So to summarise, Sportsfans, if you owe money, make the payments on time. Then things will be fine.

And ignore those people who say that defaults "are not problem because everyone has them."


You default, you're on the st list.

End of.
I made a credit card payment one day late once as I had alot on at the time and it slipped my mind. That doesn't mean I'm on the st list does it? eek
They're probably comming to get you right now!

Loaf

850 posts

292 months

Friday 22nd August 2008
quotequote all
You should be fine as long as there are no CCJs. Defaults are not usually a problem, but it depends on the company policy. You _must_ declare your record to the employer otherwise they will think you are hiding something.

loafer123

16,756 posts

246 months

Friday 22nd August 2008
quotequote all
Rossatron said:
I made a credit card payment one day late once as I had alot on at the time and it slipped my mind. That doesn't mean I'm on the st list does it? eek
I do that all the time, and I'm FSA registered.

It seems to improve my credit rating, as they know I can pay, but they also know they can make money out of my tardiness....!

H_Kan

4,942 posts

230 months

Saturday 23rd August 2008
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It's there because if you really need cash then you may be swayed by bribes etc. In addition to that, there is the idea that you can't be advising others if you can't look after yourself.

Having said that, I have a similar amount to you on my overdraft (this is agreed though) and around £12k on a student loan. I had no problem passing the credit checks etc for the accountancy firm I am joining in Sept. In fairness though, my overdraft stems purely from not having worked in a few months since graduating and will be cleared within a couple of months of working as opposed to it being long term debt.

thehawk

9,335 posts

238 months

Saturday 23rd August 2008
quotequote all
They often do a basic credit check for employment purposes which will just report back on IVAs, Bankruptcy and CCJs. They don't generally have any visibility of overdue accounts, but I can't remember whether they can see defaults.

To clear up your credit record it takes 5 years since the last recorded negative entry, there is no other way to 'clear' your credit record.

And overdue payments are not the same as defaults, a defaulted account would usually occur after at least 3 months in arrears and would usually be at debt collector stage.