My Bad Debt is Preventing me to get a decent job..Please Help!

[ShowMeTheLight]

Hello Everyone.

It is a long time since I have posted here and this hite really helped me get my finances under control.

I was made redundent about a year and a half ago and now work for the minimum wage at Wilkinson, previously worked as a investment banker.

 

I have now recently started going to interviews for vacancies in the banking sector and have been successful and have on occasion been given the job, however I always seem to get declined after the check my Credit Report.

 

My Credit Report

My credit repost is not great, I have the following

I have 9 defaults and am on a Debt Management Plan with the Consumer Credit Counselling Services.

I have now got some money saved and I can pay off half my 50k debt, mostly with the debt recovery agencies.

 

When I spoke to my interviewer at Santander he said "You have defaults on your account, however you have some bad credit still in your name" - What did he mean by this?

 

My Questions.

 

1. Will paying off my Debt improve my credit scoring even if I settle with a part payment which will be marked on my account.

 

1.1 Will paying off these creditors improve my chances of getting a job or will a default with no debt (all debt paid - but default still with credit reference agencies ) at all still get me declined for jobs in the banking sector?

 

2. Is there any way to remove the defaults from my account?

 

3. What jobs can I apply for in the Finance sector that does not require a credit check.

 

Please Please! Any input would be appreciated.

 

Thanks

[the_shadow]

Hi Showmethelight,

 

1. It may do but each organisation looks at a credit history differently, the actual credit score applied is the companies own values on your credit history. Dont be blinded by the CRA's own credit scoring apps, these may give indications but are not guaranteed to be the same as other organisations looking at your credit history.

 

2. you *may* be able to negotiate a settlement with a DCA or the original creditor that on paying a full and final amount the credit history is removed

3. Sorry dont know that one, would have thought all financial responsibility jobs would entail a credit check.

 

S.

[ShowMeTheLight]

Thanks TheShadow.

 

So if I were to pay off the debt as most debt recovery agencies are offering 40% off as a final settlement I would still have defaults but would employers consider this to be acceptable. I.e I have defaults on my account but they have been settled albeit by paying a reduced amount?

[harrassed senior]

A very sad situation that many of us these days find ourselves in. Unfortunately, there is very little we can do to make every single default go away. Even if marked as paid/settled these still stay on your Credit Files for 6 years (5 in Scotland) from date of default. My sister has had an account with her bank for many years, although less than 6 and has about 3 defaults on her Credit Files. All are 'settled', and will 'drop off' in the next few months, but still her bank will not change her debit card from an Electron to a 'full' Visa Card. She has asked them if they will as soon as the Credit Files are clear and they have said that they may consider it, but, at that time her files will show she has no credit and apparantly that is not good either, so I think the CRAs are creating a 'no win' situation for people.

 

Sorry that I have no answers for you.

[ShowMeTheLight]

Thanks Harassed Senior.

 

I had a suspician that clearing my debt would not guarantee passing the Credit Reference Checks. Is there anyone who can provide me with a clearer idea or strategy on what I should do. I dont want to spend all my emergency savings on paying off my debt just to find out that I cannot rise in the Banking/Finance sector?

 

Thanks in advance.

[dadofholly]

I am reaserching the link between cra's and credit checks on potential employment candidates.

 

However I think the carrying out of credit checks on candidates in the finance sector is long standing.

 

Your entry back into that sector may be difficult because of your rating. Though it may depend on how you came to be in this position, e.g. if it was a tough patch due to enforced unemployment you may be able to explain this as mitigation.

 

There are employment agencies that specialise in career changes. May be another option for you as I'm sure you have skills that can be used inother sectors.