Need some help with my debt please

I

Inbadway

Guest
Hello

Im new on here,
Basically I have been a total idiot and got myself into a very bad situation and to make things worse I started gambling to try get out of it (only made it ten times worse)

I currently have a loan with BOI balance €15,000 Payment €490 per month

A GE loan of €7000 Payment €212 per month

Two MBNA credit cards Balance €7000 Payments €200 per month

I am currently 4 payments down on both my GE and BOI loan

I am making this months full payments and am gradually reducing the arrears, I know my credit rating is now ruined

My problem is I work for a bank and I am scarred out of my mind that I may get sacked for having a messed up credit rating, can anyone help me wether a bank can sack me for having a bad credit rating?

I am now 100000% determined to get out of this but it will take 4/5 months, i cant solve it overnight
 
Inbadway said:
Hello

Im new on here,
Basically I have been a total idiot and got myself into a very bad situation and to make things worse I started gambling to try get out of it (only made it ten times worse)

I currently have a loan with BOI balance €15,000 Payment €490 per month

A GE loan of €7000 Payment €212 per month

Two MBNA credit cards Balance €7000 Payments €200 per month

I am currently 4 payments down on both my GE and BOI loan

I am making this months full payments and am gradually reducing the arrears, I know my credit rating is now ruined

My problem is I work for a bank and I am scarred out of my mind that I may get sacked for having a messed up credit rating, can anyone help me wether a bank can sack me for having a bad credit rating?

I am now 100000% determined to get out of this but it will take 4/5 months, i cant solve it overnight
Click to expand...

I don't work in a bank but can't see why an employer could sack you for lack of personal financial sense. It hasn't affected your work I presume?
What about a confidential call to your union?
 
Key thing with loans is how much interest you are paying on the borrowed money rather than whats the installment amount... So if you think you get a better % rate from other lender, try to switch and save on interest.
 
See if you can switch your Credit cards to another one with 0% for a while - that will be a nice help to you and help get you out from under a bit quicker.
For God's sake don't go gambling again - please.
Best of Luck
 
You need to post more details to receive more comprehensive advice. Can you do the money makeover section please.
 
if you are 4 payments down on your GE and BOI loans then this will make it impossible to switch loan or credit card providers as it will have affected your ICB.

stick to your plan to get out of arrears and make sure you talk to BOI and GE to advise them that you have a plan and will be out of arrears in 4/5 months. They should be ok with this.

Any conversation you have with the loan or credit card dept will be confidential. If they pass any information to your manager they will be breaching the data protection act.

Stay away from the bookies
 
If you work for a bank then probably somewhere deep in your terms and conditions is a requirement to operate your personal finances in a prudent manner, or words to that affect. The logic behind this is simple, if a bank employee is in financial difficulty they are far more likely to try and commit internal fraud then if they were not in difficulty. Certainly my experience of investigating internal fraud in a bank is that on most occassions, the individual has racked up debts. I've also received calls from branch managers and internal risk people within the bank I worked for if they had noticed a staff members accounts raising some concerns

Having said that, it is unlikely that your credit rating issue will be noticed, providing you continue to make the payments and providing you are not employed by BOI or GE If you are employed by any of these, I'm surprised it hasn't been mentioned to you already
 
Inbadway said:
My problem is I work for a bank and I am scarred out of my mind that I may get sacked for having a messed up credit rating, can anyone help me wether a bank can sack me for having a bad credit rating?
Click to expand...


Unless you have given them permission, it would be a breach of the data-protection act for them to even check your credit history.
 
when I worked for the bank it was frowned upon to have accounts with other institutions
 
Dear Inbadway,

Sorry to read of your difficulty. You can't undo the past, but as has already been said to you, the first thing to do is make sure you stop gambling, it will only make matters worse.

I've had staff in this situation.

I'd say the same to you as I've said to those working with me - if you find yourself in this situation, sit down and talk it out with your manager. At this stage you'll think you are the only one that has ever found themselves in this situation - you'll find out your not.

I'd be hopeful your employer would be supportive - perhaps consolidate all your debt on to say a 5/7 year loan (I'm saying this on the blind - as I don't know how much you are earning or what your overall circumstances are).

This at least would put your finances back on a structure. If I were your manager, I'd be seeking the following, a) committment that any credit cards you have are closed, b) that you wouldn't undertake any further borrowing for either a period of time and/or without at least sitting down with me to review the situation and c) if your employer has say an Employee Assistance Programme, I'd be suggesting that you meet with them, especially in relation to the gambling piece.

I can tell you I've seen people come out the other end of very similar situations as yourself - but you do have to want to address the situation yourslef first.

Hope it all works out for you ....


BM
 
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