IVA and Credit Checks

[tammy]

Hi

I applied for a job a few weeks back and had been for an interview, where I was asked to sign a form to say I agree to a credit and criminal check agains my name. Ive had my IVA since sept 2004 and at present have no credits or outstanding debts apart from whats written into the IVA. What state is my credit likely to be in, and what effect can this have on my possible new job??

Thanks

[Storm]

It depends on who the potential employer is as to what information is available to them.

If you are unsure as to what is on your file apply to both Experian and Equifax (£2.00 each) and they will provide you with a copy of your credit file. (You can buy online but costs a lot more and requires debit card)

Your CRB check is completely different and will contain no information about your IVA.

I wouldn't worry too much......

[tammy]

Thanks Storm. The employer is GSK a pharma company and Im only going for a job as a supervisor of a small lab (3-4 people under me!). Dont understand why they need this info,never have been asked b4.........

[Storm]

I would assume it will be something to do with anti testing lobby ?? security risk more than anything.

Depending on who they use to do the background checks the more important will be the CRB as that will disclose any criminal background. The credit search will be a basic search and should not include any payment information but will have a flag for the IVA.

I wouldn't worry about it tho...... more of a problem is somebody with massive debts and doing nothing about it.

Just remember if asked about it - don't be embarrased but be honest and open.

If you check your report in a couple of weeks you will see whether they have done a search or not.

[tammy]

Thank You. Feel better now.

[iva experts]

Hello!

Good advice by Storm, and I agree that an IVA is nothing to be embarrassed or ashamed about. Be proud that you made the step to deal with your debt problem.

Good Luck with the job and please continue to post so we can be updated of your situation.


Hope this information is of use

Regards. IVA Experts

[tammy]

Thank You. Had 2nd interview a while back and am awaiting results.

[tammy]

Well I have been offered the job and have accepted. Now am waiting for all the checks to be carried out. Hope this does not make them change their minds. When do I need to inform my IP that I have a new job?

[neverending]

Hi
Once you are sure that all is ok with your job let your IP know,mainly because if you are earning more then you will probably have to pay more.If this is the case make sure that you update your income and expenditure forms and include any extra costs,eg travelling,utilities etc

[tammy]

so its fine to wait a while as I wil not be in the new job for another month?


Thanks

[Oliver]

As long as your new job won't affect your ability to pay your IVA then you can wait until you have an official contract offer from the new company before you contact your IP.



Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[tammy]

Thanks Oliver. Shouldnt affect my repayments as my salaary will be paid monthly same as previous and will be slightly more too.

[Oliver]

Your welcome.

Be aware that once you explain that you are earning more, you may be required to increase payments to your creditors.




Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[jamesfalla]

Tammy's question raises an important point here

If you are in an IVA and you can afford to pay more (either because your income has increased or your expenditures have reduced) then you will normally have to increase your monthly payments. This is generally an absolutely basic and standard clause within any IVA.

As soon as you can confirm the change in your circumstances, you should tell your IP striaght away. The change will come to light at your annual review anyway and if you wait until then, you may find that you have got into arrears with your IVA because you should have been paying more.

If in doubt, the best advise is always discuss changes or potential changes with your IP straight away. They will then be able to advise you properly

All the Best
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

[scooby]

Hi if you do get another job and the salary has say increased by 2k per annum after additional travel expenses of £500 are you expected to pay the £1500 into your IVA or 50% of the £1500

Scooby