my employer will not employ me if I complete IVA

[j.d]

I am currently about to complete a succesfully agreed IVA 'lump sum' option which involves using funds from a secured loan as full and final settlement of many cr cards / unsecured loans etc... But...I work for a high street Bank in a regulated sales environment. I checked previously with the FSA if an IVA would affect my proffesional status and they said no.. so long as my indebtness was a genuine spiral with no fraudulent/criminal activity. However I have recently informed my employer of my financial status and they inform me that I would not be allowed to continue in my role if I complete the IVA.
I have researched many solutions and the main attraction to any IVA solution was 'as stated on your own web site' an IVA does not affect proffesional status ? Please advise if this is correct or not ?

[Storm]

As you will know the FSA have a set of rules / principles that can be interpretted by different compliance officers in different ways.

I would discuss this with HR - see if its actually bank policy.

[MelanieGiles]

Hi jd

This appears to be as a result of your employer's own policy rather than FSA rulings.

Can I ask why you informed your employer of the impending IVA, when the FSA had given you clearance that everything was fine? The IVA could have been closed very quickly, and would have then been removed from the Register, leaving it nigh impossible for your employers to find out about it?

Your honesty seems to have stirred up a hornets nest unfortuntately. What does your contract of employment or staff handbook have to say on this matter?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk