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Hi All

I only went bankrupt on 26/3/07 but am starting to think forward to our future following discharge.

I used to work as a mortgage adviser for a high street bank (pre CEMAP days) and I was bloody good at it. I regularly won regional sales competitions and was consistently in the top 10 advisers for the whole country. Then like a prat I gave it all up to run a country pub which resulted in bankruptcy four years later.

I dont intend to return to paid employment until discharge and realistically I wont be able to work full time until my youngest goes to school which isn't until Sept 2008.

I would really like to get back into mortgage advice but I'm worried I might be wasting my time and money. I would like to use this next year to get my CEMAP qualifications. But am I wasting my time? Is anybody going to employ a discharged bankrupt as a mortgage adviser? Does anybody know any discharged bankrupts who are working as mortgage advisers?

Any help or thoughts would be appreciated.

Sam

Hello

I previously worked in the Financial Services industry for one of the leading high street banks. It was stated in my contract that I could not work in my position if I had been bankrupt or entered into a voluntary agreement. Mortgage selling is now regulated by the Financial Services Authority so I fear that you bankruptcy may have an adverse effect on you gaining employment in the industry. However, the only way you will find out is to make some enquires to mortgage lenders or brokers. Why not try some of the financial service recruitment consultants, they should be able to let you know either way.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

sammarchant

The FSA do have very stringent criteria and it could cause you a problem being a discharged bankrupt. I know of 2 people who used to be mortgage brokers and went bankrupt, both were not allowed to work in the industry after that. All the best - Tony

Thank you for your reply Oliver.

It was also a condition of my employment back then that you couldn't be bankrupt.

I did check the FSA website and it says that you wouldn't necessarily be barred due to bankruptcy and that it would depend on the individual case.

I have also checked out websites of companies that will "sell you" a training package and set you up as a self employed broker with costs of anywhere between £2500 and £15000.

I was rather hoping to return to employed status at least initially to get back into the swing of things. I'm sure there must be companies out there that will employ discharged bankrupts. I just cant find any of them.

Thanks for the advice of checking out the financial services recruitment agencies. I'll do that today.

Many thanks
Sam

sam

Please don`t think of parting with any monies if the FSA accepted you there is no need to do so.

Tony

Many thanks for your reply Tony

It looks unlikely then from what you and Oliver have said. I will try the recruitment companies and see what they have to say but obviously not looking promising.

I just want to build a career rather than just do a job and thought I would start with what I am good at.

Do you know what other professions definitely exclude bankrupts.

Sam

Sam

Don`t give up on this yet, ring the FSA they are understanding and explain your personal situation they may offer you more hope.

Tony

Hi Tony

I have been browsing the FSA website and it all looks very complicated. I will give them a call tomorrow and have arranged an appointment to go and see a local financial services employment agency next tuesday when little one back at playgroup.

thanks for your advice
Sam

All the best with the meeting, I hope it's good news.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Sam,

Sorry for joining in so late. The FSA as you know will not discuss hypothetical situations. Sadly, because it is even more unhelpful, they will not discuss this at all until you have applied for Authorisation, when you simply have to wait for their decision.

What may encourage you however is that I was made Bankrupt in October 1995 in the days when this lasted for three years. I am today the Controller of my Company. We were Directly Authorised by the FSA on January 14th 2004, Firm Reference Number 303028 if you wish to look up our permissions on the FSA Register. We had no difficulty in obtaining Professional Indemnity Insurance, and are Authorised to handle Client Monies. We collect hundreds of thousands of pounds of premiums each year by Direct Debit.

Please contact me directly if I can help further.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e=-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk