Working in finance while in an iva

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maxine851
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by maxine851 » Wed Apr 11, 2018 10:54 am
I have been in the Insurance Broking Industry for 38 years but have just been made redundant and now looking for a new job. I’m attending a 2nd interview for a large Insurance Broker very soon. I had to enter an IVA last year due to a very poor financial state I was left in by an ex. I’m having sleepless nights due to my concerns as to how this will affect me if I’m successful in obtaining an offer from this Broker .. do you have any advice please
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kallis3
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by kallis3 » Wed Apr 11, 2018 12:04 pm
Hi,

Is there anything in your job interview which mentions an IVA or similar? You could always come clean and tell them the truth.
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maxine851
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by maxine851 » Wed Apr 11, 2018 12:10 pm
kallis3 wrote:
Hi,

Is there anything in your job interview which mentions an IVA or similar? You could always come clean and tell them the truth.


Hi Kallis
Not yet although I’m not sure what the next meeting will bring. However, ultimately I will I’m sure need to complete an application form and be the subject of a credit, so I guess I’m going have to advise them before I get to that stage .. I just so want this job, I’m afraid they will reject me as a result of it .. have you come across similar experiences with a happy ending ?
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kallis3
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by kallis3 » Wed Apr 11, 2018 12:51 pm
I can't say as I don't know what your companies conditions are. Have you thought about an anonymous call to find out?
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maxine851
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by maxine851 » Wed Apr 11, 2018 12:55 pm
kallis3 wrote:
I can't say as I don't know what your companies conditions are. Have you thought about an anonymous call to find out?


I guess I could try that, thank you
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Ryan
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by Ryan » Wed Apr 11, 2018 1:55 pm
Hi Maxine,

It may depend on what sort of role it is - if you are going to be advising or 'selling' it may be more of an issue than if you are more administrative. We've certainly seen many people on the forum though who have worked in finance and had no issues being in an IVA. Good advice from Kallis though.

All the best.

Regards
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maxine851
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by maxine851 » Wed Apr 11, 2018 2:05 pm
Ryan wrote:
Hi Maxine,

It may depend on what sort of role it is - if you are going to be advising or 'selling' it may be more of an issue than if you are more administrative. We've certainly seen many people on the forum though who have worked in finance and had no issues being in an IVA. Good advice from Kallis though.

All the best.

Regards
Ryan wrote:
Hi Maxine,

It may depend on what sort of role it is - if you are going to be advising or 'selling' it may be more of an issue than if you are more administrative. We've certainly seen many people on the forum though who have worked in finance and had no issues being in an IVA. Good advice from Kallis though.

All the best.

Regards
Ryan wrote:
Hi Maxine,

It may depend on what sort of role it is - if you are going to be advising or 'selling' it may be more of an issue than if you are more administrative. We've certainly seen many people on the forum though who have worked in finance and had no issues being in an IVA. Good advice from Kallis though.

All the best.

Regards



Thank you Ryan
I have spoken to the FCA and they don’t have a problem with it, but it appears to come down to the individual companies terms/conditions/policies ... they did state given my extensive experience and circumstances of entering an Iva, may outweigh the negative aspect .. here’s hoping ! Thank you both for your responses :)
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Ryan
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by Ryan » Wed Apr 11, 2018 2:34 pm
Fingers crossed for you and good luck with the job.

Regards
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maxine851
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by maxine851 » Wed Apr 11, 2018 2:38 pm
Ryan wrote:
Fingers crossed for you and good luck with the job.

Regards



Thank you Ryan
I will post on here the outcome ... hopefully, the positive outcome :)
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Foggy
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by Foggy » Wed Apr 11, 2018 3:11 pm
Personally I think entering an IVA is a sign that you have recognised a problem and taken sensible steps to deal with it .... not a sign of failure or a mis-spent youth !
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maxine851
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by maxine851 » Wed Apr 11, 2018 3:25 pm
Foggy wrote:
Personally I think entering an IVA is a sign that you have recognised a problem and taken sensible steps to deal with it .... not a sign of failure or a mis-spent youth !


Thank you Foggy, I’m praying a prospective employer will take the same view :)
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Shaun Vickery
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by Shaun Vickery » Thu Apr 12, 2018 9:03 am
Hi Maxine. It is down to the individual firm and not the FCA directly. Ultimately the firm has to be able to prove to the FCA that they have robust procedures for ensuring fair treatment of customers....and therefore making sure that someone in debt isn't likely to be recommend a product that makes them the most money rather than what is best for the customer. As Ryan says, it is likely to be influenced by the level of control you may have over advice given to a client. We have employed people, including at Adviser level, who have had financial difficulties in the past (in fact they often make the best advisers because they can empathise with customers) and it's really about recognising the issue so that we can make sure it is appropriately dealt with. I'd be concerned about employing someone who hadn't 'come clean' with me about it but of course I can't speak on behalf of another firm.
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maxine851
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by maxine851 » Thu Apr 12, 2018 9:31 am
Shaun Vickery wrote:
Hi Maxine. It is down to the individual firm and not the FCA directly. Ultimately the firm has to be able to prove to the FCA that they have robust procedures for ensuring fair treatment of customers....and therefore making sure that someone in debt isn't likely to be recommend a product that makes them the most money rather than what is best for the customer. As Ryan says, it is likely to be influenced by the level of control you may have over advice given to a client. We have employed people, including at Adviser level, who have had financial difficulties in the past (in fact they often make the best advisers because they can empathise with customers) and it's really about recognising the issue so that we can make sure it is appropriately dealt with. I'd be concerned about employing someone who hadn't 'come clean' with me about it but of course I can't speak on behalf of another firm.


Hi Shaun
Thank you for your response it is much appreciated and I do need to tell them, because firstly I’m honest and secondly they will find out when they carry out the credit check. My 2nd interview is planned for next week. Whilst the role is advisory to clients with regard to protecting their assets/business, it is not bonus related, (and I am not a Financial Advisor, which I believe would have more implications) so I am hoping this will not be held against me. I’ve worked for many years in this industry and I’m sincerely hoping they will value my experience and abilities over and above my financial position, which was totally beyond my control, but which I had to find a solution too. Here’s hoping anyway ... :)
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Shaun Vickery
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by Shaun Vickery » Thu Apr 12, 2018 9:43 am
Absolutely Maxine. Best of luck with it, sounds like you deserve it.
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maxine851
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by maxine851 » Thu Apr 12, 2018 9:56 am
Shaun Vickery wrote:
Absolutely Maxine. Best of luck with it, sounds like you deserve it.


Thank you Shaun
I will post an update when known, it may help others with similar concerns
:)
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