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How debt could affect your job

Many people worry that getting debt advice or choosing a certain debt solution will affect their job. They fear that having a poor credit rating might mean that their contract will be terminated, or they may feel embarrassed at the idea of their employer finding out about their debt.

As our service is confidential, anyone can get in touch with us for debt advice and find out more about their options. What's more, we will never tell your employer that you’ve been in touch with us.

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Could debt advice harm your job? 

Most lines of work are not affected by debt or debt solutions, as having debt shouldn’t impact how you carry out your responsibilities. If you have any doubts at all, it’s always worth talking to your HR department, or getting independent advice from your trade union representative if you have one.

By taking a look at your employment contract, your union rep or Human Resources (HR) department can let you know if giving reduced payments to debts or entering a debt solution could affect your job. Your HR department should treat your enquiry confidentially, so you should be able to find out where you stand without it impacting your job.

Very few jobs require a perfect credit rating. Unless you work in the financial sector – for example banking or accountancy – it’s unlikely that your employer would perform a credit check on you.

When it comes to the solutions we offer, one that could potentially have an impact on a person’s job is bankruptcy. Less formal solutions such as a debt management plan shouldn’t have any effect on your employment. It’s still best to check however as debt management plans are based on paying lower than the minimum amount, and will affect your credit rating.

Could going bankrupt affect my job?

If you work in any of the following roles, you may need to look closer at how a debt solution such as bankruptcy will affect you, as you’ll usually be unable to work in these positions until you’re discharged:

  • Charity trustee
  • Company director
  • Insolvency Practitioner
  • Solicitor
  • Estate agent
  • Consumer credit licence holder

Lost your job? Find out what you can do next

Whatever your employment circumstances may be, getting in touch with us to talk over your options is still a step in the right direction. Our advisors can help you put together your budget over the telephone and prepare you for looking into available debt solutions. Alternatively, you can use our online anonymous advice tool Debt Remedy.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2017