Certain individuals have faced difficulties in the past with regards to employment opportunities whilst being under debt counselling. Many employers did not have the correct understanding of how debt counselling actually worked when it was first introduced. Things have changed and employers are now more aware, so signing up for debt counselling should not have any impact on your current job or on future employment opportunities or prospects.
In 2007 Debt counselling was developed in South Africa and introduced as a positive rehabilitation process to assist consumers struggling with debt, and is viewed by most employers in a positive light.
Within most occupations, it is important that you are able to show that you can manage your personal finances, especially if your job entails advising others on money management or financial services. Most employers will feel that if you can’t manage your own money properly; you would not be able to give other individuals sound financial advice.
Debt counselling is voluntary and therefore by taking your own initiative to sign up for this rehabilitation process, you are taking a responsible step towards repaying your debts therefore showing your employer that you are attempting to take control of your finances instead of neglecting them.
Missing your debt repayments will result in defaults and judgments against your name. These will show that you are failing to address your debt problems and are not taking responsibility for your actions which means employers are most likely to view this in a negative light and will be hesitant to hire you. This will be seen in a worse light than making an effort to try resolve your problem.
Our debt counselling companies deal with clients from a variety of industries and always ensure confidentiality as employers are not informed about the client’s debt review status.
Should a potential employer conduct a credit check and see that you are under debt counselling, it should not have an impact on your chance of success. However, if necessary, our debt counselling companies will provide clients with a letter stating that they are under debt counselling informing the employer about the process.