Bank employees not immune to debt problems

We are coming across more and more bank employees with debt problems. If an employee of a bank cannot manage their debts properly, what hope is there for the rest of us?

I have 2 recent case studies as examples.

Unsecured debts of £84,500 
This client found herself facing £84,500 of unsecured debt after the breakdown of a relationship. As her partner wasn’t creditworthy, she took all the debt solely in her name. Sadly, after the break up he refused to contribute to these debts. As the client works for a bank, bankruptcy was out of the question as she would lose her job. She has now started the long road to recovery by embarking on a debt management plan, with the possibility of an IVA when her circumstances improve so she can afford IVA payments.
Moral of the story - never take credit for anyone else as you may end up having to pay it all back.

Unsecured debts of £46,000
This client is a personal banker for a High St bank and her husband is self employed. Due to a sporting injury to her husband which severely restricted his earnings for 4 months, they fell into the trap of relying on credit to, in her words, tide them over.

They are now in £46,500 of unsecured debt. They are homeowners but with little equity, and to make things worse, the insurances to pay the debts in the case of sickness etc all refused to pay out for the injury.

An IVA is being proposed for them which will help them clear their debts in 5 years. Although she has debts with her own bank, they have agreed that an IVA will have no effect on her employment and have indicated that they will help in any way they can.
Moral of the story -  never borrow to tide you over as when you are back on your feet the debts will be a lot larger and the payments much higher.

Far better to contact a specialist debt advice service and get the right advice sooner, in this case the couples debts increased by over £10,000 in just 4 months from which there was no way back.  

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