06 Aug Will Debt Review Affect My Job Applications?

If you’ve recently undergone debt review or started the debt review process, you may wonder whether it could affect your employment prospects. Truthfully, the answer is that it depends (sorry).

Usually, it shouldn’t. Debt review is not a criminal offence or anything to be ashamed of. In fact, creditors and future employers could see it as a positive thing that you’re taking ownership of your defaults and doing the right thing.

Of course, employers in certain industries, like finance or law, might raise an eyebrow when they scan your credit report or background check. This is because working with money responsibly is often a core part of financial roles.

Let’s ascertain whether debt review could affect your job applications– why and why not, plus what you can do about it.

Job Applications and Debt Review

We’ve confirmed that debt review could affect job applications in certain sectors of the market, like finance and banking.

Debt review shows that you’ve defaulted (not paid back) on financial obligations in the past. This could raise questions about your ability to handle money in the role. Additionally, financial industries work under heavy regulations and face strict management requirements. They might see your employment as a contribution to increased risk exposure.

Moreover, a history of debt review might indicate that you have low financial acumen and poor decision-making ability.

What Questions Might Prospective Employers Ask?

Good employers won’t simply dismiss a great candidate because of their financial background. Instead, they’ll probably ask about the nature of your debt, how long you’ve been under debt review, how you’ve handled the process and what you’ve learned, and how debt review might affect your professional life. Each candidate should be evaluated on their merits and professional history rather than their relationship with money.

Non-finance and legal jobs shouldn’t hear alarm bells when they see a debt review flag.

What Can I Do About Debt Review?

Cape Town Legal Consultants offers a simple solution to debt review: credit clearance. Credit clearance is the process of obtaining a credit clearance certificate from a debt counsellor and submitting it to the bureaus. Legally, they must clear your credit report no more than 21 days after receiving it. Otherwise, you can take action against them.

Cape Town Legal Consultants help people who want debt review removal write credit clearance letters and properly dispute their credit records with all major bureaus in South Africa, including TransUnion, Experian, and XDS.

Once your credit record is cleared, you’ll be able to clean your credit score and enjoy applying for credit once more. It also won’t show up on a background check, furthering your chances of employment, especially in the financial sector. Your credit will be sparkling clean and as good as new.

If you need help removing debt review from your credit report, contact Cape Town Legal Consultants. We’re glad to be of service.