If you are not employed in a potentially ‘sensitive’ job such as those mentioned above, there is a small chance that your employer will find out about your insolvency. They would need to be actively searching through the register of insolvencies published by the Accountant in Bankruptcy, or have looked through the Edinburgh Gazette to find out, however, so this is unlikely to happen. The main concern of your employer will be whether having a Trust Deed affects your ability to do the job, but you may find that other members of staff are in a similar financial position, and all you need to do is make your employer aware of your own situation.
Why is it a problem for some professions?
Having unmanageable debt makes you vulnerable to corruption, particularly in the case of police and prison officers. Other jobs that require the handling of money or confidential information also expose you to threats of blackmail. It may be worthwhile speaking to someone trustworthy at work, to verify the company’s policy and gain some peace of mind. It is also advisable not to discuss your financial position with work colleagues, in case your employer inadvertently finds out about your situation.
The requirement to be in employment
A Trust Deed works by taking a proportion of your regular income from employment and paying off your debts over a period of time, usually four years. This means that you must be in employment to be eligible for this insolvency solution, as benefit payments are not allowed to be used to repay debt in this way. You can be eligible for a Trust Deed if you are self-employed, however, but even in these cases your work may come under scrutiny – in the case of council contracts, for example.
