If I have personal debts, can I become a stocktrader (UK)?
I am 24 years old living in England and I'm currently looking at a career as a trainee trader in either the Foreign Exchange, Commodities, Futures or Stock Markets. I currently have personal debts in excess of 15K (GBP) and im looking at either taking out an (IVA) or claiming for a bankruptcy petition. Would either of these options hinder my efforts in looking for work as a stockbroker and if so what can I do about it??
Struggling to find any information on this, any help would be gratefully received. Thanks guys!
- Anonymous9 years agoFavorite Answer
Yeah if I were you (which I'm not) I would pray to Jesus to heal me of my debt.
And, I would trade the Forex to pay it off. Of course, I'm a professional trader whos been doing it for 10+ years lol.
But you can follow my trade signals if you want, and maybe that might help, at: http://comefollowme.zulutrade.com
You can also get a good broker in England at http://www.etoro.com/B66_A29675_TClick.aspx
You'll need some cash though to get started in the Forex. If you start with around 300-500 USD, you'll need to trade a micro lot size (which is 0.01 standard lots) and not open more than about 3 lots at a time max, to be safe and not blow your account, and it'll take hmm, a few years to pay off that debt at that rate unless you can add some more funds.
Whatever you do though, don't overtrade out of impatience, and blow your whole account in just 3 to 5 trades. I've seen that happen, even with good strategies such as the ones at the link above, through impatience.
But yeah pray to Jesus, that's the most important thing. Really I mean that. He can clear that debt right up for you. Don't declare bankruptcy.
- Anonymous9 years ago
Maybe, but could you do a debt management plan instead of ruining your credit score by using IVA or go bankrupt?
It will take at least 6 years to recover from bankruptcy, as well as making any loan applications impossible without paying extremely high interest rates.
With regards to IVA, as long as you can keep to the payment plan, fine, but it will affect your credit score more than debt management and the fees are in the thousands (!).
So the bottom line is it may or may not affect your future career, but it will make your future financial life very difficult if you go bankrupt or get an IVA.
Search around for a debt management company if you wish, but I can recommend one to you that doesn't charge you ridiculous fees because they are an ethical company. Have a look at their website or you tube video.
Good luck with your decision!
- Go with the flowLv 79 years ago
Having a bankruptcy on any credit report will hinder your chances of working anywhere.
Some employers take this as irresponsible behavior
If you interview, you must be upfront as to why you had all this debt.
Be honest, since they may look at the reports themselves.
If it's medical debt, it could be excused.
It's it's maxing out credit cards and not paying it could show that you are not responsible
- 9 years ago
It all depends on YOUR risk tolerance some people would tell you to pay the debt off. Other people simply let their assets pay the debt off.