Korean Job Discussion Forums

[Weigookin74]

I spoke to some people yesterday talking about students who have to take out student loans here and can't pay them back. If you go before a judge and declare bankruptcy, companies here won't give you a job. If you don't declare bankruptcy and have a low score, you can get some jobs. But, you are harassed by collections forever and the debt follows you till the end of time.

It's really sad. In Canada, a Bankruptcy or bad credit is no ones business but your own. It has nothing to do with employers. Some financial companies dealing with money might ask for a credit check but most wont discriminate unless the criminal check specifically shows deliberate fraud.

Bankruptcy clears after 6 years. But so does bad credit that you didn't declare bankruptcy and didn't pay. Though the latter will mean harassment by collection agencies for the next 6 years. Student loans, in Canada, you can't delcare bankruptcy until after 7 years.

If the debts owed are large, companies will take you to court. If they are small, they will just harass you up until 6 years from the last time you made a payment. If you come to Korea and don't pay your student debts, stay here for six or seven years.

I guess my point is that it's great to be a foriegner in Korea. But, it has to suck being a Korean in Korea. You must get a job by a certain age, get married by a certain age, get laid off from Samsung at a certain age, etc. I was told in Korea it takes 10 years for bankruptcy to clear and then companies won't hire you due to age discrimination. If you default but don't declare bankruptcy, there's no six year credit reset.

Sometimes we all b! tch about things here, me too, but we have it really good not to be in this kind of rat race.

[Weigookin74]

Also, a bank here won't let you open a bank account if you have bad credit. I never heard of such a thing in Canada. You won't get a loan or overdraft protection or any other added services, but a basic checking account or savings account is no problem.

[Ranman]

At least they CAN declare bankruptcy. Laws in the United States have been written in a way where you can NEVER declared bankruptcy, except in the case of extreme health problems, and even then it's not a given.

The best thing for potential college students around the world would be for the student loan bubble to finally pop. It's absolutely ridiculous someone has to shell out $20,000-$100,000 on an education with no guarantee of gainful employment afterwards. The loans are government backed, so the universities know that they can keep raising tuition and people will pay it. It's a vicious cycle.

[oldsurly]

OP:

"It's really sad. In Canada, a Bankruptcy or bad credit is no ones business but your own. It has nothing to do with employers. Some financial companies dealing with money might ask for a credit check but most wont discriminate unless the criminal check specifically shows deliberate fraud."


It really depends on what kind of work you are looking for. If you are seeking employment with the Canadian government you will be subject to credit checks, maybe they even look into your finances. They have to ask permission though, and if you say no, well they no longer have to proceed with your application. You certainly can be denied employment by both federal and provincial agencies depending on their evaluation of your situation. In some cases if you debt is high but, still being paid they may consider the person "too much of a risk."

[radcon]

[jvalmer]

[oldsurly]

[radcon]

So what's correct in Canada? The OP stated "In Canada, a bankruptcy or bad credit is no ones business but your own. It has nothing to do with employers." But others have differing information.

[oldsurly]

[jvalmer]

[Ranman]

[radcon]

[oldsurly]

Credit, good/bad/questionable it matters and, it matters greatly. It is one of the first things that are looked into when applying for a banking or "white collar" job as jvalmer said. If you apply to the Gov. of Canada with bad credit you've just wasted everyone's time. (It is absolutely impossible to obtain a security clearance with bad credit) Even if you have A+++ credit but your debt load compared to the salary being offered is too high you may be denied employment. Each application is scrutinized and a decision is made on a case by case basis.

[Ranman]

[Weigookin74]

I know people applying for bank jobs back home who had some bad credit and still got hired. The CRC showed no criminal conviction and no fraud, so they were hired. If you are in charge of money, then the credit check is relevant. Lots of folks have bad credit, so it's completely irrelevant to your ability to push papers and do whatever work you need to do. I worked in Canada and no one cared. Maybe things have changed during the last few years. Certain government jobs with the police or secret clearance types would hold the credit over your head because they feel you would be susceptible to black mail. But, overall, it never mattered.

I knew a few who came over here and just defaulted, though I didn't because I'd like to have a plan B if Korea goes to crap in the future.

I don't know about other western countries. Some say the US is harder to go bankrupt in or companies can collect from you more easily depending on your state. I'm guessing it's nothing like Korea. I had bad credit for a while in Canada and I still got jobs. Though the harasing calls from collection agencies are nothing I care to repeat.