How you will benefit:
- Your unsecured debt being wiped off at the end of your bankruptcy period.
- A stop to legal action from creditor.
- Creditors will be prevented from chasing you for your arrears.
- Legally frozen interest and charges.
- Your bills and living expenses will be taken into account during the application process.
Things to consider:
- If you are made bankrupt you have to follow certain ‘restrictions’, including the prevention of borrowing more than £500 without telling the lender.
- It is a criminal offence if you break these restrictions.
- You may have to sell your home and some of your possessions during the bankruptcy process.
- Bankruptcy will stay on your credit file for 6 years. This means after you are ‘discharged’ the bankruptcy record will still be on your file. After 6 years it will be deleted from your report.
- The bankruptcy process will incur costs that you will need to pay.
- Bankruptcy will be recorded and entered on to a public register.
Before You Declare Bankruptcy
You can talk to one of our friendly debt advisers for more information about bankruptcy or your other options to clear your debt.
We advise you do this before you pay a fee to make sure that bankruptcy is the best solution for you.
It’s important to us that all customers make a fully informed decisions regarding their finances. If you have any questions please do not hesitate in calling us on 0800 088 2315 or 01525 201102.