BANKRUPTCY
* May not be suitable for all circumstances. Fees apply. Your credit rating may be affected.
Bankruptcy is a legal process designed to help individuals who are unable to repay their debts. It can lead to the cancellation of most of your debts, giving you a fresh start. However, it involves a legal process and certain conditions must be met.
Benefits
✓
Debt collection, interest and charges on your debts will cease..
✓
Most debts can be written off after 12 months, subject to meeting the conditions of your bankruptcy..
✓
You may be eligible to retain essential household goods and some assets, depending on the circumstances..
Risks
✓
Your assets, including your home or car, may need to be sold to repay creditors.
✓
You may be required to make monthly payments from your income for up to 3 years, based on what you can afford.
✓
Obtaining credit will be challenging while you are bankrupt, as this will be recorded on the public register and affect your credit file for up to 6 years.
✓
Your bankruptcy may be extended if your financial situation changes or if you fail to meet the requirements .
✓
It could affect your current or future employment.
A bankruptcy application require fee costs £680, including thee application fee of £130 and the bankruptcy deposit of £550.
Achieving debt freedom,
Starting with just 3 simple steps
Step1
Take the first step. Answer a few simple questions to give us an idea of your financial situation.
Step2
Speaking about debt can be tough. Our empathetic, trained experts will explain how we can help.
Step3
Once we’ve discussed your options, it’s over to you. By this point, debt freedom is in your grasp.
We’re ready to talk
* May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.