salsa-king

as title..............how do you go about it?

does it give them 7 yrs of grief?

Phil

Harry_Boy

Phil - useful guide at http://www.insolvency.gov.uk/pdfs/gtbweb.pdf

Explains from a debtor's perspective, but gives the general idea on procedure...

Petem95

One of my uni mates declared himself bankrupt last year to clear over 30k of debts.

I'd heard you werent allowed a bank account for a year or something, but apparently you can still have one. I think it pretty much kills your credit rating for a long time however, and I can think of a number of forms with the question "have you ever been declared bankrupt", even so I think its worth doing in some cases.

Sith

http://www.debtadvicebureau.org.uk/b...tcy/index.html

It's not something to be done lightly. The debt recovery team can come in to your home and take anything that is yours. They can check to see what presents you have given and try to retrieve them aswell.

Dave uk blue mica

if you don't own a house your on a winner, my mate has just done it cos he lives at home and the £43k that he owed is gone, he's got a car but thats in his mams name so they can't take it, he had nothing else for them to take either, all you get is no credit for 3 years.

scoobyvirgin

I don't see how 43k of debt can just go, surely he must be paying something towards it. If it was the case that you owed thousands but had no assets surely everyone would be at it?

Dave uk blue mica

honestly mate he's not, you go to court and explain theres no way of paying it and if the judge agrees thats it, debt gone. if your working though you have to pay, he's gone back to uni so no way of him paying it. not many people in his situation but if they are its a easy way out.

Diablo

LOL

There's so many urban myths about this...

Phil - I work in this field - pm me if you want correct and more importantly practical answers to your questions

Cheers

D

Petem95

The banks/companies who lent the money lose it if the person they lent to goes bankrupt. Thats why you pay silly APR on loans if youve got a crap credit rating, cos theres more risk to the lender that they might not see the money again.

ChristianR

iTrader: (1)

no more neons ?

Brendan Hughes

...big neon arrow saying "bankrupt" more like...

salsa-king

diablo.. you hav PM


Its not me needing to go bancrupt btw!! lol


How do you have £43k worth of debt.. but hav nothing?

Sith

Gambling, drinking and drugs.

scoob_babe

that's quite impressive!