AidyA
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life is not to hard, providing you have no requirement for credit checks.
I assume you are not a home owner? the only way your home would be safe is a consolidation loan.
IVA is similar to bankruptcy but not as bad, still affects your credit rating, you still have to make payments for 5 years but they will be a lot less than you will be paying now. Any really expensive items you have could be at risk (ie. a very expensive car, house etc)
Bankruptcy is becoming more and more common, you will have to pay about 400ukp to apply to be declared bankrupt. visit your CAB for help filling out the forms, and for more info (part of a requirement for going bankrupt, it will make things a lot easier). Once you are declared bankrupt, you may still be asked to make token payments if your income exceeds your outgoings for about 3 years. again Any really expensive items you have could be at risk (ie. a very expensive car, house etc)
as some one else advised to put all in someone elses name, this does not guarantee safety, the official reciever can overturn any previous/recent sales if they believe they were sold to low. ie. you have a house worth 150,000 but sell it for 50, 000. the CAB will advise you of all this.
no matter which you do, see the CAB first, there are a few things that you can put as outgoings you wouldn't believe. ie. clothing allowance, holiday funds etc. |
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oliver f
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it just means you can't hav a credit card, and it is hard to get credit from anywhere. This changes after 5 years. It can be hard, but it makes you save money which is teh idea they are trying to get accross. |
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rhondad
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I think you get a poor credit rating for upto 5 years, so you can kiss the chance of being a homebuyer for the next couple of years goodbye |
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Monkey Harris
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You don't decide to go bankrupt, the judge does.
If the judge can see that you are genuinely struggling to pay back debts he will allow the bankruptcy. If it shown that you have been frivolous and have borrowed stupidly, he will tell you where to go. |
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hully genius
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Bankrupcy will cost you far more than any of the other options, about 9k I think! |
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Jigsaw
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Dont worry mate ..... its a "Life Line" ... iv seen many people go BC... and now there free of crap....( Tip : Put everything you own in another persons name first )... Car / House / everything..... then in 3 years your free ,,,,No record of this .... Happy Days. |
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charlietooo
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Why don't you go into your local Citizens advice bureau and get some FREE advice? The commercial; ones are little short of a rip off.
The CAB will handle your debt control far better than the commercial ones as the CAB do not take any of your money, it all goes to repay your debts. The commercial ones take a very large cut of your money before paying off your debts with what is left. |
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ldnmbr7
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its a bad decision, but sometimes the only one. id consult a lawyer first. some will talk to you without fee. |
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Holla
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Although I've never been to the brink of bankrupt, I would imagine that life would is pretty hard afterwards but it would slowly start to get better because it offers another chance at making up for it. |
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ud0wne4this
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Yes, life maybe hard after being made bankrupt but thats if you choose it to be that way. You can either try finding other jobs to pay up for your debts, look for people that can help you because they're people out their that could help you or if you decide on not doin anything about it then it can be hard because how are you goin to pay all those debts if your not going to do anything about it? you jus got to BELEiVE and have FAiTH. youll get through it.. |
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toietmoi
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If you accept bankruptcy as an option, you have to accept a few years without credit. ie. no mortgage, credit card etc |
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Raine
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I dont know much about bankrupcy but i do know that it is very difficult to get a mortgage once someone is bankrupt. i think you have to wait 10 years before you can get one.
please, please, take legal advice if you are thinking of going down this avenue. good luck |
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samundra
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it depends on you. Once you clear your self bankrupt it will take at least five year to get your fresh credit score. even tough credit rating company will have your data this mean they might consider using it in future. But in other hand you will be no longe carry any debt at all and hopefully you will manage your life with out worrying. |
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yellowduck48
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my ex recently declared bankrupt with debts of 6 thousand. No bank a/c no credit etc. but now no debts. cost her 500 quid |
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