Debt Centres - Nationwide Support
Bankruptcy is one of the possible solutions available to thousands of ordinary people facing serious consumer debt problems in the UK today. However, it might not be the most appropriate solution for you so it’s always important to speak to an independent debt advisor.
Bankruptcy is a legal process that will write off the debts you can't afford and put a stop to any further action from your lenders.
Speak with an adviser today to discuss whether bankruptcy is the best option for your circumstances.
When the bankruptcy order is over you can make a fresh start - in many cases this can be after a year. Other advantages of going bankrupt include:
- the pressure is taken off you because you don’t have to deal with your creditors
- you're allowed to keep certain things, like household goods and a reasonable amount to live on
- creditors have to stop most types of court action to get their money back following a bankruptcy order
- the money you owe can usually be written off
To apply to go bankrupt you’ll need to pay a £680 fee. Other disadvantages of going bankrupt include:
- Assets may be taken
- Could be making payments for 3 years
- Credit rating will be affected
- Details placed on Public Register
- Employment Opportunities Restricted
If you own our home, it may have to be sold to recover some of the money you owe. Some of your other assets, for example, your car and any luxury items you own are also at risk and may need to be sold.
If your income is high enough, you’ll be asked to make payments towards your debts for 3 years.
it will be more difficult to take out credit while you're bankrupt and your credit rating will be affected for 6 years.
Bankruptcy cannot be kept private. Your details will be placed on the Insolvency Register which is accessible online. In some cases, details of your Bankruptcy may also be published in your local newspaper.
Your employment opportunities could be restricted – some professions don’t let people who have been made bankrupt carry on working If you’re a business owner, it’s likely that the Official Receiver will force your business to be closed down, and any current employees you have will lose their jobs.
We're here to help, we will introduce you to one of our authorised debt solutions partners. A quick, informal chat to a fully trained UK based debt specialist will enable them to find the right help and information for you and help you to become debt free.
- Nationwide coverage from UK based debt specialists.
- Reduce your debt by up to 70% with UK Legislation*
- There is help available you even if you have low income, previous bad credit or CCJs
Your privacy is important to us. We only ask for information to help reduce your debt.
Mr. D from SalisburyMr. D from Salisbury was paying £250 per month towards two Barclaycards with combined balances of over £6k. He was paying £250 per month of which £180 was an interest charge. Mr. D has been paying £99 per month into his debt management plan since August 2012. £25.50 is retained each month as an administration fee and interest and charges are frozen across all of his debts.
Mrs. S from OldburyMrs. S from Oldbury was paying £475 per month towards £17,500 of unsecured debt to multiple creditors, including high interest charging payday loans. She has been paying £120 per month into her debt management plan since July 2012. £35.50 is retained each month as an administration fee and interest and charges are frozen across all of her debts.
Mr. H from HarrogateMr. H from Harrogate was paying £580 per month towards over £24,000 of unsecured credit, including three high interest charging credit cards. Mr. H has been paying £202 per month into his debt management plan since August 2009. £41.02 is retained each month as an administration fee and interest and charges are frozen across all of his debts.