A 22 year old who has just finished University with a £12,000 student loan and a £4,000 credit card debt, is considering declaring themselves bankrupt as it seems like the easiest even only option to take.
Find it disturbing that they would risk in the future obtaining a mortgage. Mobile phone companies, estate agencies for letting homes, banks and building societies all require credit checks. Lenders will be very wary of lending money to anybody who has had a history of bankruptcy. Currently any defaults, CCJs and bankruptcies, stay on your credit history for six years.
The best alternative to bankruptcy and to clear your debt is to contact the citizen’s advice burro for independent advice. Or contact a debt advice charity, who can help you setup a suitable repayment plan, in the form of an IVA.
Tags: Bankruptcy, clear debt, iva, repayment plan
I had debt troubles for many years. It was a terrible feeling to undergo that persistent constant worry day in and day out. Those that are struggling really ought to button down and do away with all extra spending to get out of their debt problems. It is worth it to feel much better.
Hi Andrew
Thank you for your comment and what you have said makes alot of sense and highlights the need to take action quickly. We hope you find our website useful and we always welcome your comments.
Thanks
Motivating stuff, did you know though that the average American has anywhere between 5 and 10 credit cards. There are persons who have up to 50 different credit card accounts open, though. That doesn