Bankruptcy

If you have debt problems, you should always think about bankruptcy as a very last resort. Refused A Loan would advise that you examine other alternatives first.

If a court determines that you are insolvent then you will be declared bankrupt. Either you or your creditors can file to the County Court (or High Court if you live in London) for your bankruptcy.  

As a bankrupt, all your debts will be taken away from you and you will not have to deal with your creditors. A Trustee, who is appointed by the Court, will contact your creditors and arrange for your assets to be sold in order to repay their debt.

Bankruptcy Pros: 

• You will no longer be responsible to pay your debts.
• You can be discharged from bankruptcy in as little as 12 months,
• You will be able to keep those items which are required for a basic standard of living, such as a washing machine. 

Bankruptcy Cons: 

• Your details will be published in your local newspaper.
• It will be on your credit file for 6 years.
• You probably lose all your major assets, such as a house or expensive car.
• It can damage your careers prospects and you will not be able to act as a company director.

If you are unsure about your options, it is important that you seek expert help. Refused A Loan will go through your options with you and may be able to provide you with an alternative. Call today on 0808 131 9104.

RefusedALoan.co.uk is a trading name of Ask Finance Ltd, which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.