Filing For Bankruptcy

Filing for bankruptcy can seem like an attractive way of dealing with overwhelming financial obligations, but declaring yourself bankrupt can have significant short and long term consequences.

You may end up losing your job, or even your house, and in the long term you will find it difficult to get credit or take out a mortgage. It is advisable to think about other ways of dealing with your situation, including:

Obtaining independent advice
Loan consolidation – it could reduce your monthly debt payments by up to two-thirds
Consider an Individual Voluntary Arrangement (IVA) which is an agreement between you and your creditors where you make single affordable payment s for a fixed period
Informal compromise between you and your creditors to pay off your debts
Avoid bankruptcy or house repossession by making sure you prioritize these payments

If you would like to talk to someone about bankruptcy or debt problems, fill out our Debt Management Advice form and we will put you in touch with a financial specialist.