Hi

I came upon this forum searching google, i decided to try this way because i could really do with some advice from someone in the know.

I have unsecured debts from different lenders, they are: 2 different credit cards (one is around £1800 and the other around £500) my other debts are from unpaid bills, one is t-mobile and is around £500 and the other is 02 at around £700

They have all been passed to collections agencys and the t-mob and £1800 credit card have gone to CCJ's.

I know i have done the wrong thing by ignoring them, putting them to the back of my mind because they scare me a bit.

I have been to citizens advice about it, i dont have an income and am on jobseekers allowence since my job ended in october.

I really dont think i will be able to pay these debts.

My question to you guys is, If i go bankrupt, can i still get student loans etc, things to do with university, in the next couple of years?

Also what are the other pro's and cons to bankruptcy?

The way i (vaguely) understand it is that i will pay £100 to declare myself bankrupt and then my credit report will be blackened for the rest of my life and i wont be able to get a mortgage or any form of credit for 5 years.

Any help or advice anyone can give me will be MASSIVELY appreciated as im really getting quite stressed about it and i dont want to mess up my future in the way of education.

Thanks alot,
Piranhaman.

Hi,

I'm in a similar boat to you.

There are so many questions that you probable need answering - and I'm pretty much the same. I don't know where to turn because there are so many places - so many adverts on TV i don't really know which one to go to.

I googled a few terms just before and tried to find a site that gave me the information i needed. http://www.ivaadvisorycentre.co.uk/ was pretty helpful - there is a section about bankruptcy which i spent a lot of time going over and reading!

Having said that, I've also spent a lot of time on forums too lol.

I really hope you get this sorted, and I'll let you know if I find anything else of use (and if you find something, please post it so i can see!)

Thanks

Time may heals all wounds, but we certainly remember the pain, and like many serious injuries we may never reach our prior potential.

Dozens of applications ask if you've ever filed for bankruptcy. That's a permanent part of your record, and may prevent you from being trusted with certain jobs and large amounts of money.

Ultimately bankruptcy is a permanent life changing decision that is only to be considered when all other options are exhausted. It comes with a price, and beyond that price is a moral issue of being responsible and paying your debts if at all possible, whether society still expects you to or not.

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Debt Management

Just have a read of the free advice sites, theres tons kicking around..
Debt Problem Advice - Bankruptcy,Bankruptcy Help | Debt Problems Advice

Bankruptcy has serious consequences, and most financial experts believe that it must be treated as a last resort. Another important fact to remember that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 in the U.S. bankruptcy laws have changed radically. Bankruptcy alternatives are advertised on a regular basis and can provide debt relief to consumers decade-long consequences associated with bankruptcy without looking.

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Individual Voluntary Arrangement

first of all, bankruptcy is serious. before doing that, think of some alternative ways that you can cover your debt. get some extras by getting second jobs.

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Uk bankrupt celebrities

It depends on how much debt you're talking about. There are more than one type of bankruptcy chapter, in order to explore them all. Another option is to check your local credit counselling service in your area to get more information.

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Debt

i think in such situation you should contact some credit and counseling company they may facilitate students with loans in such conditions. gudluck

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best credit counseling | non profit credit counseling services | debt management company

Bankruptcy is a severe last resort if you are in serious debt, and no other debt solution such as an IVA (Individual Voluntary Arrangement) or Debt Management Plan can save you from going bankrupt.

Bankruptcy protects you from the people you owe money to and allows you to start afresh, but you need to think very carefully about all the implications it will have.

Subject to certain exemptions, bankruptcy means that your assets are sold and the money from the assets is used to pay the people you owe money to.

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