Archive for the ‘Bankruptcy’ Category

TweetShareMyCallcredit says that even though debt is seen as a “taboo” by many, it should not prevent people struggling with debt taking action before their lives are affected. “People need to manage their finances and prioritise their debts to make sure their homes are not at risk and they don’t feel the only option left [...]

TweetShareBankruptcy stays on credit records for at least six years and can severely curtail credit and the ability to get a house, which is why those in debt should do what they can to evade it. “You could have had marital problems or been made redundant,” warned Stuart Glendinning of Moneysupermarket.com of the dangers of [...]

TweetShareGovernment figures show that debt levels drove 24,000 to become bankrupt or take out an IVA to manage their debt. Laws introduced in 2002 liberalised the bankruptcy regime, making it easier for people to turn to bankruptcy and IVAs as a debt management scheme. The increase in debt management organisations is also likely to have [...]

TweetShareAlthough declaring bankruptcy can clear debts within 12 months, financial advisers are keen to remind borrowers that they can face further financial problems for years to come. Insolvency can adversely affect a person’s credit rating for up to six years, making it difficult and often impossible to obtain a mortgage, bank account or even a [...]

TweetShareMr Butler said that there was conflicting evidence to explain the 23,300 personal insolvencies witnessed in the first three months of 2006. He pointed towards “a lot of complete opposites happening”, such as mortgage arrears rising while the property market prospers and people being unwilling to use loans to fund consumer spending but happy enough [...]

TweetShareThe Consumer Credit Counselling Service (CCCS) said that 12 per cent of people with debt problems that came to see a counsellor in the first three months of 2006 were recommended to declare themselves bankrupt. This is compared to some 25 per cent of people last year. Of the people that went to see the [...]