You need to think carefully about declaring yourself bankrupt. Find out more about what it means, then talk to a debt advisor about whether bankruptcy is the best way to pay off, or clear your debts.
This information is for you if you live in England or Wales only.
These are the topics we will cover in this blog:
- What is bankruptcy?
- How to apply for bankruptcy
- What happens after I go bankrupt?
- Who is bankruptcy suitable for?
UK households are taking on more debt than ever to make ends meet. In this climate, rising employment figures mean nothing.
Those in debt pay a heavy price: there’s the anxiety of having debt in the first place, and then repayments hang over people’s heads.
Britain’s household debt has reached a new high. According to the TUC, UK households now owe an average of £15,385 to credit card firms, banks and other lenders. There might be some quibbling over
There are more than 8m people in the UK struggling with some degree of problem debt. Yet most will not call a debt helpline until their finances are at breaking point.
Problem debt is usually a private battle. Callers are likely to have spent two years sinking deeper into debt and juggling multiple creditors until all their options are exhausted.
When they finally do pick up the phone, they will come through to a trained adviser in a call
The Bank of England released figures in April this year, that showed that unsecured personal debt in the UK has increased by 6.5% in the last year. Adjusting for inflation, Consumer Care UK has calculated that this means such debt has increased by 27% in real terms since the financial crisis in 2013.
In contrast, over the same time period, real wages (considering inflation) has increased by just 4% and are still lower than before the financial crisis. This means
Debt can really suck the enjoyment out of living a fulfilling life. In order to not feel like you are solely living to pay off your debt, you need to find the right balance between paying off your debt and still enjoying life.
Don’t let debt overrun your life
Although some financial experts say you should live on ramen noodles until your debt is paid off, extreme tactics like this are definitely not for everyone. Feeling a sense of personal