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BANKRUPTCY SERVICE

Here at Debt Free Advice, we speak to thousands of customers every year who, for one reason or another, have ended up with hefty debts that they simply would never be able to reasonably repay. Whether it’s company debts for which you’re a guarantor, personal credit cards or even basic priority bills such as gas, electricity and water, every situation is different and therefore we approach every eventuality on a case by case basis.

Although bankruptcy or sequestration in Scotland is seen by some as the final option when it comes to getting rid of debt, it provides people with a clear route to a fresh start. If other debt solutions have failed and there seems to be no other way out, bankruptcy is there to provide full and final financial relief whilst protecting you from further creditor action.

Bankruptcy has been an established debt solution for a number of years although the seriousness of this measure can often make it a daunting process to undertake, particular at a time when stress levels are already high. Once you have completed your Free Debt Review with your personal debt consultant, we will be able to discuss the merits and pitfalls of declaring bankruptcy with you and determine whether it could be considered a viable option.

Generally speaking, we find that those opting for bankruptcy will continue to make payments for no more than three years, although this is often shorter depending on the individual situation. Although a declaration of bankruptcy will affect your credit score for up to six years, the vast majority of people considering this as an option will already have seen a detrimental impact on their rating due to existing scenario of hefty unpaid debts.

Advantages Disadvantages
  • Monthly creditor payments are reduced into one affordable amount, usually payable for no more than three years
  • The majority of debt can be written off altogether
  • Provides legal protection from creditors as well as further charges and interest
  • Established by the government specifically to clear large amounts of debt which can't be paid
  • Creditors are forced to abide by the order as set out by the courts
  • Further communications and collection measures will cease as soon as the order is in place
  • Bankruptcy can have an adverse impact on your ability to retain credit for up to ten years
  • You may lose your bank accounts and lose access to certain account types for a limited period
  • You will be placed on the insolvency register
  • Any sizeable assets such as your home or car will be used to settle some of the debt
  • Not available to customers living in Scotland (see Sequestration)
  • Fees can apply for this service as part of the court arrangements and insolvency

How Can Debt Free Advice Help My Bankruptcy?
Our excellent reputation within the debt solutions market has been built on a foundation of transparency and trust, and we will do everything in our power to provide you with as much information as you feel is necessary to make this important decision. We will be with you every step of the way and will always be on hand to provide assistance with paperwork, making court arrangements and personal support until you are fully discharged.

It has never been more important to speak to a debt professional due to the complex nature of the solutions available and differences in law throughout the UK. If you’re bound by Scottish law, please read Debt Solutions Exclusive to Scotland to help you better understand the options available within your jurisdiction.

Help Debt Free Advice to help you by getting in touch today and arranging your free, no obligation debt review and begin the process of putting yourself back in charge of your finances!

 

IN JUST 24 HOURS WE CAN BE DEALING WITH ALL YOUR DEBTS

Personal Loans
Credit Cards
Overdrafts
Payday Loans
Store cards
Catalogues
Doorstop loans
HM Revenue
Custom Debts
Council Tax Arrears
Utility Bills
   


When people are struggling with debt it's more important then ever that they have access to effective advice. We work with partners to make debt advice easier and quicker to access, and to improve standards and quality across the sector.

Visit the Money Advice Service website for further info >>

OUR SERVICES
Free No Obligation Debt Reviews
Debt Management Plans
Individual Voluntary Arrangements
Trust Deeds/Sequestration
Bankruptcy Service
Debt Solutions for Scottish Clients
Repossesion/Eviction Advice
Self-Help Budgeting Advice

 



USEFUL LINKS
www.bis.gov.uk/insolvency/Publications
www.moneyadviceservice.org.uk
www.citizensadvice.org.uk
CONTACT US
Email: feedback@debtfreeadvice.co.uk
Call Us: 0800 781 7615
 

IMPORTANT INFORMATION: Debt solutions subject to conditions and acceptance. Your ability to obtain credit will be affected in the short term and may also be affected in the medium to long term. Paying a lower amount each month may increase the time taken to repay the debt. The total amount our client's repay towards their debts may increase on certain debt solutions. If you enter into an individual voluntary arrangement (IVA), a debt relief order (DRO), a protected trust deed or becoming bankrupt the details will be recorded in the Insolvency Register.

* The free debt review consists of a detailed telephone interview with one of our Personal Finance Advisors who are experts in giving debt and money advice, and are regulated by the Financial Conduct Authority (FCA). This is completely free of charge, with no obligation, and you will be given a detailed breakdown of what your options are. If you chose to take one of the solutions offered to you by one of our chosen partners, there may be fees included. However you will be made aware of those before you contract in to any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
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