somequestions about bankruptcy & Student Loans in uk

Edwards Finance > Loans

Q. had student loan's approx 5 Years ago. Once leaving Uni I was unemployed, then I worked round the country, I have now settled & registered on the Electoral Register. The Debt collectors are now demanding stupid amounts of cash from me, I cant afford it. (heads in the sand - I know this does'nt help) I live with my partner whom owns the house we live in, the only thing in my name is my car (which it aint worth much) & my bank account (not much in it). If I claim bankruptcy will my Student Loans & Collectors debt be quashed? In a couple of years my partner & I intend to buy a house together, how will bankruptcy effect my chance of getting a mortgage? I take it my partners house

A. Make some arrangement with your creditors - if you come up with a sensible statement of earnings and show them how much you can afford, they should be able to arrange something, even if it is only £10 per month. Bankruptcy seems like a magic solution, but it is not going to make your life easy - if you are earning, then the official receiver will take most of your disposable income whilst you are still bankrupt (probably 1 year) and then your credit rating will be non-existent for 6 years, but will probably effect you for longer. You will also find it difficult/impossible to get certain jobs - like in banking/government/police etc.

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