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Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Bankruptcy No Easy Way Out of Debt

Personal_Finance / Debt & Loans Jun 04, 2007 - 12:05 AM GMT

By: Submissions

Personal_Finance According to the latest report, 2007 was witness to a steep rise in the number of people having CCJs registered against them. Conservative estimate put the number at a rough 850,000. It seems that quite a lot of consumers see bankruptcy as the only way out.


2006 was a bumper year as far as bankruptcy numbers are concerned. More than a 100,000 people had declared themselves insolvent. Official figures show that 15,356 people bankrupted themselves and 11,299 agreed an IVA in Q1 2007. Many instant online credit information providers like Equifax is concerned that many consumers do not understand the implications of going bankrupt.
There is a common misconception that bankruptcy is an easy way out of debt with no after effects.

Voicing his concerns, Mr. Neil Munroe, External Affairs Director, Equifax stated that - The 2002 Enterprise Act meant a bankrupt's debts can be written-off after one year instead of three - This has led to a number of people struggling with debts seeing this as an attractive option to wipe the slate clean.

But what they don't realise is the fact that while the bankruptcy will be cleared after a year, the record of bankruptcy remains on their credit profile for a minimum of six years. And this could have quite a serious impact on their future.

As lenders use applicants credit file when assessing their case for credit or loans, bankruptcy could result in them either being declined or paying a premium. And that�s not all; it can also affect their ability to get a job or for that matter even a mobile phone because a credit agreement will be taken out for the line rental.

By Amanda

For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.ask4loan.co.uk


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Comments

Angelo
18 Jun 07, 00:57
Loans for the layman

loans benefit people in a host of ways. It gives a big amount to play with, apart from having other features like low interest rates and a long repayment term. If you see the trends over the past few years, secured loans in the UK have been a major hit among the loan takers. However, if statistics are to be believed, they are not exactly doing a good job of repaying the amount in the stipulated time; hence, the record number of house repossessions in the year 2006.

Unsecured loans do away with the problem of having to worry about collateral repossessions. These are loans that can be availed without the need for the borrower to furnish collateral against the loan amount. And they can be availed relatively quicker than secured loans, because of the lack of collateral valuation and meagre paperwork.

unsecured personal loans have their own set of drawbacks though. These loans have a relatively lesser amount compared to the secured variety, and the interest rates are also relatively high. This is because of the danger the lender perceives in giving these loans without any collateral as a safety margin. If a borrower defaults, then there is very little a lender can do to get back the amount. Of course, there is always the option of a charging order, but that would mean going through the rigours of court proceedings.

Unsecured personal loans can be availed from a variety of sources, like the Internet and building societies, private lenders and the Internet. Of all these options, the last two are perhaps the best for the customers, when it comes to expediency and choice. However, borrowers should take loans with proper research and comparison analysis of loans behind them. Unlicensed lenders are rife in the loan market these days, and they often give well-advertised loans that can total up to a fortune through hidden and extra charges.

About the Author

The author is a business writer specializing in finance and credit products and has written authoritative articles about personal loans, cheap loans, unsecured loans , bad credit unsecured loans. He has done his masters in business administration and is currently assisting Go4UKLoans as a finance specialist.


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