Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

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


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in