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Credit and Credit Repair Archives - Page 3 of 3 - Bankruptcy UK



Will Business Bankruptcy affect my credit?

Not if the debts are associated with a limited company, as this is a separate legal entity and a Director is not personally responsible for those debts. However, it is often the case that banks ask Directors to sign personal guarantees in which case the Director would be personally liable in the event of default, and this would definitely affect his / her credit rating.
Business debts associated with a sole trader / Self employed are directly accountable for the individual concerned and would directly affect personal credit ratings. Call us for a chat if you need help – we have plenty of experience in this field.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

Can I be made bankrupt without realising it?

I have been living abroad and think I might have been made bankrupt in my absence – how can I find out?

Yes, this is possible. If the Official Receiver’s Office cannot find you, it will place a restriction against your name which will render you bankrupt indefinitely until such time as you get in touch with them and provide them with the information they need to process the case. If you google ‘Insolvency Register’, search by ‘all offices in England and Wales’ and enter your name, you will soon know if this is the case.

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139 / 07894 481175.

Loan and Credit problems

Loans that aren’t secured on your home (like a mortgage for example), overdrafts, credit cards and mail order agreements are often known as ‘non-priority’ debts. You generally have to deal with these debts by coming to an arrangement with the creditor to pay an amount you can afford.

If you can’t come to an affordable arrangement, the creditor may claim their money through the court. The court can then order you to make payments at a rate you can afford, after looking at your income and outgoings (expenses). As long as you can keep up with payments as ordered by the court, the creditor cannot take enforcement action – such as using bailiffs- against you.

How do I apply for a Debt Relief Order?

Only an approved third party or an intermediary (such as the CAB) can apply online for a debt relief order on your behalf.  Debt relief orders are granted by the Insolvency Service and administered by the Official Receiver. The register is open to the public and your name and address will remain on the register for fifteen months. It might be an idea to google ‘Debt Relief Order’ and check the criteria before getting your hopes up, as they are strict.

There is a cost of £90 to apply for a debt relief order.  This fee must be paid in cash at a Payzone outlet. You can spread the cost over a six month period but the Official Receiver will not consider your application until the £90 fee has been paid in full.

Once you have paid the fee and sent your application, the Official Receiver can make a debt relief order, providing you meet all the conditions.  (It is important to note that it is an offence to give false or misleading information on your application.)

When your debt relief order has been granted, you do not have to pay any of the creditors listed on the order.  Your creditors will be informed about the debt relief order and they cannot take any action against you.



Bankruptcy UK

Bankruptcy UK