UK Money News
28th November 2007
Bankruptcy 'set to lose its stigma'
Bankruptcy is set to become an increasingly accepted option among British consumers experiencing trouble with debt, one personal finance advisor has stated.
Debt consultancy Thomas Charles has commented that such a course of action is set to become "more and more palatable" to people because the stigma attached to the term is fading away.
James Falla, managing director of the company which provides help with money advice to those experiencing financial difficulties, said: "If you declare yourself bankrupt, you'll remain a bankrupt person - so you are bankrupt - for 12 months.
"It's very rare that you're going to be bankrupt for longer than 12 months. So it's a 12-month deal."
He said that this compared well in some respects with an individual voluntary arrangement, to which a consumer would be subject for around five years.
Recent research from the company revealed that 15 per cent of Britons are in "serious debt" with borrowings in excess of £10,000, while men are more indebted than women overall.
back to November's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
