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declaring yourself bankrupt

(2 Posts)
FTS123 Wed 20-Jan-16 10:09:38

Anyone done this? What are the repercussions and how long do they last? Was it worth it for you? Thanks.

roseteal Wed 20-Jan-16 11:26:10

I went bankrupt a few years ago. Main repercussions for me was that I was downgraded to a basic bank account and can't get a standard current account. That just means I can't get a chequebook or overdraft, although I still have a debit card and online banking. It hasn't had much impact on day to day finances.

I was discharged after a year and I was able to get a credit card soon after. I kept my contract mobile throughout my bankruptcy and that was no problem. The BR will stay on my credit record for six years, and I probably won't be able to get a normal account or standard loans until then. That doesn't concern me as the basic account suits my needs, and I don't really need loans (I only have the credit card to rebuild a credit rating).

Yes it was worth it as I got all my debts written off and don't have to worry about repayments smile

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