Today in UK Debt – 09/05/2022

2022 calendar

Post Election Results By now you should know the election results in your area. As they say, it is all over but the shouting. It appears the Tories lost a few seats and position, but the loss is not as high as many expected due to recent events. The BBC has posted early results here. […]

I Need To Go Bankrupt But Have Equity In My Property

Question Jon, I am going bankrupt due to owing in excess of £150,000 for loans I guaranteed for a company. The company has ceased trading and entered into Administration, but I am liable for the loans as guarantor. My wife and I own a property together that is valued at £200,000, but we still have […]

The Domino Effect Of a Business Going Bust

Recently in the news were the stories of various energy companies going bust, or out of business. This was due to rising wholesale costs, and a cap on what the energy companies could charge; so they lost money and went bust. If you take a moment and think back on all the stores and companies […]

My Business Is In Administration What Are My Options As Guarantor?

Question Hello, I owe £35,000 to various suppliers, credit cards, and business loans, all of which I guaranteed for my company. The company has been placed into Administration as while we are still trading, we cannot afford the debts we have. I am thinking bankruptcy may be my only option here. However, I still need […]

What Is a Phoenix Company?

And out of the ashes I will arise, like a Phoenix, born again, anew! For those who may not know what a Phoenix is, it is a mythological bird that is immortal. The bird regenerates itself, and rise out of a fire or ashes to be reborn. Interesting myth. So what is a Phoenix company […]

How Do Lenders Determine Affordability For a Loan?

When you apply for a loan, the bank or lender looks at two main factors: Your credit and credit score. Affordability, can you afford to repay the loan. When you apply for a loan and a lender looks at your credit report and credit score, it is a done deal. Your credit score is what […]

The World Of Credit And Lending Is Changing

The Covid pandemic has changed a lot of how we live and what we do. Who would have thought just 18 months ago we would be wearing face masks everywhere we go, getting vaccine jabs, working more from home, or being on furlough, and using so much hand sanitiser we cannot find it in stock […]

Do I Still Owe a Loan If The Lender Goes Bust?

Question Hi, I took out a personal loan in 2017 for £1,000, and after a few months I stopped making payments. Then in 2019 the loan company went bust. Today I received a letter from the administrators for the company demanding payment in full or they will take me to court. Can they do this? […]