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| The independent answer to your debt problems | login join |
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lazyboy
| 11-07-2007 02:20 PM |
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Joined: 11 Jul 2007 Posts: 1 | I must have around £18k of debt, £8k student loan and the rest in credit cards. I was talking to my room mate about my debt, he's got even more debt., and he said that the best thing to do would be to go out on a spending spree and then get an IVA or go bankrupt and the debt is written off. Sweet!! Is there a problem in doing this, apart from the obvious? lazy |
| DW George | 12-07-2007 02:23 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Hi lazyboy What you need to realise is that bankruptcy is not easy and may have serious implications on your career options. However, don't make up your mind just now as your income will probably increase quite quickly. If you are considering an IVA you won't be able to include your student loan as part of the agreement. If you live in Scotland you will be able to include it in, however , this is going to change quite shortly. My advice to you is to adjust your expenditure and try and live within your means. If you decide to sign an IVA or PTD you will have to adjust your spending anyway, so best do it when you have the choice. Hope this helps George |
