Tale Of Five Lottery Winners Who Went Bankrupt

bankrupt lottery winners

A big lottery win is the stuff of dreams for thousands of hard-up families across the UK. But for some winners, sweet turns to sour all too quickly when the money runs out. This article from debt advice experts, Bankruptcy Clinic, takes a look at five lottery winners who once had it all – only… Read more »

Income Payments Agreements and Payments Orders

income payment order

After you’ve been declared bankrupt, the Official Receiver (OR) will decide whether you can afford to make payments to your creditors from your disposable income. If they find that this is the case, you’ll be asked to set up an Income Payments Agreement (IPA). If you don’t agree to the IPA, the court may make… Read more »

Home Repossessions After Bankruptcy

home repossession bankruptcy

According to the latest Money Charity statistics, 54 properties are repossessed in the UK every day. That’s one every 26 minutes and 30 seconds. So if you end up having your home repossessed and sold as a result of declaring bankruptcy, you won’t be alone. But how likely is it that you’ll lose your home… Read more »

R3 Calls For Reintroduction Of Criminal Bankruptcy

R3, the insolvency trade body, has called for criminal bankruptcy to be reintroduced to help combat fraud. In the past, Criminal Bankruptcy Orders could be made against convicted fraudsters whose offences caused damages or loss worth £15,000 or more to their victims. However, criminal bankruptcy was abolished in 1988 for unknown reasons.   Now, a… Read more »

Basic Bank Account Changes Could Benefit Bankrupts

The government has struck a deal with the major high street banks that could benefit bankrupts and other people who use basic bank accounts. From September 2016, the range of services available with these accounts will become broader, so that the people using them aren’t ‘shut out’ from everyday banking facilities that most people take… Read more »

Personal Insolvencies At 10 Year Low

New figures released by the Insolvency Service show that the number of people becoming insolvent in England and Wales has fallen to its lowest level since 2005. Last year saw the number of personal insolvencies fall by 2% on 2013 levels to 99,200 – the fourth annual drop in a row. Corporate insolvencies have also… Read more »

Personal injury claims and bankruptcy

When you’ve been declared bankrupt, control of your finances passes to the Official Receiver (OR) or Trustee appointed to deal with your case. Under the rules of bankruptcy, you must tell the OR about any changes in your financial circumstances during your bankruptcy – including windfalls such as compensation received as a result of a… Read more »

Changes To Bankruptcy And DRO Rules

Following pressure from debt advice charities and organisations, the government has agreed to change some of the rules of bankruptcy and Debt Relief Orders (DROs). Bankruptcy Clinic welcomes these changes, which will make it harder for creditors to force vulnerable people into bankruptcy, whilst making DROs – an alternative to bankruptcy – available to more… Read more »

Suffering A Post-Christmas Debt Crisis?

post christmas debts

Christmas is the season of goodwill and festive cheer – but it’s also the season of overspending. It’s all too easy to have a fantastic Christmas on credit…the hard part is paying it all off in the New Year! This article from debt advice specialists, Bankruptcy Clinic, will help you get back control of your… Read more »

Trouble Ahead When Interest Rates Rise

The Bank of England has said that half a million UK homeowners could struggle to keep up with their mortgage payments if interest rates start to rise. The base rate has now been at a record low of 0.5% since March 2009, to help debt-ridden consumers cope with the recession. However, now that economic recovery… Read more »