Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By kaneda7777
#4437 Hi just had a thought......... when i declare bankruptcy how will this affect my student loan????? i need the loan to support me through uni but if im going bankrupt then im not aloud any kind of loans.

Any Ideas?
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By JaneClack
#4452 I think these are different in that they cannot be included in bankruptcy anyway - they have different criteria.

There is nothing in bankruptcy law that says you cannot take credit what it says is that you must inform the lender that you are an undischarged bankrupt if you want to borrow more than £500. So the simplest thing to do might be to ask the SLC!
By clare297
#4455 HI,

I went bankrupt in the summer of 2004 and was entitled to a student loan for Year 04/05. I was also worried that going bankrupt would somehow stop me getting the student loan so I asked the OR who said it was up to the Student Loans Company but I had to tell them I was bankrupt. He also said if I got the payments then he was not interested in them as it was to help with my expenses for studying so was not included in income when assessing an IPA (also you have to pay it back sometime so it's not income really anyway). Anyway I phone the SLC and after a few pass arounds on the phone they said that it did not matter if I was bankrupt I was still able to take the loan, I asked them to still make a note on my records that I had told them, just incase in the future there were any problems. So in answer to your query, being bankrupt should not make a difference but still make sure you tell the SLC and the OR to stop yourself from worrying in the future. I hope this helps a bit and good luck. Clare :)
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By JaneClack
#4457 Thanks Clare - that will help other people too! :lol: