Unpacking The Emotional Impact Of Bankruptcy
The 20th century may go down as the century when many age-old stigmas were largely ground down. They may not have been completely eradicated but they are less of an issue. This is arguably true of the stigma that formerly surrounded bankruptcy. Its emotional impact, however, can still be significant. Here are some key points […]
The Truth About Life After Bankruptcy
Up until 1869, being in debt could land you a lengthy spell in prison and for long afterwards bankruptcy was to be feared for many reasons. Over a century and a half later, the word “bankruptcy” still has negative associations for many people and perhaps it always will. It’s unlikely to be a pleasant experience […]
Homeownership After Bankruptcy
A bankruptcy is usually discharged after 12 months but generally stays on your credit file for 6 years. You cannot get credit until you are discharged. After that, you will probably find yourself in a credit twilight zone for another couple of years. From year four, you can normally start to get credit but you […]
Understanding Company Bankruptcy
It’s definitely not just individuals who get into financial trouble. Companies went out of business from time to time long before COVID19 (and Brexit). The course of the pandemic has seen many of them fail already. The path towards the “new normal” may see even more fall by the wayside. With that in mind, here […]
Understanding Company Voluntary Arrangements (CVA)
Company Voluntary Arrangements are essentially a “light-touch” form of business insolvency. They were introduced in 1986 and have been in regular use ever since. Currently, they are back in the spotlight as businesses of all sizes try to find a path forward. Here is what you need to know about them. The basics of CVAs […]
Will Amigo Be The New Wonga?
Back in August 2018, payday lender Wonga announced that it had been forced into administration. The news brought tears to nobody’s eyes. It did, however, raise a lot of questions about the behaviour of the government and the regulators. Could Amigo turn into a case of history repeating itself? A tale of two payday lenders […]
Has COVID19 Broken Financial Taboos?
According to the old saying, “a trouble shared is a trouble halved”. Even so, it’s not always easy to share your troubles, particularly if they relate to money. Now, however, COVID19 has sparked all kinds of financial conversations. Has it been what the UK needs to break long-standing financial taboos? Why do people dislike talking […]
HMRC Goes to the Head of the Insolvency Line
From 1st December 2020, HMRC will move three places up the hierarchy of creditors when companies and individuals go insolvent. This puts it ahead of prescribed-part carve out creditors and floating charge creditors. Here is what you need to know about the change. HMRC now lines up with the FSCS In the new “pecking order”, […]
Why insolvency doesn\’t have to be so bad
Thankfully, insolvency has moved on a lot since the days of Dickens. Unless you’ve actively committed fraud, you’re not going to prison. In fact, you’re not even going to be under house arrest. You’ll certainly be living on a tight budget, but your basic needs will be covered. All-in-all, therefore, modern insolvency has stopped being […]
The Basics of Bankruptcy
Even in 2020, “bankruptcy” can be an uncomfortable word, at least as applied to individuals. It can certainly have uncomfortable repercussions. As a minimum, your credit record will be devastated. At worst, you could lose key assets such as the family home. All that said, however, part of the fear of bankruptcy can be the […]