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Home > Ciao Café > Member Advice > Member Advice on Finance > Members Advice on Bankruptcy
Online Insolvency Service - a mine of information

User Reviews

for Members Advice on Bankruptcy

Rating Summary based on 8 reviews

  • 5 Stars
    		5
  • 4 Stars
    		1
  • 3 Stars
    		0
  • 2 Stars
    		1
  • 1 Star
    		1
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  • 15 of 16 Ciao users found the following review helpful
    Picture of Amanda2114

    Amanda2114

    5 Stars Information on Bankruptcy 04/01/2008
    User recommends the product

    Advantages Advantages Stress regarding the implications of Bankruptcy

    Disadvantages Disadvantages Peace of mind that your finances have been sorted.

    The process of bankruptcy is a complex one. I am going to try and explain it the best I can. Firstly, what is bankruptcy? Bankruptcy is an option for people who are unable to pay their debts. Bankruptcy will leave you free from overwhelming debts, and make sure your assets are shared out fairly between your creditors. There are three ways that you can become bankrupt: Voluntarily (you declare bankruptcy), involuntarily (by the people you owe money to) or by the supervisor or anyone bound by an IVA (explained later as an alternative to Bankruptcy). If you are declare bankrupt it can affect what ... more
  • 28 of 28 Ciao users found the following review helpful
    Picture of Tempus_Fugit

    Level 6 Tempus_Fugit

    Member since 16/09/2006

    Reviews written: 121

    4 Stars It's The End Of The World As We Know It Review with images 16/12/2007
    User recommends the product

    Advantages Advantages fresh start, no more debts

    Disadvantages Disadvantages financial restraints, bad credit rating, possibility of losing all assets, embarrassing

    This account only covers personal bankruptcy. I do not know anything about business bankruptcy and will not be able to comment on it. A couple of years ago everything in my life was on the up. I had a great job with a brilliant take home pay, a car and was going on holiday a couple of times a year. Then things changed. I was made redundant due to restructuring in the company and my position was suddenly not there any more. I had not been with the company long so I wasn't eligible for redundancy pay. Suddenly there was no job, no regular income. But I still had to pay rent, credit cards bills ... more
  • 24 of 24 Ciao users found the following review helpful
    Picture of MitchellandAimeesMum

    MitchellandAimeesMum

    5 Stars A New Start 24/11/2006
    User recommends the product

    Advantages Advantages Starting a fresh

    Disadvantages Disadvantages Embarassment and what comes with it.

    Ok, I'll try again! Ciao this is my original review, I wrote it, I haven't copied it, but I want to add some more and can't access the account from which I originally did this! PLEASE DO NOT REMOVE IT AGAIN!!. Thanks to everyone who reads it. It all came to a head October 2001. My latest child had just turned 1 and my husband had a business that unfortunately had gone wrong. We were borrowing credit left, right and centre and were getting deeper and deeper into debt, the only solution was bankruptcy. Bankruptcy has to be the last solution as its a big step to take and lasts for 3 years. The ... more
  • 15 of 15 Ciao users found the following review helpful
    Picture of Dibbles83

    Dibbles83

    5 Stars Bankruptcy can be the best thing 18/06/2006
    User recommends the product

    Advantages Advantages Relieves you of pressure from your creditors,Clears all your debt

    Disadvantages Disadvantages embarrassing,published in the local paper

    I owed more than £20000 to catalogue companies,finance companies and credit cards. This Debt accrued over a period of 6 six years,I cannot believe I let myself get so deep into debt but it was so easy to do. I was a single mum of one and I bought all our clothes out of catalogues,it was the only way I could afford them by paying them off monthly, and when I ran out of credit on one catalogue I would sign up for another and this went on and on until I could not afford my monthly payments on any of them this was due to my ex partner doing a runner and the child support agency couldn't get any ... more
  • 36 of 36 Ciao users found the following review helpful
    Picture of ICECOLD

    Level 5 ICECOLD

    Member since 23/09/2003

    Reviews written: 61

    2 Stars No credit for taking this decision 21/06/2005
    User doesn't recommend the product

    Advantages Advantages Frees you of worry

    Disadvantages Disadvantages feeling ashamed, financial restraints

    Yesterday I went to court, to begin the process of winding up my personal and business affairs. It took me a long while to realise that I had no choice but to opt for Bankruptcy and it isn't necessarily the easy option. My business collapsed this year, after poor trading for several months. I made the mistake of propping up the business for too long, as I didn't wish to put people out of work and, more importantly, I trusted the wrong people. However, having decided that was the only option open to me I picked up the necessary forms from my local County Court. The forms run to about 13 double ... more
  • 74 of 75 Ciao users found the following review helpful
    Picture of sammieg29

    sammieg29

    5 Stars A FRESH START! 24/08/2004
    User recommends the product

    Advantages Advantages anuls all debt that you cannot pay, gives you a fresh start

    Disadvantages Disadvantages affects your credit rating, gets put in the local newspaper!

    Here we go , quite an embarressing situation to discuss. But i thought if it helped someone ,somewhere contemplating whether to become "bankrupt" , then its worth while! We have struggled for many years trying to pay off debts, consolidating loans, taking more credit out to pay bills. ( Im sure its something most people can relate to ...we found it got dramatically worse after baby number three! Icouldnt afford childcare, and have found it hard finding work around my husbands hours!) Things came to a head in july this year, i realised how bad things actually were and contacted the cccs( ... more
  • 31 of 31 Ciao users found the following review helpful
    Picture of allyb2003

    allyb2003

    5 Stars Turning over a new leaf 10/06/2004
    User recommends the product

    Advantages Advantages A fresh start, clear all debts etc

    Disadvantages Disadvantages Embarrassment, bad credit rating

    It all came to a head October 2001. My latest child had just turned 1 and my husband had a business that unfortunately had gone wrong. We were borrowing credit left, right and centre and were getting deeper and deeper into debt, the only solution was bankruptcy. Bankruptcy has to be the last solution as its a big step to take and lasts for 3 years. The funny side of it is that you have to have money to make yourself bankrupt. At the time the price was £150 per person to declare yourself bankrupt. My husband and I went along to our local County Court and asked for all the forms etc. The forms ... more
  • 43 of 43 Ciao users found the following review helpful
    Picture of Pelenya

    Pelenya

    1 Star A Last Resort for Me 24/03/2002
    User doesn't recommend the product

    Advantages Advantages A fresh start

    Disadvantages Disadvantages Ruined credit for a time, stigma, embarrassment

    I actually suggested this category for Ciao several months ago. I haven't had the nerve to write this opinion until now. Bankruptcy isn't the credit standing death sentence that it used to be. After three years, some creditors are willing to lend money to the person who has been bankrupt if they can prove that they have adequately repaired their poor credit. However, it is not completely wiped off one's credit record for seven years. At least that is the way it works here in the US. I am not familiar with UK standards, but I can share with you my horrendous experience with this unfortunate ... more
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