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Students dodge debt through bankruptcy

August 16, 2009

lifestyle

According to credit reference agency, Equifax, it seems as though some canny students have caught up with the changes in the bankruptcy laws.

As part of their latest survey of soon-to-be students, they discovered that about 11% of the respondents were seriously considering the idea of taking advantage of the relaxation of the UK bankruptcy laws to get them out of trouble, should they get into too much debt during their studies.

The trouble is that a bankruptcy declaration will follow them for many years to come, and can often block possible future career options, such as the financial or legal services, where self control and the ability to maintain effective management over personal finance is seen as very important.

A better way to deal with debt is to to be careful and if in serious trouble, contact the Citizens Advice or National Debtline.

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  • Daphne

    I agree. Some people, not only students, take unfair advantage of bankruptcy laws. They’d prefer to declare bankruptcy for unpaid debts which they were irresponsible enough to contract. Glad to know that a declaration will haunt the perpetrator for years to come.