Can you be a student/recieve student loans when bankrupt?

Gboy2

I was wondering if during your 1 years bankruptcy period, are you able to attend university degrees and receive loans/maintenance grants? or do you have to wait till your one year is up? thanks!

fermi

Gboy2 wrote: »

I was wondering if during your 1 years bankruptcy period, are you able to attend university degrees and receive loans/maintenance grants? or do you have to wait till your one year is up? thanks!

Yes. You can get student loans. They are not "credit checked" in the same ay as normal loans, and the OR cannot claim any portion of them.

Gboy2

That is reassuring to hear... I made a lot of stupid mistakes and got myself into 10grand worth of debt (overdrafts, credit cards, loans). I think bankruptcy is the only way out currently given my depression.

But I wanted a chance to finish my degree which I completed the first year of.

What will happen if i file for bankruptcy? will I be debt free right away? will they try and take away any items I bought with some of the money? (not much, I blew most of it on a gambling addiction which I've now got over with help, thankfully)

So I've taken a year off uni this year because of my depression. And was thinking of filing for bankruptcy soonish? I can't afford the repayments and I'm getting scared.

philnicandamy

Soon as you save the fees fill the paperwork in & appear at court once the forms are signed thats it debt free & written off
Ideally though you do need to speak to one of the free debt helplines before you decide anything...if you decide on bankruptcy one of the questions the court asks is have you saught professional advice?

Gboy2

how long will the whole process take till I'm 'bankrupt'? I will talk to a debt free helpline tomorrow, is there a recommended one to talk to?

philnicandamy

Depends on how long it takes you to save the fees.....most courts offer an appt service so its just a case of ring & see when they can see you this could be a few days or a few weeks depending on how busy they are

CCCS or national debtline are very very good....very busy at the moment though so if you get the engaged tone please keep trying....

fiveyearplan

The best ones are National Debtline, CCCS or CAB - see contact details in Phil's signature above.

Then you need to contact the court to see what kind of service they operate. Some you need an appointment and others are walk in. Have a look at the bankruptcy information sticky on the front page of this board.

Gboy2

philnicandamy wrote: »

Depends on how long it takes you to save the fees.

I'm not sure what you mean by 'save the fees.' ? sorry

Gboy2

Do you have to have money to file for bankruptcy?

Will they automatically close my two bank accounts? Or do i need to inform them? I am overdrawn 3.5k including them both... Sorry for sounding so confused. I will ring an advice line soon, just like to get an idea from people here first

peachyprice

Yes, it costs £345 fees to the OR, plus £150 court fees. If you are on a low income/benefits you may be exempt from the £150.

Yes, your o/d accounts will be closed. You will need to open a basic account with either Co-op or Barclays.