Student Bankcrupcy - Implications of going Abroad 10 June 2004 at 2:32PM in Student Money Saving 3 replies 2.8K views

Legacy_user

I have been reading a great deal in Observer/Guardian about UK Students declaring themselves bankrupt to lose their student loan.
What are the implictions of doing this and then moving abroad to say France ?

Are you then able to apply for credit etc over there. I have just graduated, have no UK assets yet and have a potential job in france but my debt here is huge so I am thinking about this option. Is there information sharing between EU states ?

System

I was thinking of doing this myself when I finish my course in a year's time.

As a mature student I already had approx £25K debt before I even started the course. With student loan included I will probabaly be around the £40K mark when I finish...

I haven't really looked into that much myself yet though so would also be very interested in the answers to your questions.

Salad_2

Apparently a lot of people in France rent rather than buy houses, so it might not be a big deal to wait out your bankruptcy.

System

I too am thinking of declaring myself bankrupt, as I am 38k in debt after BSc and an Msc and only have a disposable income of £45 per month with which to pay back all the debts!!

Needless to say I'm going into to the red further each month by 500ish quid.

I'm also thinking of going to australia in october ish after I declare myself bankrupt, as it is something I have wanted to do for years - but never had the opportunity to do due to money constraints.

Are you allowed to go abroad after declaring yourself bankrupt?? I have tried to get better jobs etc. but now I am earning an alright wage I am too far in the shisser!!