Bankruptcy and season ticket loan through employer

Upthecreek

Hello,
This is my first post. I am currently filling in the online application for bankruptcy.

I need some clarification around my season ticket loan through my employer. It is currently taken out of my wages every month. It's nearly £400. Do I need to declare this? I stilll want to pay this back but am aware it is a debt.

Confused.

Thanks in advance.

National_Debtline

Hi there and welcome to MSE,


You need to check the exact terms and conditions of this before doing anything. If this is a loan then it will have to be listed on the bankruptcy forms as a debt and it will get written off as part of the process. It will not be able to be repaid, so that will increase your monthly surplus and is likely to mean you will have an Income Payment Arrangement.


If that is the case you will need to find out the implications of this before you go bankrupt and I would suggest you try and speak to a union rep or ACAS (0300 123 1100) as this could put your future employment with this company at risk.


However, if this is some sort of travel pass, it may not have to be listed as a debt and should be a permitted expense (subject to the discretion of the official receiver). Good luck,


Laura
@natdebtline