LP - Could bankruptcy be right for you?

Should you go bankrupt?

A solution of last resort that offers a completely fresh start after 12 months.

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"5 Star Rated" On Feefo

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Authorised and regulated by the Financial Conduct Authority.

May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here.

How much do you owe?(Required)

Money Helper (formerly The Money Advice Service) is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.

Your journey to financial freedom starts here.

1. Speak to our team.

Our experienced advisors are waiting to help you start dealing with your debts.

2. We guide you.

Receive no-obligation advice and find out more about the debt repayment plans available to you.

3. Ongoing support.

Our advisors will support and guide you throughout your journey to debt freedom.

Find out if bankruptcy could be the right way to deal with your debts.

As with any debt agreement, it’s important that you seek professional advice before committing.

What is bankruptcy?

Bankruptcy is a formal agreement between you and your creditors to repay what you can afford over a period of usually 12 months. Once this period has ended all outstanding debts are written off in full.

With bankruptcy, an ‘official receiver’ takes control of your debts and assets for you and liaises with your creditors.

As part of the bankruptcy application, a means test is carried out to see if you can afford even a small monthly repayment towards your debts. If you cannot, you will not need to make any repayments at all.

As with any formal debt solution, it is important that you speak to a bankruptcy professional to ensure that you fully understand the implications of going bankrupt.

Bankruptcy eligibility criteria

To be eligible for bankruptcy you must be unable to find a way to ever repay your debts.

Bankruptcy benefits

Below are the main advantages of going bankrupt. To learn more, please get in touch.

Debt written off – all debts included in your bankruptcy are written off.
No further creditor action – creditors are prevented from taking any further action against you.
No more charges or interest – charges and interest are frozen.
No creditor contact – your creditors will be prevented from contacting you further.
No repayments – depending on your financial circumstances you may not need to make any repayments towards your debts.

Bankruptcy considerations

Below are the main disadvantages of going bankrupt. To learn more please get in touch.

Selling your assets – your assets, including your home (if you own it) and vehicle may have to be sold to cover outstanding debts.
Details added to a public register – details of your bankruptcy will be entered into a public register.
Credit Applications – during your bankruptcy you may be restricted from applying for further credit.
Bankruptcy fee – there is a fee of £680 that needs to be paid to the Insolvency Service at the time you submit your application.
Restricted employment – you may be prevented from holding certain types of employment.
Credit rating – your credit record will be affected for 6 years.

Debts we can help with

This is not a full list, please get in touch to see what other debts can be included.

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Authorised and regulated by the Financial Conduct Authority.

May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here.

How much do you owe?(Required)

5 Star Rated on Feefo

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What our customers say about us

I have been struggling by myself for years with debt, and when I finally reached boiling point I got in touch with Advice Centre Group. Every person I have spoken to has been polite and patient. Especially Tom Doherty. What an absolute star who has gone above and beyond for me, I will honestly never forget the help, guidance and advice he's given me. I am now on a path to being debt free and it is down to the professionalism and kindness of the Advice Centre Group.

Excellent company thank you for all the help to get me on right track

Absolutely fantastic service the team has been great right from the start from my first phone call with them. Such a huge weight has been lifted that I’ve been carrying by for a long time.

I have delt with Joel and Carl. they are very knowledgeable, supportive and have your best interest at hear. Highly recommend this company they really care for people. Thank you for your help!

Rated as ‘Excellent’ on Trustpilot

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What our customers say about us

Fantastic service by Ben - Ben has made the whole process simple and easy, made me feel very reassured that I am making the correct decisions and getting my debt on track! Couldn’t recommend Ben enough!

I spoke with a man called Perry extremely amazing understanding and compassionate man. He ensured i was satisfied and knew all my options. He broke everything down to me and reassuring throughout the whole process. Highly highly recommend dealing with dissolve debt and ensuring Perry answers the phone! Best decision iv made in a long time and I finally feel at ease mentally and physically after my conversation.

Just want to personally thank Richard… Just want to personally thank Richard for listening to me and being willing to understand my financial and emotional status. He was extremely kind and reassuring, this is exactly the service I needed when facing hardship so thank you again Richard! I feel more at ease and hopeful I will tackle this soon now that I've got help managing debt

Excellent service received - I would like to thank Richard for his exceptional service. He was non judgemental and did an amazing job in reassuring me that there is a suitable solution for me after another solution was unsuccessful. He was very patient and understanding and I am very happy to have discussed my situation with Richard. He gave me a thorough overview of everything and we were able to agree on an affordable monthly payment. I would recommend Richard to anyone.

Ben and Chantelle were very friendly… - Ben and Chantelle were very friendly and made me feel at ease when talking about my debts was reassuring and made the process very smooth

How much would my repayments be if I enter into an IVA?

If you have more than £6,000 debt and can afford to make a regular monthly repayment towards clearing them, there is a good chance that an IVA would be a good solution for you.

With an IVA you make a single monthly, affordable repayment towards all included debts for, typically, a 5 year period. After this time any remaining debts are usually written off in full.

Repayments based on what you can afford and NOT what you owe.

A real life IVA example* –

Total debt – £15,461

Old repayment - £830

New repayment - £125

* We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.

Frequently asked questions.

Is bankruptcy suitable for me?

Bankruptcy is considered a debt solution of last resort due to the far-reaching consequences it can have on your daily life as well as your employment.

For example:

If you own your own home you may need to sell it so that any equity can be used to repay your debts.
Certain types of employment positions cannot be held if you are bankrupt, including being a director of a company or an accountant.
You will not be able to apply for credit without declaring to the lender that you are bankrupt, and
Details of your bankruptcy are entered onto a public register.

For a more details understanding of the impact of going bankrupt please get in touch with us today.

Could there be an impact on my job?

Some professions, such as accountancy and solicitors, are prohibited from practising if you ae bankrupt.

In general however, there should not be any impact on your job but again, it is important to seek professional advice before committing to going bankrupt.

Will my credit score be impacted?

All debt solutions will have an impact on your credit score.

Details of your debt solution will be entered onto your credit record and will remain there for a period of usually 6 years.

What fees apply?

Although the initial advice that we offer is completely free, there is a fee of £680 that needs to be paid when you submit your bankruptcy application. This fee is payable to the Insolvency Service.