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Below you will find all the questions and answers you may have with regards to debt help. If you should not find the question and answer below please click here and let us know. | |
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| Q. | What happens when the bankruptcy order is granted? |
| A. | When your bankruptcy order is granted, the court will contact the Official Receivers’ office and tell them that the order has been made. A representative of the Official receivers’ staff will then ask you to attend an interview at their offices to discuss your financial circumstances. You will be requested to complete and return a questionnaire prior to this interview.
Once the Official Receiver has all the relevant information he will decide what assets, if any, will be taken from you. He’ll also assess your income and expenditure to determine whether or not to make an income payments order as well. |
| Q. | Is a secured loan or remortgage right for me? |
| A. | This is down to individual choice, mortgage rates are usually lower and set up fees higher than those of loans because of the length of time involved and your home will be at risk in both cases if you cannot meet the repayments. |
| Q. | Will a consolidation loan help me? |
| A. | If you can consolidate all of your existing debts into a loan that offers lower total repayments then a consolidation loan might be the best solution; you will save money in the long run and avoid more drastic solutions. This might not be possible in some cases as many people who are experiencing serious financial difficulties tend to have poor credit ratings; if this is the case then taking on more financial responsibility is likely to make your situation worse. |
| Q. | Can I remortgage if I have a fixed / discounted mortgage? |
| A. | Yes, but you will normally have to pay an early settlement charge to your lender. If your settlement charge is high it might be best to opt for a secured loan. |
| Q. | How long does the process take? |
| A. | Remortgages normally take approximately 6 weeks and secured loans approximately 3 weeks. | |
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