Bankruptcy describes a situation in which a business or person becomes bankrupt. If a person or business becomes bankrupt they are unable to pay what they owe (any outstanding debts). They go through a legal process which, once completed, successfully relieves the debtor of the debt obligations incurred prior to filing for bankruptcy.Back to Terms
Loans are subject to status and affordability. *Consolidating debts may increase the term and the total amount payable.
Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.
Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk
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