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b_n
Junior Member
194 Posts |
 Posted - 05 September 2008 : 20:07:47
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Hi All,
I'm considering going bankrupt but I'm also starting a full-time degree next month.
I know that, for credit of £500 or more, you need to disclose the fact that you are a bankrupt to the lender, but does anyone know if it is possible to get an SLC loan as an undischarged bankrupt?
If I decide to go bankrupt soon after I get an SLC loan will the OR look at this as misconduct?
If anyone out there has succeeded in getting an SLC loan as an undischarged BR I'd love to hear from you ...
Thanks in advance ... |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 September 2008 : 13:43:45
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Hi BN,
Student Loans from SLC are exempt from BR. However, I am unsure of the criteria they apply (credit checks etc) so you may want to check with them first.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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b_n
Junior Member
194 Posts |
Posted - 06 September 2008 : 14:14:12
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Thanks Julian,
I'll ring my LEA/local authority about their credit check policies on Monday.
But even if, for agruments sake, they reply saying I won't be credit checked by them, there's still the question of whether I'll be permitted to apply for such a loan.
If I apply BEFORE going bankrupt will the OR look at this as misconduct?
or ...
If I apply AFTER going bankrupt (informing the lender of course), will the OR permit this?
I know for a normal loan the answer to the former will be YES and to the latter NO, but it doesn't seem as clear cut for SLC loans.
My LEA/local authority may be able to answer the credit check question but I doubt whether they'll be able to comment on the pre/post bankrupt question.
If there is anyone out there who successfully applied for education funding (i.e. SLC student loans and/or maintenance grants, etc) pre/post BR I'd love to hear from you ...
Apologies for the tricky question ...
Thanks ... |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 September 2008 : 14:17:14
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Hi BN,
You can apply for credit whilst undischarged from BR, but you have a legal obligation to only TELL them you're an undischarged bankrupt.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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b_n
Junior Member
194 Posts |
Posted - 06 September 2008 : 14:32:51
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Ah, I was under the impression you also needed the OR's permission to apply for credit as an undischarged BR ... I learn all the time:-)
Thanks Julian ...
If that's the case then I'll find out from my LEA if I'll be credit checked and if not, I'll apply after I go BR (informing them of my BR status) and see what happens ...
It would still be good to hear from anyone who has been thru this or knows about it ... its a tricky one I know. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 September 2008 : 09:26:57
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Hi BN
Good luck, let us know what u find out.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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SLC loans and BR
