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 no outher option than to borrow from a loan company
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lizzieya
Starting Member



3 Posts

Posted - 03 July 2009 :  11:12:59  Show Profile  Visit lizzieya's Homepage  Reply with Quote
I was in debt of around 20k when i found no outher option than to borrow from a loan company through shakespeare loans. Now because of that i owe more than 100k and have just lost my job and am thinking of applying for bancruptcy as i dont see anything getting any better for me in the near future.

My question is if i apply for bancruptcy will this help me. I know if you have a bank loan or credit cards it would, but i have debt with an credit company through shakespeare loans?

thank you

gettingoutofdebt
forum expert



2418 Posts

Posted - 03 July 2009 :  11:39:05  Show Profile  Reply with Quote
If you declare BR then ALL of your debts are written off so this would include this loan company as well.
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lizzieya
Starting Member



3 Posts

Posted - 03 July 2009 :  12:57:56  Show Profile  Visit lizzieya's Homepage  Reply with Quote
thank you so much for your post, i feel so relived.
I got into so much debt trying to get out of debt in the first place and you always here of loan companies coming to your home and breaking things !
sounds daft i know, but its the sort of thing you see on tv isnt it.

Thank you again

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Jane.l
Average Member

511 Posts

Posted - 03 July 2009 :  13:40:18  Show Profile  Reply with Quote
is it a secured loan?
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lizzieya
Starting Member



3 Posts

Posted - 04 July 2009 :  11:18:18  Show Profile  Visit lizzieya's Homepage  Reply with Quote
No unsecured with hefty intrest because of that

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gettingoutofdebt
forum expert



2418 Posts

Posted - 04 July 2009 :  12:02:25  Show Profile  Reply with Quote
If it is unsecured then there isn't a problem including it in the BR and it will be written off.

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