P543 Teletext 543 Oct30 21:02:12       —————————————————————————————————  CONSIDERING BANKRUPTCY Dear Teletext, My house is going to be repossessed and I'm in arrears with credit card and loan repayments. One of the defaults has been passed to a credit reference agency. I am thinking about going bankrupt as a last resort. Is this a good idea? Name and address supplied ——————————————————————————————————1/9—— Got a question for our advice clinic? Write to: Advice Clinic, PO Box 297, London SW6 1XT or fax: 0171 386 7808 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:02:11       —————————————————————————————————  CONSIDERING BANKRUPTCY The Money Advice Association cautions against going down the bankruptcy route particularly for younger people and anyone with substantial assets. "We would only recommend bankruptcy for someone who has no possessions they are prepared to lose," a spokeswoman says. "It ljght be suitable for someone who is in rented accommodation or who has the bare essentials. Otherwise they stand to lose almost everything." ——————————————————————————————————2/9—— Got a question for our advice clinic? Write to: Advice Clinic, PO Box 297, London SW6 1XT or fax: 0171 386 7808 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:02:04 Advert ADVICE CLINIC >>      —————————————————————————————————————— * Don't surrender your endowment policy - call AAP  * You can get up to 35% more than your policy's surrender value.  For your free valuation & brochure     (24 hour service) Absolute Assigned Policies Ltd3/9 regulated by the Personal Investment Authority Property Mortgages Savings City
P543 Teletext 543 Oct30 21:04:01       —————————————————————————————————  CONSIDERING BANKRUPTCY The Money Advice Association believes becoming officially bankrupt for someone in work is dangerous because it could mean losing their fob. "Going bankrupt might wreck their chances of decent employment," says the association's spokeswoman. "If a young person became bankrupt and got a decent job later in life, the Official Receiver could come back a lot later and make a claim." ——————————————————————————————————4/9—— Got a question for our advice clinic? Write to: ADVICE CLINIC, PO Box 297 London,SW6 1XT or fax: 0171 386 7808 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:00:05       —————————————————————————————————  CONSIDERING BANKRUPTCY A spokeswoman for the Money Advice Association says people thinking of declaring bankruptcy should first look at the possibility of an Individual Voluntary Arrangement (IVA). To set up an IVA, you must have an income that gives you at least £25 a week spare after paying necessary bills such as mortgage and heating. An IVA allows the person to spread repayments over five years. ——————————————————————————————————5/9—— Got a question for our advice clinic? NINTENDO 64,HI-FI AND PLAYSTATION UP FOR GRABS see p200 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:00:03       —————————————————————————————————  CONSIDERING BANKRUPTCY Individual Voluntary Arrangements are popular with creditors. They l—| get back only part of the total outstanding but they create some certainty and avoid the hefty costs of bankruptcy. "IVAs are ideal for someone whose job or occupation is at risk, such as a police officer or serviceperson who would not be allowed to go bankrupt," the Money Advice Association says. IVAs also ensure secrecy. ——————————————————————————————————6/9—— Got a question for our advice clinic? Write to: ADVICE CLINIC, PO Box 297 London,SW6 1XT or fax: 0171 386 7808 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:00:01       —————————————————————————————————  CONSIDERING BANKRUPTCY Individual Voluntary Arrangements are good for people in work, who have a house, or whose job may be at risk. "They avoid the humiliation and shame of going bankrupt and allow people to retain their assets," says a Money Advice Association spokeswoman. She recommends anyone in desperate financial straits to first consult an Insolvency Practitioner. ——————————————————————————————————7/9—— Got a question for our advice clinic? NOW IT'S EVEN EASIER TO FIND LOVE: TELETEXT DATING ITV p390 Property Mortgages Savings City
P543 Teletext 543 Oct30 21:00:03       —————————————————————————————————  CONSIDERING BANKRUPTCY Anyone thinking of going bankrupt should shop around for an Insolvency Practitioner charging reasonable fees, says the Money Advice Association. While contact numbers for Insolvency Practitioners can by found in the telephone directory, the association says Money Advice Workers should be consulted too. They work for the local authority or Citizens Advice Bureau. ——————————————————————————————————8/9—— Money Advice Association 01822 855118 Write to: Advice Clinic, PO Box 297, London SW6 1XT or fax: 0171 386 7808 Property Mortgages Savings City
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