Please give me some advice for a friend in need.

[JonCris]

If the bank convinced her into taking 'managed' consolidation loans There may be a light at the end of the tunnel as these loans may be unenforceable & some monies already paid recoverable

 

It's a long one but I suggest you take the time to read the below thread & if necessary contact Gizmo the mod who knows about these loans

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/15457-who-has-had-managed.html?highlight=Managed+Loans

 

Bankruptcy is not the panacea that some claim & if at all possible to be avoided

[JonCris]

fermi I do & it's the company that the OP was about to pay £500 to

 

Not wanting to have a pointless argument but too many (even on here) do suggest bankruptcy as a solution when they shouldn't. Despite what sometimes claimed it will follow you around for years to come & affect your life in ways you may know nothing about - being refused for certain jobs for example

[JonCris]

tom don't be so sensitive.

 

No one was accusing YOU of recommending bankruptcy: I was merely stating that there have been occasions, both here & elsewhere, when contributors have recommended bankruptcy as if it's some sort of panacea which of course it isn't as many people, including an awful lot of ex students, are finding out to their great cost

[JonCris]

In fact it occurs to me that perhaps the site could have a sticky! where the benefits & more importantly the pitfalls of bankruptcy are explained to members who are considering it as a means of solving their problems

 

An additional thread could be started alongside where members could discuss their experiences & knowledge of bankruptcy

[JonCris]

And vise versa. A lot of what the general public "know" about bankruptcy (or insolvency) and it's consequences is based upon myth and hearsay. Both the benefits and disadvantages are misunderstood by many.

 

I'm curious what you mean about "students", but I'd rather not divert this thread from the OP's situation with an extended discussion here.

 

Simple - it's widely known that until recently many students were opting for bankruptcy as a means of escaping their debts/loans that they had accumulated whilst at UNIV.

 

As a result many who did go that route are now finding that they are being rejected for jobs they thought were theirs by right because of their degrees Many not realising that being made bankrupt at any time can be a bar to say a career in law or accountancy to name but two