Barclays Business A/C

[myster]

Hi,

 

In 2005 I took out a 20k unsecured business loan. in 2007 the business failed. Im left with debt and bad credit history for making the wrong decision in setting up this business in the wrong location and now im living with the effects of adverse credit rating.

 

I have been paying what I can per month through a debt collection agency on a monthly basis. Now its come to a point after 4 years that I dont think I will ever clear this amount.

 

If I were to take the option of bankruptcy, I have been told that this will effect my credit for life and although it says it will clear after so many years it will still always appear on credit checks, does anyone know if this is true?

 

Also im living with my partner, she believes that her name will get dragged into any bankruptcy as we have been living togeather since the business failed and that the courts will delve into our financial history as a couple as we have had working tax credits being paid to us, not sure on this either?

 

With a family its a struggle for us to get through with no chance of us paying anything off. Some people have said I should have gone bankrupt straight after the business failed, however I felt I needed to try and pay this off and avoid this option - hence the delay in time.

 

Can anyone give me any pointers as to the above? Is there any legal option of me getting this debt written off.

[caro]

I suggest that you contact National Debtline. They should be able to advise on the implications of bankruptcy. http://www.nationaldebtline.co.uk/