Pros and Cons of Bankruptcy: Is it the Right Choice for You?

The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.

MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

[ianself]

If the debt collector buys your debt from the original debter surely theyv paid your debt off

[johncooke]

Sorry you seem to have missed a lot of information off this video, especially around the area of if a debt collector 'purchases' as debt and the legal obligation around it. Also to question the fact most debt collection agencies use the Northampton Bulking Centre to attempt to acquire a CCJ. Please be open and honest and give full information about this as on face value sounds like your sponsored by the collection agencies.

[PPCmenace]

DCA has no right to take you to court. Look at section 136 Law of Property Act 1925.

[boxingbill]

Some people dont give all the correct info, they have no legal right no contract deed of assignment to prove a legal standing

[deaconjohn]

But some dont use debt collection they cut corners and go right to the court

[harryman]

I’ve just had money taken out of my bank account. Even though I was paying it off weekly. Is this legal.

[singha]

How about if the debt is over 6 years old