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dazed and confused
Junior Member



United Kingdom
475 Posts

Posted - 24 November 2008 :  15:38:57  Show Profile  Reply with Quote

Dear Forum

Just a quick question - why are Student Loans classed as a Secured Creditor and not Unsecured?

I thought that a Secured Creditor related to something 'material', such as a house, car etc.?

Just a thought...

John
New Member



United Kingdom
73 Posts

Posted - 24 November 2008 :  16:17:20  Show Profile  Reply with Quote
Hi

SL's are not secured as you say. Nor are court fines or CSA payments but you can't write them off either. If you think about it many many people would declare BR just on the basis of owing large amounts on any of these 3 types of "debt". Which is why they are exempt.

A matter of responsibility if you will, which isn't, as with loans etc, a business arrangement or a subsequent cost related to a business arrangement.

www.Bankruptcyhelp.org.uk
0800 078 9367
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dazed and confused
Junior Member



United Kingdom
475 Posts

Posted - 24 November 2008 :  16:28:37  Show Profile  Reply with Quote
Hi John!

Thanks for your reply!

I was told on here to put SL's down in the Secured Creditor Section.

Is this not correct?
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John
New Member



United Kingdom
73 Posts

Posted - 24 November 2008 :  16:32:01  Show Profile  Reply with Quote
Hi

technically no, and it was me that advised you to put it there. The reason being it will support the fact, by way of additional detail, that you will be claiming a monthly allowance in order to make the loan repayments.

So it's there for information for the OR, but technically not a secured loan.

www.Bankruptcyhelp.org.uk
0800 078 9367
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dazed and confused
Junior Member



United Kingdom
475 Posts

Posted - 24 November 2008 :  16:35:00  Show Profile  Reply with Quote
Hi John!

Ok thanks - that clears it up now in my mind!

Thanks again!
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