I am gearing up to declare bankruptcy and realised one of my outstanding unsecured loans relates to a re-training course that I am undertaking (to improve my chances of gainful employment!).
If this becomes part of the bankruptcy, I assume I will be kicked off the course.
I am able to make the full payments on this every month and want to carry on. Would there be any room for negotiation over this with the OR or is my only option to somehow find the funds to pay the loan off before declaring BR?
Was the loan from the local authority or something to do with the training course/provider?
If not then it shouldn't be a problem remaining on the course. The only issue might be when you took the loan out as if it was fairly recently the OR might see this as taking out the credit when you knew you were declaring BR.
BR covers all debt so this loan would need to be included in the BR.
Thanks for that. The loan is with Barclays Partner Finance so nothing to do with local authority or the course providers. I took it out in April last year in order to retrain to get me on my feet again!
Loan for training course
Posted - 17 June 2009 : 13:16:27
