Is this feasible?

[bosie]

my question is; if I paid off my student loans with credit cards and loans then went bankrupt (after a reasonable time), would that get rid of my loans?

I had the old style loans as a single parent. Housing benefit took my loans as income at that time and would not take into account childcare costs. My degree was not available part-time, so I had to take the loans.

I do not agree with my loans being both a income and a debt. I worked hard for years after dropping out of university due to being unable to afford childcare. I paid my bills and loans and had two jobs and never claimed any benefits. I asked my housing association if there were any schemes available to enable me to buy my own home, they told me that because I am a single parent I did not need to work and did not need to own my home. Since then I have worked part-time and claimed everything I can and only pay priority bills. My life has been written off by our government.

However, there should be a change of government soon and a reintroduction of right-to-buy coupled with a housing crash. I now have hope for my future and my youngest will finish his A levels in four years. I want to repair my credit rating and think going bankrupt will mean in six years I will be able to have a home.

Is this feasible?

Many thanks

[MelanieGiles]

Hi bosie

That would not be fair on the creditors you were borrowing the new money from, and I would certainly not recommend that action if the intent was simply to dump your student loans.

If you are struggling to make your loan repayments, I suggest you seek professional advice as to your options at an early stage, before making matters any worse.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk