Derby resident explains bankruptcy
Derby resident explains bankruptcy
Monday 15th December 2008
Elizabeth Yates told the Derbyshire Evening Telegraph that she first struggled to make ends meet after taking maternity leave while pregnant with her son Owen, who was born in April.
She explained that her debts worsened as easy access to credit enabled her to continue borrowing money despite already being in the red.
"I kept asking for credit cards and loans, and the banks and building societies kept giving them to me. I was young and silly," the 25-year-old said.
"At one point it had become hard to afford food day-to-day. It was partly because of the debt and partly because of rising prices."
Ms Yates, who lives with her partner in the south Derby suburb of Normanton, eventually filed for bankruptcy in November.
County court figures reveal that 135 people and 50 businesses declared themselves bankrupt in Derby and Chesterfield during the third quarter of 2008.
One alternative to personal bankruptcy is an IVA, which can help people to avoid the "stigma" of going bankrupt, the Times reported last month.
News article brought to you by SimpleIVA - For confidential IVA help and advice.
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