People who are concerned with loan charges to such a great extent that they may be considering bankruptcy or an individual voluntary agreement (IVA) may be interested in what the real consequences of these are.Neil Munroe, external affairs director for Equifax, explained that bankruptcy and IVAs can have some "long-standing consequences", so they are not something you should enter into lightly.Bankruptcy can restrict access to jobs and credit for a period of time, he revealed.He said: "If you go for a bankruptcy, then you can be discharged within 12 months but the fact you've had a bankruptcy will stay on your credit file for six years, the same as an IVA. So lenders will be very cautious if they do see that come up on your credit file."Mr Munroe also noted that many people think that bankruptcy is an "easy way out" because they will be discharged after a year.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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