Bankruptcy discharge

[katiegiggle]

After receiving some information on this website regarding sources of help I took the plunge over a year ago. My bankruptcy discharge came through a few months ago and I am now debt free! I have to say that whoever said it would be a relief was correct. I did investigate other options but unless I was willing to struggle for an infinite period of time bankruptcy was the best option. My children are only young and luckily I don't have to explain myself to them.

My new question - Is there anyone who has experience life after bankruptcy? I do not have to pay anything through an income payments agreement and I am guessing I will hear no more from the officials? I am worried about this Christmas though and I also wonder about getting a mortgage in the future. Whilst I am happy where I am at present, I do want more for my kids!

[LFCisTarkaDahl]

//www.debtquestions.co.uk This website has an after bankruptcy board on the Forum section - it has lots of advice

[katiegiggle]

Hey NatashaBee,

Do the credit cards definitely help so soon after bankruptcy? I'd be scared of getting one in case it looks bad to the bank. Whilst I will not get a credit card to get into debt, repairing my credit is another matter. Thank-you for taking the time to post.

[ThatBintAgain]

Hello,

I was discharged about 4 years ago and I'm hoping my record should be clear in the next couple of years. Have been working hard to repair my credit by getting a phone contract and a Capital One card. I also managed to keep the same bank account as I had before I went bankrupt and have always kept that account in order. I'm hoping that we'll be able to get a joint mortgage in the next couple of years but I'm a bit nervous about finding out! I don't know whether to wait until the 6 years is up and it's off my record completely.

All the best with it, the relief is massive, isn't it?!

[katiegiggle]

I heard also that 6 years is the magic number. Though I guess it is circumstantial. If you and your husband are a doctor with a large deposit saved then I guess you are more likely to get the mortgage than if you are both unemployed without a deposit. Something tells me that the large deposit is the secret!

[ThatBintAgain]

Well, no doctors here, and only a modest deposit. Had a mortgage meeting last year and they said we could borrow £90k, which is no use to anyone! I was paying a grand a month in nursery fees which swayed the maths. That was without a credit check though, so not sure they'd even have offered had they checked...

[katiegiggle]

hmmm - I just read that you still have t cooperate with the officials following the discharge. Is this correct? I thought that I would not hear from them again??? Bottom of the page - www.piggybankrupt.co.uk/discharged-bankruptcy.html

[katiegiggle]

Does anyone know if my children will be affected by this if they are still living at the address at which I went bankruptcy when they are older?

[ThatBintAgain]

I never heard from any officials afterwards. And I wouldn't have thought it would affect your children, or the address, it's more joint finances that cause problems. (Previous tenants in this house ran up CCJs but this doesn't affect us.)

[Collaborate]

FWIW, cooperation with the trustee in bankruptcy after the bankruptcy has been discharged means that you have to cooperate in the realisation of your bankruptcy assets - eg if you were taking court proceedings to recover a large debt due to you (which then passes to the trustee) you will have to still provide information and evidence to help the case continue.

After discharge you can keep your lottery winnings.

[katiegiggle]

I get it now. Hopefully I will not here from them as I had no assets in the bankruptcy. I think I will contact Experian about the children but from what you all say it looks as though they will be safe. I will also focus on recovering from my discharge so that I can move on. I think I will come up with some sort of financial plan. Can't hurt to be forward looking and responsible for a change! After all, turning a new financial leaf will at least keep me safe if nothing else.

[Collaborate]

IPA? Indian Pale Ale?

[Collaborate]

I think the answer to the reason why you had to notify them of changes under the IPA is in the name of the thing itself. IPAs have to be either by agreement or order of the court. They are not automatic.

[Lottie999]

There is life after Bankruptcy.... I was declared Bankrupt six years ago & ive just got a mortgage : ) Although through my own research I discovered that some lenders wouldn't touch me with a barge pole re my 'B' past. I still managed to get my Mortgage at a very competitive rate through my bank which is a high street lender. Although I must stress that my credit score / recent finances since have been dealt with impeccably i.e no blemishes / out of control debts etc... I really thought I was doomed & would no way get a mortgage unless I paid a Broker to help me with my 'situation' turns out there was no 'situation' my bank gave me the thumbs up from day one, had to get the original copy of discharge certificate, the fact that it had now disappeared from my credit report was satisfactory for my bank.
It takes 6 years to be wiped from credit report, make sure every aspect re finance is in order & hopefully in 6 years time you will get a mortgage too.

If you want any more advice please feel free to ask, I spent almost a year doing my own research re improving my credit score to get me up to mortgage approval standards.

Going 'B' was the best thing for me to do also (I hate the Bankruptcy word because it reminds me of my sheer stupidity ) although I know of people who have made the same mistakes twice ! Learn from it & spend wisely & monitor your finances regularly & don't live beyond your means! I was a shopaholic, I knew it had to stop, the 'B' was my crash & burn, I'm just thankful that I did learn my lesson young & that it hasn't affected me now like I thought it would.

'B' was a Stupid & foolish lesson learnt for me, hope it is for you too.
P.s mortgage is just in my name.

There is life after 'B' but you have to be very strict with finances from now on to repair the damage to your credit report.