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Specific Questions about Bankruptcy!
DK78_2
Posts: 13 Forumite
Hi, I have pretty much decided to go bankrupt following some good advice from various people, including several very kind people on here. I just need some further advice on the following if anybody can help:
1) I live with my girlfriend in her house. The mortgage is in her name and we have no joint debts or any other type of finance together. We are not financially "attached" in any way. Will there be any repurcussions on her for living in the same property as a bankrupt/are there any other pitfalls regarding this that I should be aware of (for example I have recently changed my address on bank accounts etc, does it make any difference to her credit rating that I have "moved my debts" there or if I go bankrupt?)
2) I am currently unemployed (as of about 3 weeks) and signed on this week for JSA. I have a battered old car worth about £300, the ownership of which will hopefully help me to find work/keep a job. It is pretty much my only "asset", is the court likely to have any interest in seizing this (my understanding of it is that if you can't conceivably get a cheaper alternative and it's deemed necessary for work or finding work then they would use "common sense")
3)Finally, although the last thing I want to do at the moment is even think about borrowing money if I wanted to get a house in about 5 years time would I be able to get a mortgage and , if so, will I be paying "through the nose" for it?
Many thanks
DK
1) I live with my girlfriend in her house. The mortgage is in her name and we have no joint debts or any other type of finance together. We are not financially "attached" in any way. Will there be any repurcussions on her for living in the same property as a bankrupt/are there any other pitfalls regarding this that I should be aware of (for example I have recently changed my address on bank accounts etc, does it make any difference to her credit rating that I have "moved my debts" there or if I go bankrupt?)
2) I am currently unemployed (as of about 3 weeks) and signed on this week for JSA. I have a battered old car worth about £300, the ownership of which will hopefully help me to find work/keep a job. It is pretty much my only "asset", is the court likely to have any interest in seizing this (my understanding of it is that if you can't conceivably get a cheaper alternative and it's deemed necessary for work or finding work then they would use "common sense")
3)Finally, although the last thing I want to do at the moment is even think about borrowing money if I wanted to get a house in about 5 years time would I be able to get a mortgage and , if so, will I be paying "through the nose" for it?
Many thanks
DK
Perscriptio in manibus tabellariorum est :beer:
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Hi, I have pretty much decided to go bankrupt following some good advice from various people, including several very kind people on here. I just need some further advice on the following if anybody can help:
1) I live with my girlfriend in her house. The mortgage is in her name and we have no joint debts or any other type of finance together. We are not financially "attached" in any way. Will there be any repurcussions on her for living in the same property as a bankrupt/are there any other pitfalls regarding this that I should be aware of (for example I have recently changed my address on bank accounts etc, does it make any difference to her credit rating that I have "moved my debts" there or if I go bankrupt?) The credit record is attached to the person not the property so unless you have any joint arrangements (which you don't ) she will be fine. Just beware the OR may try to prove you have BI in the property so you might want to be renting a 'room' at the house.
2) I am currently unemployed (as of about 3 weeks) and signed on this week for JSA. I have a battered old car worth about £300, the ownership of which will hopefully help me to find work/keep a job. It is pretty much my only "asset", is the court likely to have any interest in seizing this (my understanding of it is that if you can't conceivably get a cheaper alternative and it's deemed necessary for work or finding work then they would use "common sense") The car should be ok for the reasons stated. Make sure you state that on the forms.
3)Finally, although the last thing I want to do at the moment is even think about borrowing money if I wanted to get a house in about 5 years time would I be able to get a mortgage and , if so, will I be paying "through the nose" for it? People are getting mortgages at about 2% above base after 2 years discharge but this seems to go to down to normal the further you get away from it
Many thanks
DK
hope that helps a little. I take it you have taken professional adviceBSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Hi DK
answer to first question-NO
answer to second question-very unlikely, but each OR works differently and its a case of suck it and see.
answer to question 3- yes, very likely, but depends on the whole countries financial situation (if theres a major finacial crisis then the borrowing of money willl be mad emuch harder, but i'm sure you'll be able to get something, but as you say, pay through the nose for it)
hope that helps.
Good luck
Typed at same time as tiger..grr, going to tie your hands behind your back so you can't be so quick next time :PThe first time we said hello, was the first time we said goodbye. As the angels took your tiny hand and flew you to the sky-you forever left us breathless. RIP my beautiful granddaughter
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Hi DK. As Tiger said, be careful regarding beneficial interest in your girlfriends house. If you have lived there for more than 6 months and have been contributing towards the household then you may be classed as having beneficial interest in the property.
It is only a 'may' situation though and it might be worth your while to call the Insolvency Service and make some discreet enquiries.All comments made and advice given are my own opinions and do not represent the views or advice of any debt advice organisation.
Current balance: approx £17500 including Tax Credit Overpayment
Estimated DFD: never - deficit budget. Cheers HMRC! :mad:
Another year over and we're still together. It's not always easy, but I'm here forever0 -
squirrel_pigeon wrote: »Hi DK. As Tiger said, be careful regarding beneficial interest in your girlfriends house. If you have lived there for more than 6 months and have been contributing towards the household then you may be classed as having beneficial interest in the property.
It is only a 'may' situation though and it might be worth your while to call the Insolvency Service and make some discreet enquiries.
That's why I suggested he rented a room from her. That way he is a lodger in the house. We have had a least one person on here who has done that.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
It's a good idea, definitely. BI is a pain in the a*se. Really bloody difficult to prove it if it's in your interests to (ie in a relationship split) but dead easy for the OR to conjure up...All comments made and advice given are my own opinions and do not represent the views or advice of any debt advice organisation.
Current balance: approx £17500 including Tax Credit Overpayment
Estimated DFD: never - deficit budget. Cheers HMRC! :mad:
Another year over and we're still together. It's not always easy, but I'm here forever0 -
Wow guys, thanks so much for the help, you're more efficient than the RAC!
TigerFeet, I'm really glad you mentioned that about "renting" the room. I've only lived with my girlfriend for about 6 months and have paid rent intermittently (that sounds awful I know but as always there are mitigating circumstances). My bank statements reflect that I haven't been contributing regularly so I wonder if that will work in my favour or against me (i.e. If I'm not contributing it might not look like I'm "renting" as such). I'll make the point about the car on the forms and thanks for the mortgage info also, I actually didn't know if Id be able to get a mortgage at all so there's hope at least!
Squirrel Pigeon, I'll check with the CCCS about the beneficial interest thing following the advice from yourself and TigerFeet, if there is any hint that it would affect her then I would either not do it or move out temporarily I suppose once I'm back in work, sounds a bit of a 'mare but she's been saving all her working life so I just wouldn't risk it.
BLTN (Isn't that a type of sandwich?), again thanks for the mortgage info. As regards the car as long as I'm prepared for the possibility of losing it I'll just have to make do.
Guys, I'll ring the CCCS tomorrow to find out about the beneficial interest but in your experience what do you honestly reckon the OR would make of the situation if I've been living at girlfriends for 6 months and paid rent for maybe 3 or 4 (I've transferred money into her account on maybe 3 occasions for this purpose in that time)?
Thanks ever so much for your help everyone, I know some of you are in a bit of bother with the finances yourselves and although I'm not one for big emotions (it's that working class thing!) I'd like to say that I've been about as low as you can get in life and there is ALWAYS light at the end of the tunnel so don't let the b*stards get you down!:rotfl:Perscriptio in manibus tabellariorum est :beer:0 -
I think you'd probably be ok with the beneficial interest if you've only been there 6 months and haven't really contributed. Still a good idea to call the Insolvency Service and find out for definite - you don't have to give your personal details and when I've called them to query stuff they've been excellent.
Oh - btw - you may want to make a sig using the phrase "Illegitimi non carborundum". Google it. You'll like it
I also like "Non gradus anus rodentum" I knew my year 9 Latin would come in handy one day.... All comments made and advice given are my own opinions and do not represent the views or advice of any debt advice organisation.
Current balance: approx £17500 including Tax Credit Overpayment
Estimated DFD: never - deficit budget. Cheers HMRC! :mad:
Another year over and we're still together. It's not always easy, but I'm here forever0 -
As per SP's suggestion the IS phone number is in my signature.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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I need a name change..thats twice this week i've been accused of being a sandwich:eek:The first time we said hello, was the first time we said goodbye. As the angels took your tiny hand and flew you to the sky-you forever left us breathless. RIP my beautiful granddaughter0
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betterlatethannever wrote: »I need a name change..thats twice this week i've been accused of being a sandwich:eek:
There's worse things to be accused of...:p I like sandwiches
All comments made and advice given are my own opinions and do not represent the views or advice of any debt advice organisation.
Current balance: approx £17500 including Tax Credit Overpayment
Estimated DFD: never - deficit budget. Cheers HMRC! :mad:
Another year over and we're still together. It's not always easy, but I'm here forever0
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