how to get a mortgage after bankruptcy
Comments
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Just wanted to add to the PPI debate, At one time these were rarely chased by the OR, but any payout should go to the OR as if misssold it was always owed back was at the bankruptcy order and so is an asset in the bankruptcy.
The 3 year rule talked about earlier is a special rule only for family homes not all types of assets, apart from the special rules the general rule is that the assets vest with the OR permanantly.
I hapen to know that there are currently a test going on where they are using a solicitor to pursue hundreds of these at the same time from old bankruptcy cases after which the intention is to role forward through time to get as much return for the IS as possible
Obviously at some point they are going to come accross cases which have already paid out, which will be interesting to see what they doHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Great post! Interesting about the amount of mortgage you got. Im only 2yrs Post BR and Im saving to try and get a deposit, but all seems so far out of reach, cant even get a crappy Vanquis card. Im cleaning up my credit file, but its a VERY SLOW process. I looked at my file and a lot of the lenders have the wrong dates.
looks like more letters to be sent out. Should go and get my stamps before they go up in price 
Thanks again.Saving 2.00 coinsGrocerys set to 40.00 pwBeing Thrifty0 -
cheers :money:0
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Just wanted to add to the PPI debate, At one time these were rarely chased by the OR, but any payout should go to the OR as if misssold it was always owed back was at the bankruptcy order and so is an asset in the bankruptcy.
The 3 year rule talked about earlier is a special rule only for family homes not all types of assets, apart from the special rules the general rule is that the assets vest with the OR permanantly.
I hapen to know that there are currently a test going on where they are using a solicitor to pursue hundreds of these at the same time from old bankruptcy cases after which the intention is to role forward through time to get as much return for the IS as possible
Obviously at some point they are going to come accross cases which have already paid out, which will be interesting to see what they do
Not wanting to hijack the thread too much but the PPI thing was what caught my eye in the original post. I recently worked out that I'd probably paid about £6,000 to MBNA for invalid PPI (I was self-employed and had informed them). I went BR just over 2 years ago and MBNA was a creditor, so I have assumed I can't attempt to claim it back. I was also concerned from a moral standpoint...
Whilst the cash would be handy, can this really be done without any gains going to the OR?“I contend that we are both atheists. I just believe in one fewer god than you do. When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.”
Stephen Henry Roberts (1901-1971)0 -
Hi there,
In relation to the PPI debate, I am interested in claimimg back some money. I am currently an undischarged bankrupt. my husband isn't bankrupt. Our policy was in joint names. So, Can HE make a claim and keep the payout (as he isn't bankrupt or anything)? Or would my 'half' have to be declared and go to the OR?
THanks0 -
TK and heleneb, I suggest you start threads specific to your queries. You may not get many with knowledge on the PPI issue reading a thread about post BR mortgages. HTH2019 MFW No. 74 £13700/£30000 (45.66%)
12k in 2018 No. 98 £6274.19/£18000 (34.85%)
BTL (start) £97440.00 (current) £68000.00
Residential (start) £275000.00 (current) £268000.000 -
Excellent post, it really helps and some great advice!0
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Hi what a great post. I was just about to post a question regarding getting a mortgage after bankruptcy. I am currently bankrupt AD Nov 11. We would love to try and buy our own home after AD as have been renting for 5 years paying out nearley £700 a month. Would like to get back on to the property ladder as an investment for our children in years to come. Any advice would be great.
Thanks0 -
Hi what a great post. I was just about to post a question regarding getting a mortgage after bankruptcy. I am currently bankrupt AD Nov 11. We would love to try and buy our own home after AD as have been renting for 5 years paying out nearley £700 a month. Would like to get back on to the property ladder as an investment for our children in years to come. Any advice would be great.
Thanks
Same Here i got Ed July last year and my Partner is really wanting to look to buy she knows all about my situation she helped me thro it
any info is good0 -
:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0
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