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Remaining money after bills
I was declared Bankrupt in August last year and when my OR and myself went through my income and expenditure, it turns out I literally earn enough for my bills and just about enough for food, no money left over for an IPA. It’s coming to the end of my mobile phone contract and as it’s in my nans name, she’s happy for me to…
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Mortgage Offer Received, is it likely to now be withdrawn
So both my husband and I were discharged from Bankruptcy in 2005 we have since gone on to manage our credit well, both have accounts with main stream banks and credit cards and mortgage etc. Have just completed an application to renew our mortgage and borrow an additional 40k via a mortgage broker. At no point have we been…
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Arrow Global
Quick question, I was discharged from bankruptcy on Dec 4th 2018 and I've been trying to sort my credit file but I'm fairly confused by it all. The majority show settled and the correct date however Arrow Global who took over my MBNA credit card debt are still showing status: default and are updating each month. It also…
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Adding value to a vehicle - allowed?
Hello, My husband is 6 months into BR. He's decided to buy a van and we know we need to keep the value under £1000. But, does anyone know what the rules would be around adding value? For example, would he be allowed to buy a van for £1000, and renovate it? TIA
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Parter income & expenditure in BR
Hi all After a bit of help on behalf of a family member who is in severe financial difficulty & looking to go BR. Monthly income of £1570. His partners is £825. The parter is NOT going bankrupt - am I correct that due to their income being significantly less, the OR would expect the partners contribution to be 1/4 of…
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Husbands income
Hi I am looking for some advice before I make myself bankrupt. Do I HAVE to legally disclose my husbands income if I am the only one going bankrupt or can I ask the OR to assume I pay 50% of the bills which I do? My husband doesn't want me to give details of his income which is much higher than mine as it will mean he…
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Timescale to trade again after bankruptcy
Hi all, so it seems pretty clear that you are free as a sole trader to start trading again after bankruptcy. But how long after being made bankrupt do you need to wait, can you literally start again the day after your bankruptcy date or should there be some interim period before starting up again?
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"Beat the Bailiffs" FB Group
Hi everyone, apologies if there's already a thread about this - what do people make of the FB group where they advise against Step Change/CAB and bankruptcy? I have c. £30K of debt, probably more and I really don't know how to proceed. Is there any truth to this '3 letter' process whereby debts that have been sold to debt…
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HELP - letter template for trust deed for creditors after discharge!
I was discharged from a trust deed (Scotland) 2 years ago come next month. It should be dropping off the credit file then as that's been 6 years since it started. The old accounts that defaulted are now closed but when I accessed them via credit report although they are closed, some of them still show the balance that I…
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Insolvency register record
I checked out my credit score with Noddle and they had my bankruptcy register record (the one with the dates of your bankruptcy and most recent address). I thought this was taken off the register 3 months after the end of your bankruptcy. How come credit agencies get to keep it?
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Post-bankruptcy - Big bank credit cards
Just a thought here - would be interested to hear any other people's experiences. Has anyone been through bankruptcy with any of the big banks - for example - HSBC, Lloyds, Natwest etc - and then later down the line after 6 years, and the bankruptcy is gone from your credit file, then successfully gotten a card back with…
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Credit report clearing up questions
I've read the stickie and I think I may have some clearing up to do... I have 7 accounts showing up as defaulted on Experian but I only went bankrupt with 3 credit cards and 1 loan. My bankruptcy was on 10/05/2017 and discharge exactly 1 year later, but all the entries show different dates... SUPERMARKET BANK Instalments…
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IVA increase even though Im Homeless
Just got a new job, and based on whatever values my OR send me an email saying I will be "asked to pay £600" based on my sulprus income. I told him that Im homeless and I will need a car while im on probation at my work without making any income/expense form. What am I supposed to do with this information? There surley has…
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Santander still sending letters 9 years after bankruptcy
I was declared bankrupt in Jan 2010 and discharged 12 months later. I am still receiving "Notice of sums in arrears" letters from Santander's Collections & Recoveries dept. twice a year. They are the only one of my creditors that does this and it is distressing me. I phoned them a few years ago & they said the letters are…
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Addresses and Bankruptcy
Hi all, Bit of a random question but should I update all my addresses (with creditors) before going BR? I am eager to do the BR after waiting a while to 'take the plunge'. However my bank and one loan has the wrong address? Should I correct them before filling out the forms? Does it matter? I'd have to take time off work…
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Self-employed but in a partnership. Confused?
My wife is self-employed and we are in the process of going BR. Her situation is holding the process up though and am getting frustrated. Any help would be great... She is self-employed. She teaches piano and tutors, but also helps out in a small business that she started years ago. The business has no assets and makes…
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Bankruptcy 10 months in...
10 months into bankruptcy and no issues with OR which was main concern going into this. Family and friends supportive in the main. Experienced a little ignorance and snide comments from people I couldn't care less about, but on the whole happy/relieved with how it's gone. Particularly for my wife who was struggling with…
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8 months into my BR
So I am 8 months into the 12 months bankruptcy and it has been the best thing I have ever done! No phone calls about money I owe No letters about money No knocks at the door! No stress when I go to bed! The whole process is SO much easier than I thought. I had 40k off unsecured debt on cc and unsecured loans. After seeking…
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Options for mentally ill sister
Hi there - hoping someone can help or point me in the right direction relating to my sister. She is 37 years old and is suffering from severe mental health issues relating to several stress-induced issues including but not limited to loss of earnings and subsequent debt. Her condition both physically and mentally have…
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Up **** creek
I'm in massive amounts of debt, stuck my head in the sand for various (genuine) reasons and it's come to a head today. Bailiffs have been out and clamped my car for what was originally a £70 fine, now standing at £380. I've totally panicked and swapped wheels and drove it away, too late to change that now, it's done and…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
