me Again..Still unsure with this whole giving my keys back :(

philnicandamy

DEBT_23 wrote: »

lol thankyou Lily.
Im hoping as my car is now one ebay ( onother thread and a long story) lol
with a no reserve that will provied the BR fee as well as a smaller engine car
Just have to sign my rent agreement tomorrow, i will have a good read of it and see what it says about BR.

How many years would i have to wait to even be considered a mortgage. ?? ( Once in cheaper rent i shall be saving for a deposit) tho maybe the OR shouldnt know that bit ?!?

Mortgages are available after discharge but usually at a higher rate than normal.....you'd have to look around otherwise 6yrs till the BR drops of your files....although with the financial state of the country at the minute it's a struggle obtaining a mortgate with a squeeky clean credit file!...and a discharged BR? more chance finding lord lucan!
"ideally" you shouldnt have any spare cash to be saving for a deposit everything being pretty much cut to the minimum;)

DEBT_23

ok thanks. so once discharged getting a mortgage say 3 years after discharge is gonna be high rates??

piggeh

I was advised last month that "as I have been discharged for more than 3 years my bankruptcy would not affect the interest rates on a mortgage" (this was by a mortgage advisor). I havent applied for a mortgage since though, it was really a preliminary discussion to find out what I could potentially borrow and the implications my bankruptcy may have. I was quite surprised at this advise, so maybe worth seeking some advise yourself from an IFA.

LilyBart

Piggeh, I'd be fascinated to see if that's actually the case or it's just mortgage advisor's smooth-talk. Debt23, stop fussing about the mortgage already and focus on the task at hand! You're only 23!!! Phil knows whereof he speaks, but 24, at discharge, plus 6 equals 30. Go do what young people do, have a little fun (thriftily).
Lily

DEBT_23

ok thanks. got me thinking also if i did keep my house i persume when my deal ends in feb 09 my mortgage will rocket in fees etc due to be being BR ..
Maybe for best that i do rent

shadowdragon

Also think of the freedom you will have renting, for example you may get a job opportunity in another part of the country ect, having a mortgage will tie you down to one are etc. theres lots of positives to renting.

DEBT_23

LilyBart wrote: »

Piggeh, I'd be fascinated to see if that's actually the case or it's just mortgage advisor's smooth-talk. Debt23, stop fussing about the mortgage already and focus on the task at hand! You're only 23!!! Phil knows whereof he speaks, but 24, at discharge, plus 6 equals 30. Go do what young people do, have a little fun (thriftily).
Lily

I would love to be able to go out with mates more than once a month
but i cant see the OR leaving me any booze money in my SOA :beer:
lol

Yes i do agree with you i should start living life with friends and put mortgages out of my mind. i forget how young i am i feel so old and grown up part of me forgets im 23 :rolleyes:

mummytofour

Hi,
To be totally honest I know how you feel about having to rent that scares me too BUT there really is no way that you can have a good quality of life on such little money and I think that is also important. I have a friend who 6 yrs ago was made BR and has just brought their own house, so there is light, keep focused and remember as much as you love you house, home can be somewhere else and you with more money!

So_Sad_Angel

Hi,

I have owned 5 houses on mortgages with various lenders, all cost the earth & just so that I comply with that `you must buy your own home` theory!!

Renting now for the first time ever!! realised that-

a/ can live in a far more `grand` place that I could ever afford to buy.
b/ all maintenance expense is covered by the landlord.
c/ can move around whenever I want!! If I fancy a rural property....I can go find one!!!
d/ strangely less materialistic than ever before!
e/ enjoy living now rather than having to pay crippling mortgage payment & SL to perhaps maybe own your own home in retirement!!
f/ realise that if I only pay interest only then I have actually only been effectively been `renting` anyway!

Sorry if this post makes no sense.... but makes sense to me.

Angexx

DEBTMONKEY1A

Hi! Short post as late...

Ok...see my othe posts on here...42 (brain of 21)-been a total di*k with money from the age of 18...went BR last year-discharged-NEW LIFE!

Credit files f****d-so what??? Renters will be in a good position soon I think!

Ok...will cut to the chase....FIRST thing in my opinion is make sure your 'leftover' income is under £99 PCM. Now .... I (& my other 1/2) had help from http://www.debtquestions.co.uk/forum/index.php -Simon on there is a qualified debt counsellor & quite frankly the free work he does is just saintly-helped me & my other 1/2 turn our life around!

You need to know what allowences you are allowed to present to the OR that won't be questioned...for instance there is a 'meals at work' allowence that was (2 years ago) £54 a month-'sundries' for the house at £50 PCM,clothing £35 PCM, TRAVEL/CAR (PETROL/INSURANCE/SERVING/MOT)-£170 PCM, housekeeping-£235 (food & living costs), mobile £20 a month-sure these figures have probably increased now. Post on that forum & I'm sure Simon will advise you of the maximum you're allowed.

Now before anyone shoots me down in flames YOU DON'T KNOW how the cost of living will go up. If you have an idea of all the allowences you can have-& a figure above which it is not queried then USE THEM.

I did-& whilst not living the life of riley I survived without value baked beans eveery day (although I have had those days!).

As far as the mortgage/holiday issue goes-again not sure on this. My gut feeling would be to put the 'holiday' costs in with the housekeeping/food-don't know if you're single or not but the OR might think £80PCM a bit much...although i beleive (& correct me if I'm wrong-fellow MSE posters)-the OR will allow something PCM for a holiday.

My main message is-GET IT DONE. The hardest thing is doing it! Sort out ASAP-worst case scenario credit f****d for 6 years-but hell you'll be under 30 (I went of to be a holiday rep in Greece for 5 years then!).

I know it seems a LOAD to go through but get ALL the info re:your allowences/advice from here/the forum I posted & the money advice centres....but honestly....if you can get your disposable income under £99 a month then it could be over in 6 months!!!! (early discharge-max 1 year). If you truly can't get your income under the £99 disposable a month then either LEAVE (say you're going travelling??!!!)......or take redundancy-if you are on benefits no order can be made (as far as I'm aware) to pay monthly.

Hope this is some help-wish I'd done it years ago!