Life 11 months on

Peter_Pan

OH is due to be discharged in a month and we have settled into a fairly good routine managing our finances, althought its scarey to start with not having any credit to fall back on we haven't missed it at all and find it quite liberating in some ways.
It is only this last week that we have encountered a couple of instances that has made us realise that there are implications, we have been very lucky in that over the last 11 months we haven't really noticed any major changes (apart from having to budget carefully and not having credit).

We shopped around for our motor insurance and decided to change on renewal only to find we couldn't pay instalments as we had with other company due to our credit rating:eek:, luckily with careful planning i could pay the year up front but it was bit of a downer. Now i have to make sure i budget for next years up front so we can keep paying it in one go. Its good really because we have saved a lot of money changing and no fee for paying in instalments but it brought home how important it is to make sure you have a little bit put to onside just in case.
This brings me onto my second instance i thought a savings account to keep the budgeted money for next year to one side would be useful, i didn't go bankrupt just OH although i am still clearing a few debts myself on a longterm plan so do have defaults. Anyway i applied to our bank who we both have seperate accounts with and guess what i was refused after a credit search:eek:.
11 months of bankruptcy and no implications but 11 months in and in one week two instances, i have to say its been a bit of a downer but we realised when we took the decision last year that it would have its implications and i guess we have been lucky for the last 11 months not have found anything that affected us.
We don't regret the decision as there really wasn't another way to go and now its onwards and upwards.

chelseabun_3

Has your credit rating been affected by OH's BR, or is it because you have defaults of your own? CCCS were pretty clear with us yesterday that they are only dealing with OH - didn't want to involve me at all, so I assumed I wouldn't really be affected by his BR. Even if I am, it doesn't change what we have to do!

CBx

Peter_Pan

Hi chelseabun
I'm assuming its because i have had defaults - when OH went bankrupt we had joint overdraft and i had my own credit card debt. The defaults were only issued a few weeks ago, they gaveme 6 months of paying a £1 a month before issuing the defaults so have been very fair and although i have now managed to increase the payments slightly its procedure to issue them.
Still can't figure out why i can't open a savings account though its not as though i could withdraw money thats not in there and its not savings as such its money towards a bill i know we will get in so many months time. Perhaps its cos they don't want to pay me interest when i have defaulted???? I would be quite happy having a savings account that didn't pay interest its just to keep the money seperate from our everyday living money.

dalip

Same here peter,so OH (who like you not bc but own debts ect)has opened a cashminder and we put a certain amount in that for a rainy day. Just transfer it from nomal day to day account.Dx

Oh and heres to you AD day:beer: Good luck to you both in the futureX

Peter_Pan

Thanks Dalip, only trouble is our bank is Cooperative and they are cashminder accounts. With the economic climate as it is perhaps the safest place is under the mattress anyway!!!
Seriously though my son has a building society accont so may well put it in there or will just have to keep an even tighter rein on the accounts and try and not forget that its not spare cash floating in there!!!

LOUISE22_2

How about opening a Barcalys basic account, isnt that the other bank account thats available to Bk's, so you should be able to get it. Also, I have a really bad credit rating, (not yet Bk, but due to be) and I opened a Lloyds TSB cash account and was able to open a savings account online which took 2 seconds! so maybe you could try that. I opened Lloyds account in branch. x

gpkwells

Although its your OH who BR your name will be linked on experian etc as you have had joint accounts in the past. When you see a credit report it has a section for associations and linked names. This may have a detrimental effect on your rating on top of your defaults.

You can place a note on your file stating that you are dissaociated financially from your OH??? Would have to place it with Experian, Equifax and Callcredit.

Peter_Pan

LOUISE22 wrote: »

How about opening a Barcalys basic account, isnt that the other bank account thats available to Bk's, so you should be able to get it. Also, I have a really bad credit rating, (not yet Bk, but due to be) and I opened a Lloyds TSB cash account and was able to open a savings account online which took 2 seconds! so maybe you could try that. I opened Lloyds account in branch. x

Actually i have all the forms for a barclays account - i originally tried to open one and they lost my forms and took ages to sort it so in the meantime i opened a Coop account - will see if account still open, thanks for reminding me:D

Peter_Pan

gpkwells wrote: »

Although its your OH who BR your name will be linked on experian etc as you have had joint accounts in the past. When you see a credit report it has a section for associations and linked names. This may have a detrimental effect on your rating on top of your defaults.

You can place a note on your file stating that you are dissaociated financially from your OH??? Would have to place it with Experian, Equifax and Callcredit.

Many thanks, i will check this out.

Dez-Titute

Hi

Have you tried opening a cash ISA anwhere???

Dez-Titute

chelseabun wrote: »

Has your credit rating been affected by OH's BR, or is it because you have defaults of your own? CCCS were pretty clear with us yesterday that they are only dealing with OH - didn't want to involve me at all, so I assumed I wouldn't really be affected by his BR. Even if I am, it doesn't change what we have to do!

CBx

Hi CB you need an Avatar