Things to be aware of while Bankrupt and after discharge

WLITC

I was thinking it might be useful to put together a list of things that may be problematic once someone is declared bankrupt. This isn't meant to scare people off, but just to make sure they are informed.

1) Obtaining credit. The most obvious one. Even after discharge, your BR will be on your credit file for a further 5 years (so 6 years in total).
2) Renting - if you are renting through and agent, they will almost certainly credit check you and your bankruptcy status may cause you to get declined or you could be forced to pay up to six months rent in advance or have to provide a guarantor.
3) Mobile phone - once BR you wll most might likely have trouble getting approved for a pay monthly contract. However if you should be able to upgrade with your current provider without the need for a credit check.
4) Insurance - You may have to pay a higher premium because you are bankrupt and becoming BR may invalidate a policy if you do not inform them.
5) Hiring a car on holidays. Most car hire companies requre a credit card imprint or a large cash deposit as a guarantee, however you can get some prepaid credit cards that allow them to be used for car hire guarantee.
6) Tenancy agreements - Some tenancy agreements stipulate that you can not be BR and becoming BR can invalidate your agreement and you may be forced to move out.

Can anyone think of any others?

sizzler

depending list could be endless. but like idea so may be do a list as a sticky:beer:

greytdog_2

re insuarance is that car or house? and if house is it contents or buildings

IF

I like the idea welsh, but it's a minefield. Not one answer the same etc.
And as Sizzler says the list is endless x :beer:

sizzler

sounds like good idea for a sticky but may be twenty pages long and only some things would be right for each person and OR:eek:

sizzler

Minefield

During the gulf war saddam said i have three prisoners and will let you go for propoganda if you can cross a mine field. but i will give you something to help you cross

english first I want a bike. He was given bike and swerved across the field and blew up.

scottish next he wanted a bottle of whisky, drank it and staggered across mine field and blew up/

German next and last. I want a rubber duck some sellotape and four spring. He taped springs to feet and hands and duck to head and crossed minefield bouncing.


Aftre interigation on release he said im from audi cars i used

"the four spring duck technique"

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

WLITC

ifwisheswerehorses... wrote: »

I like the idea welsh, but it's a minefield. Not one answer the same etc.
And as Sizzler says the list is endless x :beer:

True, but I wasn't really thinking of it as an answer everything kinda thread, but common things like insurance, mobiles, renting that the majority of people might come across in normal day to day life that perhaps they didn't or wouldn't think would be impacted by going BR.
Were told the obvious thing like you won't get credit and you'll no longer have credit cards, etc, but then you forget or don't think about lots of other little things. The car hire on holiday for example. Haven't done it for a few years, but have done in the past and it didn't even occur to me that I always used a CC as a guarantee, which of course I won't have once I'm BR.

confused76

limited to a basic bank account - i'm with the coop who are fab but the card isn't always recognised as a visa and can't use it everywhere - eg some places online, pay at pump petrol. i don't mind, its a price to pay but it can be a pain

IF

welshladinthecity wrote: »

True, but I wasn't really thinking of it as an answer everything kinda thread, but common things like insurance, mobiles, renting that the majority of people might come across in normal day to day life that perhaps they didn't or wouldn't think would be impacted by going BR.
Were told the obvious thing like you won't get credit and you'll no longer have credit cards, etc, but then you forget or don't think about lots of other little things. The car hire on holiday for example. Haven't done it for a few years, but have done in the past and it didn't even occur to me that I always used a CC as a guarantee, which of course I won't have once I'm BR.

I agree with you Welsh, it is a good idea. But often people ask questions without even reading the sticky's, because their new and it's alot to take in all at once. But I do hear what your saying, thankyou x

sizzler

we are not the first to try and make this simple:j

sizzler

:)it will never be for anyone we can only try to help