Credit while bankrupt

GEEGEE8

I think it's the fact that they are considering breaking the rules to get a loan, sounds a little like they haven't learnt.

I am a previous bankrupt, so I'm speaking from experience.

I wouldn't have even considered breaking the rules whilst bankrupt, I was far too scared!

If they want to get a loan in hubby's name then that's fair enough. Altho, we do not know their personal income/outgoings, so I just hope they can afford it.

DaisyChainMaker

It's easy to sit here in judgement without knowing peoples personal circumstances. x

Whatever you do, don't break any bankruptcy rules. If you have to get credit for the car ... put it in your husband's name. I'm sure you would of done the maths already and ensured you can afford to repay the loan.

Good luck and congratulations on your new baby

Classylady2010_2

I dont think anyone is " judging" they are all saying how they feel, I agree with geegee8 Id be far too scared also there is a way out for her, do it under her husbands name as she suggested.
With a new baby on the way dont risk a fine/imprisonment
cl

philnicandamy

I agree nobody's been judgemental....its just mention "the c word" to a bankrupt and they usually run for the hills

all we've done is explain to the OP the possible pitfalls of what "could" happen if they did what they explained

FraudBuster

DaisyChainMaker wrote: »

It's easy to sit here in judgement without knowing peoples personal circumstances. x

Whatever you do, don't break any bankruptcy rules. If you have to get credit for the car ... put it in your husband's name. I'm sure you would of done the maths already and ensured you can afford to repay the loan.

Good luck and congratulations on your new baby

Slight problem.

It is exciting as have been saving for months for the fee, and now have it.
Yes we were on a DMP but decided bankrupcy was the best option.
Husband is doing DRO.

Darnit_2

Save from now till September.

If yo can't save the money, you cant afford to borrow either? It gets far more expensive with a new baby.

GEEGEE8

The plot thickens.

Well, I think it has to be saved for. Simple as that.

I'd like £1500 to get a better car, but it isn't happening and that's because of my past bankruptcy.

If your husband is struggling too, then how is this going to help?

Can you afford it ?

Darnit_2

My car isn't great. Does the job. But I won't ever borrow for a car again. I will save, and by saving I will prove I could have afforded the loan, but I won't need one, because I will have saved!

I do sympathise though, the nesting instincts will be kicking in, but you know your baby won't care for quite a few years what car it is in! In fact it will soon prefer a push along one from freecycle!

DaisyChainMaker

FraudBuster wrote: »

Slight problem.

oops... missed that.

Ok I stand (well sit) corrected. I have to agree with others then, if you are struggling with debt management plans and trying to save for bankruptcy, then I would say to avoid any credit. Look at other options, public transport? Move jobs? getting your current car sorted for cheaper through a local college maybe?