6 Years

mrtaximan

Hi all thanks for your help.So this means that after all the grief us Bankrupts go through it can still come back and haunt us for life.I have spent the last 6 years as many of us have fighting to build up a decent credit file so when the 6 years are up we can have a normal life again.Maybe even having our own home again and be able to have a holiday like normal people.Just another of many kicks in the teeth i have had in the last few years.Still off to work and get on with it.:mad::mad::mad::mad:

MicheH

Don't be disalusioned Mrtaximan. You still can but because of our past history some things are a little bit more difficult thats all.

There's nothing stopping doing any of those things. Ok so the mortgage is the big one but you know about that now, it's still not impossible with a larger deposit.

Nothing stopping you do anything when you save for it

confuzzled7

Yes, it's likely to affect you getting a mortgage, in so much as you are likely to need to save a much bigger deposit and you won't get such favourable rates. It's hardly going to affect whether you can have a holiday though.

mrtaximan

Hi again,The only reason i ask is i want to have a proper bank account again not a step account with a decent credit card.I hold two credit cards that i pay of in full every month.One is a Flybe card that i am happy to keep but the other is a Vanquis that has got to go asap after Jan 2011.Myself and my wife have been through hell over the last 6 years and are very worried we are going to be branded for the rest of our days.

Mark.:mad::mad::mad::mad:

BB&B

With regards to mortgages and bankruptcies at present I post this on anohte forum when it comes up , and it is just as valid here:

People are automatically blaming past bankruptcies/IVAs, etc on being turned down for mortgages, no matter how much deposit they may have.

However, this MAY NOT BE THE CASE.

In the current financial climate, ALL mortgage lending is SERIOUSLY DOWN, as financial institutes have had to implement much tougher lending rules (some imposed by the FSA), so as a result even A++ credit rated customers are also being turned down.

Currently though not confirmed, the institutes are/have:

A limited pot that they lend out off, once the post is empty for that period then no more mortgages

Restricting the numbers of first mortgages, and as a former insolvent you will be classed as this

Seriously increasing the initial credit scores on initial application

Only considering people with CASH deposits at 20% and above

Only looking at people who are in 'gold plated' occupations that is those least likely to be made redundant.

Only offering certain types of mortgage products to clients, which as we know may well not suit your current needs (so you get turned down)

Only lending on properties where the LTV is realistic not inflated

Unfortunately we cannot predict when normal service will resume, if ever!!

Tim

confuzzled7

It's not always practical though, is it. Say if you need to hire a car - it's impossible without a credit card, I believe. Depends on the needs of your lifestyle, I guess.

mrtaximan

:j:THi all.What a fantastic response.I just presumed that after 6 years that was it gone forever.Still thats life as they say.I think the best thing to do is wait and see what happens when the B/R drops off on 17/1/2011


Mark

JPS29

Petrolhead,

Sometimes people dont choose to walk away from their debts, have a research on bankruptcy and you will get a better understanding of it, rather than the "them and us" approach that is common today.

When you are making payments you can afford and would happily carry on until the debt is paid, no matter how small the payment or how large the debt then the likes of HMRC will threaten you with, and use bankruptcy. This would be an example of someone willing to pay off the debt for longer than 6 years if need be but the big boys saying no. Lots have people have became bankrupt this way.

Also a debit card is not as good for some hire car companies and hotel bookings. They want a credit card so they can pre authorise and allow for any eventualities.

Best Wishes

JPS29

Petrolhead.

I didnt ask you to research insolvenecy law, just for a better understanding of bankruptcy "real life" not just black and white.

Re HMRC. When times are hard, lost businesses, recession etc you try and renegotiate with your creditors. Working for the IS you will have came across cases where HMRC was the petitioner even though the BR was prepared to pay back every penny owed just not as fast as HMRC wanted, or am I wrong????

Yes they CAN force BR. But equally mortgage lenders CAN repossess but most would try and come to a solution first rather than giving a 12 month or so timeline to get their pound of flesh back.

I didnt make any reference to your employment or your fathers but I can now understand your views.

I'm just glad for you that you have a secure job and dont have the need to fall in debt.

Best Wishes