Sons possible bankruptcy

loulindy

This may be a stupid question, but will it affect us as parents if he is made bankrupt. He has got no assets to speak of, no car for example.Only the usual tv, xbox in his room, which is what we bought a couple of years ago.

debtinfo

not in any significant way, you may have some contact with the official receiver, for instance the OR may write to you to confirm what your son does or doesent contribute to the household (they are checking on him not you if they do this), i presume your not hiding his fortune away from him or anything and that he hasnot give you anything significant like a car in the past, if not you have nothing to worry about

1 very slight thig to look out for though, officially if you dont have joint assets and debts his bankruptcy wont affect your credit rating, but it has been known if that if the son and father have very similar names that occasionally things can get mixed up accidently

loulindy

debtinfo wrote: »

not in any significant way, you may have some contact with the official receiver, for instance the OR may write to you to confirm what your son does or doesent contribute to the household (they are checking on him not you if they do this), i presume your not hiding his fortune away from him or anything and that he hasnot give you anything significant like a car in the past, if not you have nothing to worry about

1 very slight thig to look out for though, officially if you dont have joint assets and debts his bankruptcy wont affect your credit rating, but it has been known if that if the son and father have very similar names that occasionally things can get mixed up accidently

Thanks for that. As for the fortune stashed away, I wish lol.

wildheart83

One other thing to look out for is any BR clause in your home insurance. It might ask if ANYONE in the household has been declared BR so it would be an idea to check with them before he goes BR

Annisele

For reassurance, you could check your credit files, details here. That will cost you £6 per person (or you can do some faffing about and cancelling to get the free ones).

If any of them show a financial link to your son, you might have a problem. If you don't actually have a financial link - i.e. no joint debts, no joint accounts, no joint anything - then you can get the link removed pretty easily and your problem will be gone. If you really do have a link, post back - if that's the case, your son's bankruptcy might affect you.

IF

The cheapest way to get your credit files is the £2 ones, you will need all three.

Click on blue links below:-

Experian - Click here

Equifax - Click here
NB: Equifax was the only one that I couldn`t order online, print off the application form and post this recorded delivery.

Callcredit - Click here
NB: Others have had trouble here too, they would rather you pay £12 don’t do that just print off the application form and post this recorded delivery too.


They are £2 each for paper copies. Some people have used the online one's and have said the information was very poor compared to the paper copies.

Best wishes
If...x

Florence22

ifwisheswerehorses... wrote: »

The cheapest way to get your credit files is the £2 ones, you will need all three.

Click on blue links below:-

Experian - Click here

Equifax - Click here
NB: Equifax was the only one that I couldn`t order online, print off the application form and post this recorded delivery.

Callcredit - Click here
NB: Others have had trouble here too, they would rather you pay £12 don’t do that just print off the application form and post this recorded delivery too.


They are £2 each for paper copies. Some people have used the online one's and have said the information was very poor compared to the paper copies.

Best wishes
If...x

Ifwisheswerehorses what a really helpful post, thanks so much!
I've ordered the full set!

I've been high-speed lurking for some time now and this forum has really helped so much - hope I can help someone when this is done and dusted for me.
Hoping to get my forms done over the next couple of days, check all dates with my CR, and BR (with a bit of luck) by early Feb, move to a new home, cry a lot when I do, then march off in to the sunset to a new life.