Bankrupt 3 days ago. Some questions.

memphis12

I just went bankrupt 3 days ago. My official reciever is ringing for interview tomorrow. Il ask them a lot of questions, but in the mean time I thought I would post here.

I was wondering.

1. Is it worth me getting a new credit card before Im discharged? To maybe start building up my interest?
2. My girlfirend/fiance has a house with positive equidy of £20k. Will it be possible at some point for me to go onto mortgage? If I go onto the mortgage will it increase my credit rating or effect my girlfriends in any way?
3. I have a property in negative equidy with an ex, we made no payments for over 6 months and the house is empty. Will after im discharged the house have nothing to do with me? im hoping that is the case as that was biggest stress I had.

Thanks in advance.

sniggings

not realy worth trying for a credit card untill after your discharged.

going on the mortgage will be hard to do as I doubt the bank will let you and it would then link your girlfriend with you which would not be good for her credit.

I would think the house would not be included in the BR as it sounds you have not sold it yet but I will leave others to answer that for sure as I don't know much about that side of BR.

Ineedaname

memphis12 wrote: »

1. Is it worth me getting a new credit card before Im discharged? To maybe start building up my interest? Whilst an undischarged BR you have to declare your BR if you apply for any credit in excess of £500. It is highly unlikely any responsible lender would lend to you during this period. Responsibly used credit cards can be useful for building up creditability after discharge, but there's not much point before.
2. My girlfirend/fiance has a house with positive equidy of £20k. Will it be possible at some point for me to go onto mortgage? If I go onto the mortgage will it increase my credit rating or effect my girlfriends in any way? With BR on your record for 6 years it will be very difficult to take on a joint mortgage. Creating a financial association through this will also affect your girlfriend's credit records and ability to borrow in the future, due to your BR. This thread from The_Lorax may be of interest to you for post discharge consideration of a mortgage.
3. I have a property in negative equidy with an ex, we made no payments for over 6 months and the house is empty. Will after im discharged the house have nothing to do with me? im hoping that is the case as that was biggest stress I had. This should have been listed on your BR forms and the OR will have an interest in the property. As it is in negative equity they will probably wait the 2 years and 5 (?) months until making a decision. It sounds like you are going to allow the property to be repossessed, if this is the case then do not sign anything from the lender relating to the property or you may find yourself liable for the shortfall.

Did you take advice from a debt charity before you went BR?

dojoman

memphis12 wrote: »

I just went bankrupt 3 days ago. My official reciever is ringing for interview tomorrow. Il ask them a lot of questions, but in the mean time I thought I would post here.

I was wondering.

1. Is it worth me getting a new credit card before Im discharged? To maybe start building up my interest? No chance of getting one whilst still BR.
2. My girlfirend/fiance has a house with positive equidy of £20k. Will it be possible at some point for me to go onto mortgage? If I go onto the mortgage will it increase my credit rating or effect my girlfriends in any way? Not until your BR drops off your files.
3. I have a property in negative equidy with an ex, we made no payments for over 6 months and the house is empty. Will after im discharged the house have nothing to do with me? im hoping that is the case as that was biggest stress I had. How much negative equity is the property in?

Thanks in advance.

Hope this helps?

memphis12

Thanks for all the help.
The house is in about £15k of negative equity. There is £4k of missed payments also and an unsecured debt of £22k debt attached to the house. a "together mortgage"

When does BR drop off my file? 6 years?

My friend has been discharged for two years and now has a £2k overdraft as well as some loans. I dont want to get into loads of debt. But I do want to start re building my credit if possible. I really did want to be on the mortgage of the house with my current girfriend.

dojoman

memphis12 wrote: »

Thanks for all the help.
The house is in about £15k of negative equity. There is £4k of missed payments also and an unsecured debt of £22k debt attached to the house. a "together mortgage"

When does BR drop off my file? 6 years? Yes, 6 years from yor BR date.

My friend has been discharged for two years and now has a £2k overdraft as well as some loans. I dont want to get into loads of debt. But I do want to start re building my credit if possible. I really did want to be on the mortgage of the house with my current girfriend.

Whilst BR sits on your credit file your credit rating means zilch. Saying that, once discharged it is wise to clean your files up, and then maybe apply for a Vanquis CC , this is what I did and I am now getting nice green ticks on my file ready for when my BR does eventually fall off my file.

luv2savecash

After you've been discharged, they sometimes offer early discharge, but usually a year. You can get a credit rebuilding CC which you pay for monthly but they re-imburse you, so you can start building up your credit history.

Don't do anything financial with a partner or anyone who has some OK credit history as it can affect their credit history also, you need to make sure you have line of credit through your partner at least

The bankruptcy will sit on your credit report for 6 years, make sure that all debts are listed as SATISFIED and not still open as when you can start getting credit again this will affect you. You have to speak to the company you had the debt with to get it removed.

Hope this helps

fermi

lifeislikeweather wrote: »

CAN SOME BODY HELP ME PLZ

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