Life after Bankruptcy - rebuilding my credit

Jesca

Hurrah, I just wanted to let you all know, my Vanquis card has been approved. I have £500 credit and it will arrive in the next 10 days. Thank you for all your help with this, I will now start by putting petrol or other small items on this every month and pay it off. A great start in rebuilding my credit. Many Thanks!!!! :j

JustinCredibleGillespie

Well done Jesca!

All the Best!

JCG

xx

brute03

Hi I have just read all of your posts wich is very interesting as I am currently thinking of going BR. I hope things are better for you all, I just wanted to ask you a couple of questions.

1. Do you know what will happen if I have no assets to put towards my debt

2. does it really take a year to be discharged?

3. I read if I have any extra income, I would have to pay a cretain amount for three years, does this mean that I will have no money to take my family out for daysout? treat ourselves to something (as this hasn't happened in a while) or even have our first holiday?

Any help will be much appriciated on the subject.

Thanks
james

kepar

brute03 wrote: »

Hi I have just read all of your posts wich is very interesting as I am currently thinking of going BR. I hope things are better for you all, I just wanted to ask you a couple of questions.

1. Do you know what will happen if I have no assets to put towards my debt

2. does it really take a year to be discharged?

3. I read if I have any extra income, I would have to pay a cretain amount for three years, does this mean that I will have no money to take my family out for daysout? treat ourselves to something (as this hasn't happened in a while) or even have our first holiday?

Any help will be much appriciated on the subject.

Thanks
james

James you should have really started a new thread.

Okay as you are new I will take it easy on you.

Firstly if you have no tangible assets the Official Receiver has the rights to your first born'

Yes unfortunately it does take a year, shame really. You lose all that debt you want to start a new life straight away.

Yes if you do have spare money after agreeing to your allowances . you will pay the excess for three years.
Don't worry though there are posters(Sniggings for one)
on here who will convince you to give up your job, reduce your hours or do any thing you can not to have any excess

No all above said tongue in cheek.

1. If you have no assets that will not stop your ability to go br,
2. Unless you mange to get an early discharge the br will last a year.

3. If you do have spare the OR will take it, but put a SOA up and posters will help you maximise your allowances.
You have come to the right place.

Good luck.

Jesca

brute03 wrote: »

Hi I have just read all of your posts wich is very interesting as I am currently thinking of going BR. I hope things are better for you all, I just wanted to ask you a couple of questions.

1. Do you know what will happen if I have no assets to put towards my debt

2. does it really take a year to be discharged?

3. I read if I have any extra income, I would have to pay a cretain amount for three years, does this mean that I will have no money to take my family out for daysout? treat ourselves to something (as this hasn't happened in a while) or even have our first holiday?

Any help will be much appriciated on the subject.

Thanks
james

Hi James,

I read your reply and all I can say is don't do it! I was badly advised by an insolvency practitioner and spent 6 years in hell. Its not a "easy" as everyone makes out. Plus it doesn't go away after 1 year or even 6 years. It will always be with you whenever you are asked by insurance, mortgage etc companies, "Have you EVER been bankrupt", you legally have to answer YES.

In the 6th year post BR, I have managed to get a small credit card and now a mortgage but it has taken 6 years of hell. I was young and I didn't know what I was doing but I know it was a mistake. Try and get yourself out of debt some other way.

Big hug and best wishes to you, I know how you feel.

Jesca

dojoman

James, before you decide anything please talk to one of the debt charities. Have a look at the link below, there is loads of info and advice in there. No one on here can advise you whether to go BR or not, that decision is entirely yours. My own experience of BR is that it was the best (and only) option I had at the time. I am 3 years in and have had no problems whatsoever. Please read and read as much as you can about BR before you decide, but there is life after BR


https://forums.moneysavingexpert.com/discussion/1056083

dancingfairy

Hi James. I would say that for some bankruptcy is the best option and it can often be a relief after struggling for many years with mounting debts etc. Obviously it is not an easy option in any sense but if it is the right thing for you, then it is the right thing (IYSWIM). Do not rush into any decisions, make sure you understand any potential consequences of any of the debt solutions. There are many that could suit you so don't panic. Have a chat with someone from one (or more) of the debt charities Martin recommends such as National Debtline, CCCS, your local CAB, Christians Against Poverty (CAP) etc.
Best of Luck
df