Bankruptcy Discharge??

TinTin2004

Can anyone tell me when I would be discharged from a BR order?

I've seen it can be as little as 6 months or up to 12 months? Why two different time periods? Is it no less than 6 months and any time up to 12 months in between?

What criteria determins both?

Also I have a Co-op account at the moment but it has a £200 o/d. Would the bank downgrade my account to no o/d and keep it open or would I be expected to open a completely new Cashminder account before BR made final?

I do go into my o/d some months but back in the black again when salary goes in otherwise all ok with Co-op?

Also if I were to open a seperate Barclays acccount AFTER going BR, would the OR need to know about this during my BR period?

Would payments be decided on financial position prior to BR order or can the come along at any time during BR and inspect accounts etc and ability to pay??

tigerfeet2006

TinTin2004 wrote: »

Can anyone tell me when I would be discharged from a BR order?

I've seen it can be as little as 6 months or up to 12 months? Why two different time periods? Is it no less than 6 months and any time up to 12 months in between? The standard for automatic discharge is 12 months. Some people have been lucky enough to get early discharge if their cases were simple and easy to deal with. These are now rarer than hens teeth due to the cost and time involved. So look at it being for 12 months.

What criteria determins both? See above.

Also I have a Co-op account at the moment but it has a £200 o/d. Would the bank downgrade my account to no o/d and keep it open or would I be expected to open a completely new Cashminder account before BR made final? You will need to open a Cashminder before BR and move everything over, then close the other account. Co-op are no longer opening accounts for BR's so you need to get it sorted quietly before you go BR, don't tell them your intentions.

I do go into my o/d some months but back in the black again when salary goes in otherwise all ok with Co-op? See above. You won't have an OD when BR so it may be useful to start living wih your cashminder.

Also if I were to open a seperate Barclays acccount AFTER going BR, would the OR need to know about this during my BR period? You don't have to inform your OR about any new accounts but if he asks you must tell him.

Would payments be decided on financial position prior to BR order or can the come along at any time during BR and inspect accounts etc and ability to pay??

Your SoA will reflect life going forward from BR. When you have your OR interview you are usually informed if you are to be given an IPA. During your BR you will have a legal obligation to tell the OR of any changes and an IPA can be imposed at anytime during BR. This can be altered at any time if your circumstanced change again, up, down or suspended.

Useful sticky to read
https://forums.moneysavingexpert.com/discussion/1056083

Have you tsken any advice on BR as yet?

TinTin2004

Thanks Tigerfeet...

I've contacted DebtLine recently and they did a comparison SOA over the phone and they said that the proposed IVA was a little bit ambitious? They seem to think it will be a little tight on the payments?? (£237 per month)

They've just sent me a fat wad of paperwork to read through on everything from IVA, DMP & BR so plan to wade through it over weekend???

I've not taken any focused advice on BR and I'm trying to form my own decision based on what I can pick up from this very informative forum??

There seems to be life during BR with bank accounts allowed etc but I'm trying to think of life after discharge as I've already got a repossession behind me so I'm thinking what the hell, I'm stuffed anyway, might as well add BR to the list too..??

No one has said to me given your own circumstances, you would be much better off if I went BR or IVA or DMP.

I had thought to carry on dealing with my creditors myself which I was doing without concern. It all went a bit pear shaped when my house was repossessed adding a further £51k mortgage shortfall to the tally??

I know my credit file is now stuffed anyway so I'm thinking while it is, why not sort out the debts so that at the end of 6 years, I'll be debt free and can start over again.

Thing is, I'll be 53 and trying to get a mortgage then will be pretty much impossible unless I have a deposit of 60% say??

I've worked out it would take me 27 years to pay off my debts at proposed IVA monthly payments..??

Question... How soon can someone start getting credit again after BR..?? Would it be 6 years after my CF cleans up??

sniggings

getting credit after BR is hard, getting in whilst your BR is still showing on your file is even harder, mortgages and big loans were not impossible in the past, but the way banks are now, I doubt it will get any easier.

Remember too that even on an IVA, it's difficult too, and even after the IVA is off your record, they can still ask the question, "Have you ever been BR or on an IVA".

tigerfeet2006

TinTin2004 wrote: »

Thanks Tigerfeet...

I've contacted DebtLine recently and they did a comparison SOA over the phone and they said that the proposed IVA was a little bit ambitious? They seem to think it will be a little tight on the payments?? (£237 per month) Brilliant, they are usually excellent and give good support and advice.

They've just sent me a fat wad of paperwork to read through on everything from IVA, DMP & BR so plan to wade through it over weekend??? Enjoy Make sure you make yourself a big pot of coffee to start with.

I've not taken any focused advice on BR and I'm trying to form my own decision based on what I can pick up from this very informative forum?? Smart person . Read, read, read and read some more. Ask questions and read, read, read. Then ask more questions, there is usually someone around at some point who can help.

There seems to be life during BR with bank accounts allowed etc but I'm trying to think of life after discharge as I've already got a repossession behind me so I'm thinking what the hell, I'm stuffed anyway, might as well add BR to the list too..?? There is definitly life during and after BR and a certain amount of flexibility during BR. Read stories on here and on the IVA board and you will get a feel for how people have survived in both.

No one has said to me given your own circumstances, you would be much better off if I went BR or IVA or DMP. No one will usually say that you need to do this or that with the debt charities, they will give you the information you need to help you come to your own descision.

I had thought to carry on dealing with my creditors myself which I was doing without concern. It all went a bit pear shaped when my house was repossessed adding a further £51k mortgage shortfall to the tally?? That would put a spanner in the works.

I know my credit file is now stuffed anyway so I'm thinking while it is, why not sort out the debts so that at the end of 6 years, I'll be debt free and can start over again. Good thinking.

Thing is, I'll be 53 and trying to get a mortgage then will be pretty much impossible unless I have a deposit of 60% say?? It is so hard to see what the banks etc. will be doing in the future so you never know what will be possible. So weigh up all the pro's and con's and do what is right for you.

I've worked out it would take me 27 years to pay off my debts at proposed IVA monthly payments..?? WOW!!

Question... How soon can someone start getting credit again after BR..?? Would it be 6 years after my CF cleans up??

Varies a lot some have got a Vanquis card with in 3 months and others it has taken a year or two. Mobile phone contracts, catalogues etc are also possible. But you can start building up your credit files fairly quickly so you are in a good positon to move on when the BR drops off your credit files.

National_Debtline

They've just sent me a fat wad of paperwork to read through on everything from IVA, DMP & BR so plan to wade through it over weekend??? Enjoy Make sure you make yourself a big pot of coffee to start with.

How did you get on with the information? Really hope the coffee did the trick!

Best wishes,

David.