Automatic Discharge

Discodancer_2

As from today I am discharged it has been a long year but I've come through the other end. I now need to rebuild my credit should I apply for a vanquish credit card to start the process. Should I get a letter of discharge from the court to send to the credit reporting agencies? :T

freebiz14

I would first get a letter of discharge, start seeking opportunities that will help with my essentials, prevent me from starting new debts immediately and revisit my spending habits. I would not go for the Vanquis card until I'm feel more comfortable living with my earnings. Rebuilding credit starts from the mind, once I get that card and they start increasing the limit I know I'll be heading in the direction that I'm coming from.

arcon5

Your first step is to clean up your credit files with the 3 credit reference agencies.... so ensure the 'settled' or 'partially-settled' date reflects the date of bankruptcy.

Grumpy_Shunter

Firstly, congrats on your AD.

Secondly (because I will be AD in 2 days time :beer:) what changes, apart from obviously not being BR any more, once you're discharged?

What can you go out and do that you couldn't whilst under your 12 month BR restrictions? Obviously nothing extravagant but I was just wondering.

If I got some money together, could I book a holiday abroad? Could I buy a better car without having to tell the OR? Apply to open a normal bank account?

philnicandevan

Grumpy_Shunter wrote: »

Firstly, congrats on your AD.

Secondly (because I will be AD in 2 days time :beer:) what changes, apart from obviously not being BR any more, once you're discharged?

What can you go out and do that you couldn't whilst under your 12 month BR restrictions? Obviously nothing extravagant but I was just wondering.

If I got some money together, could I book a holiday abroad? Yes if not subject to an IPA Could I buy a better car without having to tell the OR? possibly again if your not under an IPA Apply to open a normal bank account?

Hmm normal bank accounts...good luck with that best you'll be able to manage for now is a basic account and once the bankruptcy drops off your credit files in 6yrs then who knows...i've been discharged 6+ years and managed to get a standard natwest account with a small o/d but it was a struggle..

OutofDebt-NOT-OutofDanger

Discodancer wrote: »

As from today I am discharged it has been a long year but I've come through the other end. I now need to rebuild my credit should I apply for a vanquish credit card to start the process. Should I get a letter of discharge from the court to send to the credit reporting agencies? :T

No need to pay the court fee, you can print off your discharge notice from the Insolvency Service website. You can also ask your OR to confirm the AD in writing. This will suffice in most cases (also the CRAs will normally assume discharge after 1 year unless they are told differently anyway)

Grumpy_Shunter

philnicandevan wrote: »

Hmm normal bank accounts...good luck with that best you'll be able to manage for now is a basic account and once the bankruptcy drops off your credit files in 6yrs then who knows...i've been discharged 6+ years and managed to get a standard natwest account with a small o/d but it was a struggle..

Thanks, Phil,

There's no IPA. I was wishful thinking about holidays in sunny climes. Maybe next year. A bit disappointing about the normal bank account.

Off the top of your head, is there anything else I'm free to do after AD this Friday?

alastairq

A bit disappointing about the normal bank account.

Why the disappointment?

A basic bank account gives all the administrative functions of a so-called 'normal' account.

Minus, access to credit [overdrafts & cheque books]...and for most standard basic accounts, no administrative costs either [providing the account is managed in accordance with T&Cs}.......


Cheques, {I find] are a hang-over from the distant past....having a Paypal account overcomes many of the tasks a cheque fulfilled......so really are a serious waste of a rain forest.

As for things you can do once discharged?

Well, you can win the lottery and keep the prize.


Someone can die and leave you an inheritance....which will remain yours to keep.

You can become the CEO of British Gas.....

You no longer have to inform a potential creditor of you being an Undischarged BR, if seeking credit in excess of £500......


and you can argue authoritatively, when a non-cognoscenti tries to elicit total bull-!!!!!! about what Bankrutpcy is....

National_Debtline

Grumpy_Shunter wrote: »

Firstly, congrats on your AD.

Secondly (because I will be AD in 2 days time :beer:) what changes, apart from obviously not being BR any more, once you're discharged?

What can you go out and do that you couldn't whilst under your 12 month BR restrictions? Obviously nothing extravagant but I was just wondering.

If I got some money together, could I book a holiday abroad? Could I buy a better car without having to tell the OR? Apply to open a normal bank account?

Hi there

Good summary from Alistair above. One of the main things is that you no longer have a duty to report (significant info) to the OR. You are back in sole charge of your financial affairs.

Good luck to you and to OP with your post-bankruptcy journeys.

Regards

Dennis @NDL

arcon5

You can look down on people in doubt now you can say 'I don't owe anybody anything'

Only kidding

Grumpy_Shunter

alastairq wrote: »

Why the disappointment?

A basic bank account gives all the administrative functions of a so-called 'normal' account.

Minus, access to credit [overdrafts & cheque books]...and for most standard basic accounts, no administrative costs either [providing the account is managed in accordance with T&Cs}.......


Cheques, {I find] are a hang-over from the distant past....having a Paypal account overcomes many of the tasks a cheque fulfilled......so really are a serious waste of a rain forest.

As for things you can do once discharged?

Well, you can win the lottery and keep the prize.


Someone can die and leave you an inheritance....which will remain yours to keep.

You can become the CEO of British Gas.....

You no longer have to inform a potential creditor of you being an Undischarged BR, if seeking credit in excess of £500......


and you can argue authoritatively, when a non-cognoscenti tries to elicit total bull-!!!!!! about what Bankrutpcy is....

Thank for that, Alastair.

I suppose disappointed was the wrong word re a normal bank account. My basic account, as you say, does just fine. It was just me hankering after some sort of normality.