getting a mortgage when bancrupt

wecanhelpu

The current bankrupcy laws which enable such a quick discharge were introduced to protect such entrepeneurs to allow them to chance their arm on new ventures.

It's good for the economy.





alledgedely

Alan_M_2

Actually it was IVA's that were implemented for that reason 20 years ago, then a few unscrupulous agents realised they could make a lot of money off the system.

The bankruptcy laws were changed so not to penalise the people that genuinely fell on bad luck, the serial bankrupts are now treated far more harshly by this system. So yes it is good for the economy and makes absolute sense.

You want to point the finger at at what you consider inappropriate financial behaviour take a look at the liquidation of Heath Lambert Insurance brokers, this one reached the House of Commons it was so controversial, and it got that far without an official receiver in sight.

tenroom

bexcarl wrote: »

thanks for your comments and i will tell what it IS with us people - its that just because we are bankcrupt people seem to think they can talk to you however they like. if you have nothing nice or productive to say then say nothing - thats basic manners.

i dont have to defend myself but most of us who are in this situation arent proud of it but have probably struggled for years to pay debts off or just put food on the table. please dont think im being dramatic with that, walk a mile in their shoes before you judge and count your own blessing because you just dont know what is around the corner

what is so wrong with me now wanting to start again???
not all of us are in this situation cos we like to spend money we dont have.

No one's saying you shouldn't start again. The whole cancer thing is majorly scary in its own right but my point was why on earth would you want to jump back into a big, fat debt situation with a large mortgage representing 90 - 100% of what is bound to be an over-priced property ? What happens when things get tight or your new partner bins you off (or vice versa) ? What happens when interest rates creep up ? What happens if you fall behind ? All these question apply to pretty much everyone but YOU - in YOUR situation - could find yourself accelerating towards a premature grave with the stress of it all.

Why not catch your breath, make sure this "new partner" isn't a complete tool and cease thinking that "doing alright" is an overpriced pile of bricks & mortar, a plasma tv and a poxy Ford Focus with slightly more espensive stereo than your next door neighbour's identical one parked on the drive. :rolleyes:

Bargain_Rzl

I have to say I agree with tenroom (not on his/her first post, but certainly on the general gist of the second, though I think it could have been more tactfully put).

You've had a life-threatening, livelihood-threatening illness, which might (and God forbid it does) come back, leaving you unable to work. You've had debt problems which luckily the bankruptcy has enabled you to leave behind. The housing market is an over-inflated bubble which may pop at any moment, interest rates are on the up, and IMHO the last thing you should be doing now is placing yourself back in an overstretched situation.

What would you do if you took on a mortgage and then became ill again? Do you really think you'd be able to get insurance to protect against this, after such a recent bout of cancer?

I'm not trying to be harsh, but please, please think this through very carefully.