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Went BR in July 2011... what happens next?
brclub
Posts: 145 Forumite
Hi guys,
I went br in July 2011, but I'm still paying my IPA until September this year.
I'm just wondering what happens next. Obviously I was discharged in July 2012 and my 36 payments are up at the end of September. Will I be told that my payments are to stop or do I just stop sending them?
Also, I've got the opportunity of buying a house with my partner (he'll be getting the mortgage but I'll be going on the reservation and deeds of the house).
How will this be viewed by the OR, as my 3 years since br doesn't end until July and my ipa payments don't stop until the end of September. We wouldn't be moving in until October as the house hasn't been built yet.
Could my br be extended and the house potentially be taken off us? I'm a bit worried as I've been asked to go on the new homes scheme application to the government but no credit checks will be done.
Any advice would be appreciated.
Thanks.
I went br in July 2011, but I'm still paying my IPA until September this year.
I'm just wondering what happens next. Obviously I was discharged in July 2012 and my 36 payments are up at the end of September. Will I be told that my payments are to stop or do I just stop sending them?
Also, I've got the opportunity of buying a house with my partner (he'll be getting the mortgage but I'll be going on the reservation and deeds of the house).
How will this be viewed by the OR, as my 3 years since br doesn't end until July and my ipa payments don't stop until the end of September. We wouldn't be moving in until October as the house hasn't been built yet.
Could my br be extended and the house potentially be taken off us? I'm a bit worried as I've been asked to go on the new homes scheme application to the government but no credit checks will be done.
Any advice would be appreciated.
Thanks.
0
Comments
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The '3-year' thing you mention, refers to the time period an IPA/IPO runs for, and commences from the date of agreement.[ or, first payment].
Aside from the fact that you must inform the OR of any changes in [financial] circumstances [which might affect the amount being paid on the IPA?}...there is no other impact.
YOu are Discharged from your bankruptcy restrictions.....[AD]....paying an IPA is a separate thing altogether.
How you chose to conduct yourself is of no concern to the OR [aside from, making the IPA payments]....
The OR has no claim on assets acquired post Discharge....[otherwise, how would folk be able to subsequently buy houses?]
Just ensure you are not financially linked to your partner...otherwise, enjoy?No, I don't think all other drivers are idiots......but some are determined to change my mind.......0 -
Also, I've got the opportunity of buying a house with my partner (he'll be getting the mortgage but I'll be going on the reservation and deeds of the house).
Most mortgage lenders would have a problem with this.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks Alastairq, I was worried that they'd see I was becoming part owner of a house and they'd see it as an asset and want part if it.
Does anyone know what happens with the ipa, do I just stop paying or do they need to tell me to stop?0
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