Bankruptcy/IPA/BRU help

Skyladon

Hi,

I was made bankrupt 12/2016 , I was entered into an IPA 03/2017 and a BRU 10/2017 that runs until 10/2021.

What I’m struggling to find answers to are , am I now discharged from bankruptcy as it’s been well over 12 months or am I actually still bankrupt until the BRU ends? Also when I went bankrupt I had to close all my bank accounts and only allowed to open one basic account, again if I’m not technically bankrupt anymore can I open another account etc even if I’m on a BRU? I guess one other thing is my IPA finishes in 1 year, is it possible to start looking at mortgages etc after the IPA finishes but before the BRU ends ( of course I expect to need a much higher deposit etc)

Thanks

JCS1

Your bankruptcy would still have ended after the one year, it's just the restrictions that are extended under a BRU.

Skyladon

Ok thank you so I should be able to open a normal bank account again or have more than one account?

ToxtethO'Grady

You probably won't be able to have a current account just a basic account,


some banks will check the insolvency register and you will stay on there until 3 months after your BRU ends

luvchocolate

To be honest you will struggle to get anything other than a basic account until 6 years after B.R when it comes off your credit file.

I never had a problem with a basic account I changed from Coop to Yorkshire Bank during the 6 year period, was only given a basic account so waited until the B.R came off my credit file then they upgraded it without any problem.

maxmycardagain

I opened a Barclays basic account whilst still BR

Skyladon

Thank you everyone so far , really helpful.

I thought it would get easier after discharge but I guess 12/2022 is what I’ve got to wait for . Can I have more than one basic account at the moment? Also has anyone had any experience getting a mortgage less than 6 years after BR?

TheGardener

Skyladon wrote: »

Thank you everyone so far , really helpful.

I thought it would get easier after discharge but I guess 12/2022 is what I’ve got to wait for . Can I have more than one basic account at the moment? Also has anyone had any experience getting a mortgage less than 6 years after BR?

It may depend on why you got the BRU. Things like fraud and CIFAS markers will make it hard to get even a basic account and nigh on impossible to get a mortgage even after 6 years. Otherwise, you can have as many basic accounts as you want or can get. I had 2 with Barclays + a flex direct + a Co-op. The only difference between them and a 'normal' account is the overdraft facility.

Not many posters seem to get mortgages before the 6 years are up but some do with the help of 'whole of the market' Brokers.

Skyladon

The bru was for gambling... good to know I can have more than one account though so I can set up a savings account . Guess I will just have to wait and see on the mortgage situation , got the IPA to deal with for another year first anyway :j

A4445

TheGardener wrote: »

It may depend on why you got the BRU. Things like fraud and CIFAS markers will make it hard to get even a basic account and nigh on impossible to get a mortgage even after 6 years. Otherwise, you can have as many basic accounts as you want or can get. I had 2 with Barclays + a flex direct + a Co-op. The only difference between them and a 'normal' account is the overdraft facility.

Not many posters seem to get mortgages before the 6 years are up but some do with the help of 'whole of the market' Brokers.

I big difference is an online debit card it can’t be used at offline terminals like on planes.

A4445

Skyladon wrote: »

Thank you everyone so far , really helpful.

I thought it would get easier after discharge but I guess 12/2022 is what I’ve got to wait for . Can I have more than one basic account at the moment? Also has anyone had any experience getting a mortgage less than 6 years after BR?

I had a BRU I wasn’t able to get a normal bank account, but I was able to get a normal credit card with Nationwide and NatWest. I always thought this was odd but who knows how it works! My BRU went off my file years ago. Things will return to normal you just have to be patient.