Advice please from former Bankrupts

lindsaygalaxy

Evening All

Due to a change in personal circumstances, my OH really does not want me to go bankrupt, even though I have debts of around £30,000, no real way of paying them off and being called about 20 times a day.

He is worried about the effects it will have on us getting a mortgage etc in the future.

I am looking at training to be a teacher soon and do not want these debts hanging over me if I am lucky enough to get on the course.

Please can I have some advice from those o you who have been bankrupt, or are now discharged. How has it been or you? Did it change your life for the better? Have you had trouble getting a mortgage?

Thank you.

debt_doctor

Hi, declaring BR now will see it wiped off your credit file in 6 years where limping on in misery for a few years, and then going BR will prolong your poor credit rating.

Take some advice to see if BR is right for you and listen to what others post on here about their experience.

Best

DD

meech78

I agree with DD. Get rid of your debt now and then after 6 years you can get a mortgage, if you want to get one before then it will have to be based on your partner....at the end of the day if you go BR sooner rather than later, not only will you be able to put your money towards a great big whopping deposit, you will be able to get your mortgage in 6 years...

I can understand why your partner is worried about you going br if you are planning on buying a house in the next couple of years but at the same time you would not only have the mortgage to pay, but also your debts which i imagine are a big monthly sum? it is up to you whether or not you go Br and there is no point in dreaming about winning the lotto, we all do!!

Speak to CCCS or go down to your local CAB and see if there are any other options for you.

Personally speaking, i went BR a couple of weeks ago and feel like a weight has been lifted off my shoulders, i have struggled for years to try and pay the money back but with the interest rates i was just getting more into debt. I can now, with some restrictions, look forward to building towards my future. It ain't easy but my debts where mine and although my hubby helped me pay towards them for a couple of years, they weren't his debts to pay.....i now have an 18 month old son and coulldn;t go back to work..we struggled to pay money towards the debts and now we don't have to. It scares me as am now completely dependant on my oh but at the same time i know that when he comes home at the end of the month with his pay, it is ours and not the banks!"
Sorry for waffling, but hope it helps!

Conor_3

I remortgaged 3 years after discharge with no problem whatsoever and at a very good rate.

Richard_S

Hi Lindsay,

If your O.H hasn't been declared bankrupt then you shouldn't have any problems with a mortgage. Keep your finances seperate and you won't have anything to wory about.

Bankruptcy certainly does draw a line under the mistakes of the past and allow you to start afresh. It doesn't cover all but a small number of student loans though.

Richard