Advice needed as considering bankruptcy

claire_corcoran

Firstly hello and I hope everyone is safe and well. I am on disability of ESA and PIP and my monthly credit card and loans payments are simply unaffordable. I don't own home or have savings, own a car outright etc etc. I am just concerned about life after bankruptcy and don't know anyone who can answer my questions. So here goes and thank you kindly for taking the time to read or help me. 
Is it easy to get car insurance if I go bankrupt? I will have access to a car and do not want to "front" on a policy so I want a legitimate policy of my own which I would pay for in advance each year. I wont require it to be paid monthly. Who has managed to renew their policy after you've been discharged and was it easy? I worry this will also affect my life insurance which I pay monthly? 
After the six years have passed has anyone ever managed to get a mortgage or insurance monthly or indeed credit? I do not intend on EVER getting credit again but worry on children may need help one day to get a car or mortgage and I don't want to never be able to help them. 
I also worry about getting a bank account afterward I declare bankruptcy and wonder if anyone has managed to obtain one. 
I also want to fully prepare and have had advice that the OR wants 12-24 months statements for all cards, loans and bank accounts? Is this the case? I just want someone to be honest and tell me how hard it made their life thereafter or indeed how much better life now is? 
Many thanks for reading my post 

luvchocolate

You could do with a lot of reading..the IS website is good. 
I would suggest you get a basic bank account up and running. 
You are allowed a car upto £1000 in value. 
My examiner wanted 12 months credit card statement and 2 years bank statements 
Life insurance can be an asset but you can usually buy the ORs interest back. 
Contact one of the debt free charities and talk through your options. 

TheGardener

Just to add to luvchocolates response - Car insurance; You should not have a problem getting car insurance but you will probably have to pay as an annual, lump-sum payment. Car insurance paid monthly is a form of credit agreement that you should not be able to get. However, some posters over the years have slipped through insurance company nets by allowing auto-renewal but of course, that can be expensive and presents a risk that the insurance company doesn't pay out in the event of a claim because you neglected to tell them you had become BR.
Assuming you spend your 6 years managing your money impeccably and looking after your credit history, there is no reason you wouldn't get credit or a mortgage when the BR drops off the credit file - unless there is any sort of BR restriction order or fraud element to your BR. 
As for life after BR - I have never looked back. At the time it was heartbreaking and stressful but the only sensible/realistic option and my only regret is that I struggled on in debt for as long as I did. 

sourcrates

These days bankruptcy is not the "end of the world" type experience of yesteryear, if your situation is fairly simple, and going bankrupt won`t effect your work, and you are upfront and honest with the OR, then you will barely know you are bankrupt.

Life carries on, and after 6 years your credit file will be expunged of all trace, so although its a big step to take, the consequences are a lot less intimidating these days, as its all done online, and by phone and post now.

You should really get advice from one of the debt charities, just to rubber stamp things, before you commit to anything.

MalMonroe

Hello, I know this thread started a while ago now but jut wanted to say I agree with sourcrates that bankruptcy is not the end of the world, by any means.

I had a DRO a few years ago, similar to bankruptcy and it was arranged by StepChange - one of the agencies as recommended by sourcrates. They were excellent. I was allocated a named adviser and she helped me so much. It's free, confidential and non-judgemental. No questions about how you got to this state or anything else. Just pure help and reassurance.

Here's a link - https://www.stepchange.org/

StepChange help you through the whole process. I wouldn't have been able to manage without their help. You can do this!  Hope all's well.