Benefits change towards mortgage

EssexHebridean

poppy12345 said:

Yes but it doesn't mean a mortgage company will accept someone purely living on benefits.

Especially not if that person is also recently discharged from bankruptcy, has continued to run up further debt including maxed out credit cards, has failed to pay council tax, utilities and other priority debts, and doesn't appear to actually plan to take any assistance that has been offered to help them improve their situation...  

danjackson2021

EssexHebridean said:

poppy12345 said:

Yes but it doesn't mean a mortgage company will accept someone purely living on benefits.

Especially not if that person is also recently discharged from bankruptcy, has continued to run up further debt including maxed out credit cards, has failed to pay council tax, utilities and other priority debts, and doesn't appear to actually plan to take any assistance that has been offered to help them improve their situation...  

every six years you start with a clean slate

GingerTim

That doesn't seem to me the wisest attitude towards bankruptcy.

danjackson2021

GingerTim said:

That doesn't seem to me the wisest attitude towards bankruptcy.

Yes self liquidation loans

you can do them every six years

GingerTim

I'd really rather not.

danjackson2021

Self liquidation loans can only be done by those with no assets ie renters

they can be done every six years when your slate is wiped clean

JCS1

danjackson2021 said:

GingerTim said:

That doesn't seem to me the wisest attitude towards bankruptcy.

Yes self liquidation loans

you can do them every six years

Why do you think every 6 years?

JCS1

danjackson2021 said:

Self liquidation loans can only be done by those with no assets ie renters

they can be done every six years when your slate is wiped clean

You can go bankrupt if your liabilities are higher than your assets, so if you rent or own your own home.  It is not restricted to renters.

The danger is the more time you do go insolvent, you risk a BRO being put in place.  And I'm not sure where you get every 6 years from.

danjackson2021

JCS1 said:

danjackson2021 said:

Self liquidation loans can only be done by those with no assets ie renters

they can be done every six years when your slate is wiped clean

You can go bankrupt if your liabilities are higher than your assets, so if you rent or own your own home.  It is not restricted to renters.

The danger is the more time you do go insolvent, you risk a BRO being put in place.  And I'm not sure where you get every 6 years from.

What is a BRO?

you don’t know much about this if you didn’t know that every six years your slate is wiped clean 🧼 

sammyjammy

Bankruptcy restriction order - they exist exactly for situations where people think they can keep going bankrupt and the slate is wiped clean.

Can't believe I just replied to one of your threads