After Bankruptcy...what now?

lifesachallenge

My partner has just finished 3 year bankruptcy and straight away got accepted for Egg and Capital One Card - both interest free Egg £8000 limit and Capital One £1000
But this may be due to high salary - so it is possible

lottie$_2

Apparently Coop have a policy that the only account they issue to ex-bankrupts is the cashminder account (with Electron). My partner got a savings account ok through the Halifax when he was bankrupt.

He recently applied for a Capital One credit card - the really high interest one - but was turned down flat....

StuW

newfunk wrote:

Im due to be released from bankruptcy( soundslike Im inside lol) In march 06 after 3 years!

Chances are you were discharged from bankruptcy on 1st April 2005 due to the Enterprise Act coming into force in April 2004. Best to check with whichever Official Receiver's office dealt with you though.

pug_in_a_bed

A mutual friend has been recently put on a 2 year order by the judge, so I guess now the minimum is a year as opposed to what it used to be.

I received a letter from the OR with a copy of the thing they filed at court for my early discharge - I was surprised to get anything notifying me as I seem to recall the OR saying we won't write to you, it'll be up on the anniversary date, although that could be cos I was discharged early.

newfunk

pug_in_a_bed wrote:

A mutual friend has been recently put on a 2 year order by the judge, so I guess now the minimum is a year as opposed to what it used to be.

I received a letter from the OR with a copy of the thing they filed at court for my early discharge - I was surprised to get anything notifying me as I seem to recall the OR saying we won't write to you, it'll be up on the anniversary date, although that could be cos I was discharged early.

Mine was a mix of personal and mainly business debts,...I was told that it would be upon the anniversary date, unlees I heard otherwise!

ms_london

Why would you want a credit card? I can appreciate you might want a mortgage, but surely all other debt should be the last thing on your mind.

pug_in_a_bed

Hi Ms London

I don't, I would rather eat ten whole ones than have one now lol

What it was, you see, I was geting conflicting advice from the web, other people etc, that now I was discharged I needed to actively do something to help my credit score thing, which I know has the enormous neon mark of b'ruptcy on it, for the future - such as getting a card, spending a small ammount on it and paying it off each month.

Now, I was sceptical as I didn't think this would make a blind bit of difference - so to ease my mind about whether I should be doing anything I posted for an answer.

I won't be anywhere near any kind of property ownership for at least ten years, job wise.
At the moment I can't even open a savings account, so for the moment the trusty china pig will have to do!

So, to clarify: I do not want any more debt;
I have thoroughly had it with debt, I now enjoy seeing the money in the bank belonging to me and me alone. I wasn't planning on using a card to go bonkers but to set up a standing order or something, pay it every month whilst the card sat chopped up in a drawer somewhere!

Keep up your excellent work by the way:)

StuW

newfunk wrote:

Mine was a mix of personal and mainly business debts,...I was told that it would be upon the anniversary date, unlees I heard otherwise!

The laws have changed since you went bankrupt. The maximum term for bankruptcy is now 1 year (unless your discharge gets suspended). In most cases bankrupts get discharged within 4-8 months dependent on their cooperation and reasons for bankruptcy. Pre-April 2004 bankrupts were all discharged by 1st April 2005 unless their discharge had been suspended. Search here http://www.insolvency.gov.uk/eiir/ for your own bankruptcy. Only current (undischarged) bankrupts and those discharged in the last 3 months appear on the system.

newfunk

StuW wrote:

The laws have changed since you went bankrupt. The maximum term for bankruptcy is now 1 year (unless your discharge gets suspended). In most cases bankrupts get discharged within 4-8 months dependent on their cooperation and reasons for bankruptcy. Pre-April 2004 bankrupts were all discharged by 1st April 2005 unless their discharge had been suspended. Search here http://www.insolvency.gov.uk/eiir/ for your own bankruptcy. Only current (undischarged) bankrupts and those discharged in the last 3 months appear on the system.

So If i understand that correctly, If my name does not appear, which it doesnt, either both my full name or trading name, then i must be discharged?

pug_in_a_bed

I did wonder about this myself but didn't want to say anything in case it got your hopes up. Check the site, and then, if I were you, I would call your OR for clarification. Having now checked, it seems most people don't receive anything stating they have been discharged; although you can pay for a certificate. You don't have anything to lose by checking after all, as you prepared in your mind for discharge at a much later date.