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  • FIRST POST
    • kimplus8
    • By kimplus8 14th Apr 18, 8:41 PM
    • 674Posts
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    kimplus8
    bankruptcy ends in 4 weeks, what next?
    • #1
    • 14th Apr 18, 8:41 PM
    bankruptcy ends in 4 weeks, what next? 14th Apr 18 at 8:41 PM
    I was called by my OR's office this week as I moved house and they very kindly reminded me that I am due for discharge on 11th May and said if I needed some proof of discharge I needed to call XYZ number and request a letter and certificate of discharge.
    I plan to copy fermi's clean up letter and send it off with date of BR letter and my discharge letter to my creditors.
    Is that it? Is there anything else I need to do now? I have been running my basic account perfectly for the last year and plan to carry on doing so to try and repair some of the damage.
    Am I able to open a savings account once I am discharged and is there a limit for how much I am allowed to save save in this next year, 2 years, 5years etc once I'm discharged.
    My degree ends in July and I will then be looking for a job while I go on to do a masters at uni, will this job have restrictions of earnings or anything because I'm a discharged bankrupt.

    A friend of mine seems to think that if I have savings/ get a car over the 1000, obtain any assets or such over the next 5 years then the OR can request to take it as offset.

    Im so excited and yet scared of whats to come, this will be the first time in my life since 18 that I haven't had any debts. Its such an amazing feeling but I also feel a bit anxious that this can't possibly be it and there must be a catch somewhere.

    TIA for any advice and support x
    Member of 1000 Emergency fund Club LIGHTBULB!!! BR and living with it! Dave Ramsey fan
Page 1
    • TheGardener
    • By TheGardener 14th Apr 18, 9:50 PM
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    TheGardener
    • #2
    • 14th Apr 18, 9:50 PM
    • #2
    • 14th Apr 18, 9:50 PM
    You don't say whether you have an IPA - but from your post I suspect not? If you do, then the OR can adjust your IPA up or down depending on your circumstances at any time during the 3 years you would pay.
    If the OR has not set an IPA by the time you are AD - then your financial responsibilities to the OR are over and nothing you earn or save in the future is available to the OR.
    Once you are automatically discharged you can indeed open a savings account.
    I would give it a couple of months at least before you start the file clean-up - it can take at least that long for the system records to update.
    (different rules if you live in Scotland though I think?)
    Last edited by TheGardener; 14-04-2018 at 10:02 PM.
    • kimplus8
    • By kimplus8 16th Apr 18, 3:31 AM
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    kimplus8
    • #3
    • 16th Apr 18, 3:31 AM
    • #3
    • 16th Apr 18, 3:31 AM
    Thanks TheGarderner.
    No IPA as far as I'm aware, I don't earn anything, live off student bursary and CTC/CHB.
    Okay ill wait a bit before I start to clean my file up then.
    I can't believe its almost over now, Its been a loooooong year and actually a quite stressful one but this is the beginning of my life without debt! I literally can't wait!
    Member of 1000 Emergency fund Club LIGHTBULB!!! BR and living with it! Dave Ramsey fan
    • Tarambor
    • By Tarambor 16th Apr 18, 3:33 AM
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    Tarambor
    • #4
    • 16th Apr 18, 3:33 AM
    • #4
    • 16th Apr 18, 3:33 AM
    I plan to copy fermi's clean up letter and send it off with date of BR letter and my discharge letter to my creditors.
    Originally posted by kimplus8
    There is no need to send a letter to the creditors. They're no longer your creditors, they're the ORs - when you go bankrupt all your financial affairs up to the date of bankruptcy are taken over by the OR. You cannot legally have any dealings with them about any debts that were part of the bankruptcy. Sending letters to them is just wasting money on stamps.
    • kimplus8
    • By kimplus8 16th Apr 18, 10:51 AM
    • 674 Posts
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    kimplus8
    • #5
    • 16th Apr 18, 10:51 AM
    • #5
    • 16th Apr 18, 10:51 AM
    There is no need to send a letter to the creditors. They're no longer your creditors, they're the ORs - when you go bankrupt all your financial affairs up to the date of bankruptcy are taken over by the OR. You cannot legally have any dealings with them about any debts that were part of the bankruptcy. Sending letters to them is just wasting money on stamps.
    Originally posted by Tarambor
    I thought I had to write to them directly to ask them to adjust my credit file to the correct settled/partially settled status?
    Member of 1000 Emergency fund Club LIGHTBULB!!! BR and living with it! Dave Ramsey fan
    • fermi
    • By fermi 16th Apr 18, 11:49 AM
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    fermi
    • #6
    • 16th Apr 18, 11:49 AM
    • #6
    • 16th Apr 18, 11:49 AM
    I thought I had to write to them directly to ask them to adjust my credit file to the correct settled/partially settled status?
    Originally posted by kimplus8
    Only if they have not done so themselves. Some do. Some don't. Check your files and go through the steps in the cleanup sticky thread for those that have not.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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    • Tarambor
    • By Tarambor 16th Apr 18, 3:43 PM
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    Tarambor
    • #7
    • 16th Apr 18, 3:43 PM
    • #7
    • 16th Apr 18, 3:43 PM
    I contacted the CRAs directly when I was declared BR to notify them of the BR. You should have actually sent a notice of the BR order when you were declared bankrupt because from the date of that order they become settled/partially settled, not the date of discharge.
    • kimplus8
    • By kimplus8 16th Apr 18, 7:02 PM
    • 674 Posts
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    kimplus8
    • #8
    • 16th Apr 18, 7:02 PM
    • #8
    • 16th Apr 18, 7:02 PM
    Tarambor- I'm now really confused. Your OR should have notified them of your bankruptcy surely?
    this is purely in regards to cleaning up my credit file post bankruptcy and not to notify them of the bankruptcy.
    like fermi said above some creditors will update correctly and some won't.
    I think they become defaulted on the date of BR and Settled/partially settled on day of discharge.
    unless I'm wrong on that, fermi??
    Member of 1000 Emergency fund Club LIGHTBULB!!! BR and living with it! Dave Ramsey fan
    • fermi
    • By fermi 16th Apr 18, 7:05 PM
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    fermi
    • #9
    • 16th Apr 18, 7:05 PM
    • #9
    • 16th Apr 18, 7:05 PM
    I think they become defaulted on the date of BR and Settled/partially settled on day of discharge.
    unless I'm wrong on that, fermi??
    Originally posted by kimplus8
    Correct.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
    • kimplus8
    • By kimplus8 16th Apr 18, 11:12 PM
    • 674 Posts
    • 2,075 Thanks
    kimplus8
    yay, m learning. Move over Mr. Lewis
    Member of 1000 Emergency fund Club LIGHTBULB!!! BR and living with it! Dave Ramsey fan
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