bankruptcy ends in 4 weeks, what next?

kimplus8 · 14 April 2018 at 8:41PM

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:):)

TheGardener · 14 April 2018 at 9:50PM

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?)

kimplus8 · 16 April 2018 at 3:31AM

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!

System · 16 April 2018 at 3:33AM

kimplus8 wrote: »

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.

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 · 16 April 2018 at 10:51AM

Tarambor wrote: »

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.

I thought I had to write to them directly to ask them to adjust my credit file to the correct settled/partially settled status?:(

fermi · 16 April 2018 at 11:49AM

kimplus8 wrote: »

I thought I had to write to them directly to ask them to adjust my credit file to the correct settled/partially settled status?:(

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.

System · 16 April 2018 at 3:43PM

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 · 16 April 2018 at 7:02PM

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??

fermi · 16 April 2018 at 7:05PM

kimplus8 wrote: »

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??

Correct.

kimplus8 · 16 April 2018 at 11:12PM

yay, m learning. Move over Mr. Lewis

:D

bankruptcy ends in 4 weeks, what next?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free