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    • db2016
    • By db2016 15th Sep 17, 1:20 AM
    • 78Posts
    • 220Thanks
    Bankruptcy ends today - what next?
    • #1
    • 15th Sep 17, 1:20 AM
    Bankruptcy ends today - what next? 15th Sep 17 at 1:20 AM
    today is my 1 year BR date and no additonal restrictions etc, so im automatically discharged.

    I will ask for a proof of discharge and email or phone OR, mainly so i can have full online banking access and send more than 300 per day (a pain when rent is due as i have to do two transfers on two days).

    but then what? what do you guys do next? any advice?

    i have found the year pretty painless tbf, the phone calls stopped apart from the odd letter which when i rang up and told them that was pretty much it, they added it to the file and done. are they likely to be in touch now my year is over, or are these gone for good?

    and i've dealt more in cash (its more meaningful when i have to open the wallet, take cash out and get change back etc, where most of friends use cards and never seem to use cash) and used a tracker app on my phone which i input any incomings and outgoings so i can see "oh look last month i spent xyz on groceries or a meal out" and its working well and i religiously input any transactions into it. and i have even built up an emergency fund. small but still started one.

    i dont plan on getting into debt like i was, and I dont see myself doing so, as i have dealt more in real cash, but it would be nice to have a credit card for the protection of section 75 and for any big one off purchases i may need.

Page 1
    • PippaGirl
    • By PippaGirl 15th Sep 17, 6:37 AM
    • 2,167 Posts
    • 1,790 Thanks
    • #2
    • 15th Sep 17, 6:37 AM
    • #2
    • 15th Sep 17, 6:37 AM
    I could have written that myself five a half years ago. No you shouldn't hear from any of your previous creditors again. The only organisation I had problems with was the hmrc who ignored my letters enclosing evidence, hounded me and passed my 'debt' (which I didn't even owe, it was their administration error but having tried to get that through to them was using the BR which I thought they wouldn't ignore) and in the end passed copies of my letters and evidence to my MP. Within 10 days I had a cheque compensating me for my distress and confirming they'd cancelled all action. With regard to my actual real creditors I never heard from any of them again.

    Capital One approached me offering me a credit card, I didn't approach them. My biggest mistake was accepting it. I'd originally accepted it as 'insurance' that I could buy food when needed when out of money so emergency use only. But if you meet the repayments they increase your credit limit regularly and I've ended up in debt again.

    Once the new debt is dealt with I don't intend to have a credit card again, I will use my bank account with no overdraft facility which will guarantee I'll be always debt free. The sort of credit cards you get offered like Capital One, Vanquis and Aqua are all 39.9 % APR and there lies the slippery slope.

    I'd like to clear my credit file of debt, one day, but I'm not interested in gaining a 'high score' because I'm never going near credit again so as far as I see, why do I need that high score.

    So goodbye credit cards, you're gone from my life.

    So all should be well for you now. In the next couple of years check your credit file to make sure every creditor has put satisfied by each previous debt with the correct date of your BR. I had to write to most to sort the correct dates and 3 years later they've changed the dates to more recent ones despite me sorting it all earlier. So I had planned to contact them at the 6 year mark to get them to remove the old debt from my file rather than go through the whole rigmarole of getting the BR dates correct again.

    But enjoy your credit free life is my advice, avoid access to credit. Perhaps as a minimum until you've cleared your credit file in 6 years.
    "Our prime purpose in this life is to help others. And if you can't help them, at least don't hurt them." Dalai Lama
    • Potbellypig
    • By Potbellypig 15th Sep 17, 12:56 PM
    • 190 Posts
    • 84 Thanks
    • #3
    • 15th Sep 17, 12:56 PM
    • #3
    • 15th Sep 17, 12:56 PM
    I wouldn't recommend getting a credit card yet. As someone who went bankrupt and then had the same attitude as yourself, before I knew it was back in debt again. I can't say whether you will, but it's very very easy to slip back into it. There's a big difference between saying 'I'll only ever use it for emergencies'' and actually doing that.

    My advice - don't get one. Pay for everything you need and if you can't afford it, don't get it.
    • TheGardener
    • By TheGardener 15th Sep 17, 3:08 PM
    • 2,346 Posts
    • 2,246 Thanks
    • #4
    • 15th Sep 17, 3:08 PM
    • #4
    • 15th Sep 17, 3:08 PM
    ...but then what? what do you guys do next? any advice?...
    Originally posted by db2016
    Go to the IS website and find your name - then click on it to get a printout of the fact you are now AD - its less hassle than getting a letter from the OR later. Its only there for about 3 months so do it before the entry disappears.

    From now on - its about managing your finances in an exemplary fashion. Give the CRA's a month or two to update and then follow the instructions on the credit file clean up sticky if needed.
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