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| silverfox |
Posted - 14 May 2008 : 03:07:55
Hi all,
I am new to this forum, and would like to say hello!
I am concerned about my credit history, and now my debt. I have a stack of unpaid credit cards, and other such credit agreements on purchases of products. I dont have a mortgage or any secured debts.
I am on benefits and just can't afford to pay these debts. I graduated in 2005 from Leeds University, but still no job.
My question really is, since I have these credit debts (unsecured), could I declare BR as genuinely being unable to pay the debt? Also, since I took my student loan out before Sept 2004 (I started Uni in Sept 02) would it be possible for me to have that included?
I just need a fresh start, I have made mistakes in the past and would love to be able to pay them off, but in reality its just not possible. My partner has a house which I share with him, however I moved in after he bought it and the mortgage has always been in his name. I havent paid anything towards it as I dont have a job. Would my going BR affect him or his house?
Also, if I do go down the BR route do I need to list all creditors on the paperwork? I can't even remember some of them but they do exist. I don't want them to come out of the woodwork years down the line. Would this bankruptcy cover all my previous 'bad credit' as such?
Please help, thank you |
| 7 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 18 May 2008 : 23:00:07
Hi Silverfox,
There was a period of time in 2004 when student debt was written off in Bankruptcy, however this window was closed.
Student Loans are excluded from Bankruptcy therefore will not be written off regardless whether they were taken out prior to 2004 or not.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| silverfox |
Posted - 18 May 2008 : 22:21:14
Hi,
thanks for the replies.
I don't have any income, so I am not paying anything towards his property. I don't know if it will affect his credit rating however?
I was under the impression that Student Loans taken out prior to 2004 could be included in the BR? Maybe I am mistaken, although I did see this advice on Debt Free Direct?
I think BR is the best route to clearing the problems I have at the moment with credit. |
| Helpful Advice |
Posted - 15 May 2008 : 08:44:08
Hi Silverfox,
Student Loans are excluded from Bankruptcy so as Melanie says you would have to pay this off once you start earning over the appropriate amount.
The OR would look to see if you have developed an interest in your partners property.
They calculate this by contributions you have been making towards the household bills, costs or mortgage.
If the property was owned by your partner prior to your relationship and he has made all mortgage payments and utility payments then you would have no interest therefore the property would be safe.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| silverfox |
Posted - 15 May 2008 : 01:24:51
anybody? |
| silverfox |
Posted - 14 May 2008 : 12:03:23
Hi, thanks for the words of advice.
I was under the impression the student loan would be part of this as it was taken out before Sept 04?
My partners house has been his, and his alone before we got together. This is the grey area really, would the court be able to advise further? |
| melanie_giles |
Posted - 14 May 2008 : 08:05:13
If you have no income, then the other solutions of an IVA or DMP are not available to you, so bankruptcy is probably the better option to make a fresh start - although you will not be able to include your student loan which will become payable once you start earning at the appropriate threshold.
It is unlikely that a bankruptcy would affect your partner's property in any way.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 14 May 2008 : 07:51:40
Hi silverfox!
I am not an expert but have found this forum a lifeline through my recent BR.
If you decide BR is the right route to go (experts will advise you here) then you need to include all your creditors on your BR form. If you get a credit report from Experian or one of the other companies it list all creditors, debts, dates of debts etc - its really useful (if a little scarey!!)
The house thing needs an experts opinion - one will be along soon - I am sure it will affect your partners credit in some way but as it is your BR he is not involved in the BR process at all.
Good luck in whatever you decide and hang on there for an expert to answer all your questions fully.
Vicki x |
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