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T O P I C R E V I E W
movin on
Posted - 16 January 2009 : 22:06:09 Hi all
This is a general question, and does not concern me at all.
I have been wondering once you are discharged from br is it possible to do the following:
- Purchase a car on HP (i.e. fords option plan) - Get a mortgage
Or does one have to wait until it drops off your credit file ? and what are the chances of actually being accepted (even with a high interest rate etc.)
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx
4 L A T E S T R E P L I E S (Newest First)
movin on
Posted - 16 January 2009 : 23:39:33 John & Hanlou
Thank you both very much for your replies.
As I mentioned this is not a concern, and i was only asking the question for future reference.
For reference, i do not have an IPA/O therefore i do not know alot about them and how they work.
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx
hanlou
Posted - 16 January 2009 : 23:28:06 also if during the twelve month bankruptcy the OR decides you do not have enough disposable income to make payments when you finally get discharged say for instance a month after discharge your income increases will the OR come back to you and want payments for next three years
hanlou
Posted - 16 January 2009 : 23:20:01 hi if you are still making payments to the 0R up to the three years then surely you could never save up for deposit of 40% on mortgage even once discharged and if you came into money after being discharged and your still making payments to 0R wont they then take the money youve come into
John
Posted - 16 January 2009 : 22:18:29 Hi
in both scenario's you can legally obtain the credit the day after discharge.
Borrowing is no longer about the likely risk of the borrower not paying. The crucial element of any HP or mortgage is for the lender to ensure that the asset is not, nor is it likely to be for the full term of the loan, in negative equity.
Therefore, at present if you have a high percentage deposit (30% to 40%) you could probably do either soon after bankruptcy. Using todays lending policies, you won't be able to borrow if you have 5% to 10% deposit any time soon unless your rating is squeeky clean and you can prove adequate disposable income, even in the unsecured lending market.
