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T O P I C R E V I E W
Radkad78
Posted - 25 April 2009 : 08:31:43 Hi, I was declared bankrupt in June 2007 and discharged last June (2008). I'm on the 3 year IP payment scheme which ends August 2010.
I had a couple of questions if I can:
1) When will I start being able to open a savings account / debit card account or will this be somehting that I can not do for 6 years until the red mark is taken off my credit file? 2) Also my partner and I want to look at getting a mortgage but been advised just to do it in his name as I am high risk to be asociated - are there mortgage companies that will lend to both of us or is it best to wait and add me onto a mortgage at a later date when my credit is better? 3) I currently have a solicitors looking after my IP Payments now I'm discharged - can my payments be increased or decreased for the last 2 years of my IP scheme? Reason I ask is I'm about to have a 14% paycut at work and would like to lower my IP payments - is this something that the solicitors can do now I am discharged or does it stay at the same monthly payments?
4) Also the reason I was hesitant about contacting the solicitors as I recently got married and have not informed them yet and by saying about the 14% paycut they'll find out and didn't know if they would then look into my accounts further if they think I can afford a wedidng when really my parents/husband paid for it.....
Sorry there are a lot of questions there - thanking you in advance for getting back to me
3 L A T E S T R E P L I E S (Newest First)
Radkad78
Posted - 25 April 2009 : 18:39:11 Thanks for getting back to me - will check my credit file I think and also look at Skippys blog!
K
KAJones
chester2005
Posted - 25 April 2009 : 12:28:04 Officially once your are discharged you can get a debit/credit card but the banks are extra cautious with BR on your File. Even with the mortgage in your partners name , in the present financial climate you are likely to need a reasonable deposit anyway, Banks will lend to Discharged Bankrupts but demand a higher deposit eg 25%-30% and/or charge higher interest. Depending on your income contribution to the household as to whether it would be worthwhile adding your income to the mortgage calculations.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
gettingoutofdebt
Posted - 25 April 2009 : 10:08:59 Hi,
Welcome to the forum.
1) You can apply for a debit card account/credit at any time however until your credit file is clean you there will only be a few lenders that will consider you. Have you checked your credit file since the BR was discharged to make sure that the creditors/credit agencies have updated their records? Skippy has a very good blog and explains how she has been sorting her credit file out - http://skippy13.blogs.bankruptcyhelp.org.uk/.
Capital One do a credit card for people with a poor credit rating but the interest is about 35% so you will need to make sure that you pay the balance in full each month. Alternatively you can get a per-paid credit card and put money on the card each month.
2) I would recommend just getting the mortgage in your partners name otherwise you will need quite a large deposit and will probably pay a higher rate of interest if it is a joint application. You can always add yourself later once your credit history is better.
3) I believe the IPA can be changed and you would need to provide an updated wage slip to the solicitors but will let an expert confirm this.
4) Don't worry about the wedding. Even if you are asked to provide bank statements, etc. they will show that you didn't pay for the wedding. When you are declared BR you only pay a maximum of 70% of your disposable income so you are expected to have some money left over each month and can use this money for whatever you want.
