I am currently an undischarged bankrupt but still have both a mortgage and secured loan with my partner, who is paying both at the moment.
The secured loan requires both signatures to do anything with it but I am unsure if i can countersign if he wishes to make changes to the loan term for example?
Can I sign for it?
Will I have to wait for discharge before signing?
Alexa
ps. We wont be increasing the amount of this loan, so Im not obtaining further credit.
As you say, it's not further credit so no problem. The other point being the secured element will have been borrowed pre your bankruptcy so not subject to the rules of BR at the time.
thanks, but does this mean because its a secured debt the bankruptcy has no affect so carries on as normal?
I did list it on my bankruptcy statement but havent heard anything from the reciever about it so will he ignore it?
Sorry to sound a bit dim but the CAB did tell me all this but I was in such a tiz at the time to take it in
quote:Originally posted by John
Hi
go ahead Alexa.
As you say, it's not further credit so no problem. The other point being the secured element will have been borrowed pre your bankruptcy so not subject to the rules of BR at the time.
that's correct the bankruptcy will not affect any secured borrowing and secured lenders won't care about your bankruptcy provided you maintain repayments.
I am currently an undischarged bankrupt
Posted - 05 May 2009 : 13:57:51
