Life after bankruptcy-personally and professionally

[confusedbunny]

You are correct - if they do not have a CCJ then they cannot enforce the debt in any of the ways described.

 

ok, thats a relief! many thanks all.

[Happyhippy1959]

That was and in some case's still is those vile companies methods of scaring people to pay... they hint at MIGHTS, COULDS AND IFS, BUT IN THE END IT IS THE COUNTY COURT JUDGE WHO HAS THE LAST SAY. If you ever get one for Northampton Bulk Court challenge to have it heard at your own court. This is good to stop some of them in there tracks as they know the expense will rise and if you are paying token payments and your IE is legit then in 99% of cases the Judge will not be a happy bunny for wasting the courts time. Unlike P1 I still have a property, granted in neg equity but I am only holding on till my youngest hits 18, they are with Mrs ex-Hippy but least they have a bolt hole while younger ( only three years to go ) I owe £40k in unsecured debts and have been paying token payments for three years. Have stopped paying two because they got greedy and then could not produce CCA Still not seen the inside of a court room.. ( makes you think ) probably put the kiss of death on it now. But even if I get a summons, the good people on here are ready for the fight. This site to me is like a second family, ( as my dear ones never see me anymore anyway )

 

so after my youngest reaches 18 that it will be sold and Hippy off to girlee-friends to live.. Will probably then seek BR and just finish the rest of me day's in peace hopefully....

 

So yes, pass no heed to what they say,,, even if it goes to court and doubt it very much ( what have you got a CCJ ) think about it your record is shot to heck anyway so why worry...

[PriorityOne]

That was and in some case's still is those vile companies methods of scaring people to pay... they hint at MIGHTS, COULDS AND IFS, BUT IN THE END IT IS THE COUNTY COURT JUDGE WHO HAS THE LAST SAY. If you ever get one for Northampton Bulk Court challenge to have it heard at your own court. This is good to stop some of them in there tracks as they know the expense will rise and if you are paying token payments and your IE is legit then in 99% of cases the Judge will not be a happy bunny for wasting the courts time. Unlike P1 I still have a property, granted in neg equity but I am only holding on till my youngest hits 18, they are with Mrs ex-Hippy but least they have a bolt hole while younger ( only three years to go ) I owe £40k in unsecured debts and have been paying token payments for three years. Have stopped paying two because they got greedy and then could not produce CCA Still not seen the inside of a court room.. ( makes you think ) probably put the kiss of death on it now. But even if I get a summons, the good people on here are ready for the fight. This site to me is like a second family, ( as my dear ones never see me anymore anyway )

 

so after my youngest reaches 18 that it will be sold and Hippy off to girlee-friends to live.. Will probably then seek BR and just finish the rest of me day's in peace hopefully....

 

So yes, pass no heed to what they say,,, even if it goes to court and doubt it very much ( what have you got a CCJ ) think about it your record is shot to heck anyway so why worry...

 

So do I..... just not the one that got repossessed.....

[Happyhippy1959]

Sorry P1 read yours with a view that you had lost and was renting... GOOD ON YOU P1 stuff it to em. :wink::wink:

[confusedbunny]

Each situation is different..... there's little point in relying on the 12 year stat. barred rule here though because your token payments will count as an acknowledgement each time you make one. If you want to be totally free in less time, then BR might be the route for you. If you can't go BR for other reasons, then the token payment route may be right for you. I was not in a position to consider BR at the time, which is why I went down the token payment route but it may not be the right one for you.

 

Only you can make that decision.

 

P1, how long did you make token payments for your mortgage shortfall? what was your f&f? I think someone on here had a shortfall debt similar to ours and paid a f&f of just £2k!!

 

I ask about how long you pad the token payment before they got sick of you is because does that not effect your credit file every month that passes that you pay? when you pay f&f, does the debt clear off my credit file immediately?

[dx100uk]

nope nothing clears a debt off your CRA file unless you cut an F&F deal that the OC does that before they get the F&F.

 

other than that it's 6yrs from you last financial transaction.

 

dx

[confusedbunny]

nope nothing clears a debt off your CRA file unless you cut an F&F deal that the OC does that before they get the F&F.

 

other than that it's 6yrs from you last financial transaction.

 

dx

 

so if i offer the mortgage company a f&f i can afford in order to avoid the horrid BR and its complications and they agree to remove it off my file prior to f&f that will be done, right?

[dx100uk]

ofcourse the same with any debt.

you can make any conditions you like

but so can they!

 

if they agree is a totally diff kettle of fish but there are successes

p'haps not in your circumstances or with NW

but thats the gamble you take.

 

accept my offer of £xxxx or else i'll have to go BK.

 

see no.7. in my sig for the official views.........

[PriorityOne]

P1, how long did you make token payments for your mortgage shortfall? what was your f&f? I think someone on here had a shortfall debt similar to ours and paid a f&f of just £2k!!

 

I ask about how long you pad the token payment before they got sick of you is because does that not effect your credit file every month that passes that you pay? when you pay f&f, does the debt clear off my credit file immediately?

 

The shortfall was £52K (according to their paperwork). I wrote and requested that the shortfall be split in half because I felt my ex should take responsibility and share the burden, to be honest. They agreed to this, although they didn't have to. I then suggested token payments to keep them off my back;£5 a month with interest frozen. They suggested £10 but I got it down to £5 without too much trouble.

 

This was paid regularly and on time for around 3 years before receiving a phone call asking if I'd be interested in making a F&F. They wanted £4k but I didn't have £4K.... so the token payments continued. After around 5 years of token payments, I contacted them myself because I wanted to be free of it, to be honest... I had another property and didn't want them to find out and although they could easily have done a check at the Land Registry, they hadn't, didn't seem to know about it and I certainly wasn't going to tell them!

 

Anyway, I said that all I could off was £500 as a F&F settlement (which incidentally, was true). The lady on the other end said that she would need to discuss it with her manager but that I would hear from them again soon.

 

The following day, I received a letter accepting the £500 F&F and that Experian would be updated to reflect the settlement. There was no 3rd party involvement re. sending the payment and no comeback. This was all just over 12 years ago now and no-one else bothered me again during all of that time....

 

This was all handled by the original creditor and never went to a DCA.

 

[confusedbunny]

ofcourse the same with any debt.

you can make any conditions you like

but so can they!

 

if they agree is a totally diff kettle of fish but there are successes

p'haps not in your circumstances or with NW

but thats the gamble you take.

 

accept my offer of £xxxx or else i'll have to go BK.

 

see no.7. in my sig for the official views.........

 

f & f might have to be considered as i am so scared of BR

[Abrigadier]

Indeed a F&F may well be considered,but

make sure all your conditions are met,

no sale or assignment of any balance to

any third party, and removal of CRA entries.

 

BRIGADIER2JCS

[confusedbunny]

I suspect a credit will make me BR mid-term or i may have to do it voluntary....I have noticed in my TA that there is a clause that "if during your TA you become BR you will be in breach of contract and eviction proceedings will commence".......

 

what does that mean for me? can i never rent again and that means i will always be homeless as i would not qualify for social housing upon eviction.......i am very worried.......(:

[confusedbunny]

I have a few questions over BR. I suspect a creditor will make me BR or i will voluntary declare BR......

 

Professionally

1.as a company director of a LTD Co, i understand i cannot be a director and would have to trade as a sole trader. assuming i am discharged after 12 months.....can i go back to trading as a LTD Co? if so, how long after will the BR be wiped off my credit file and i can apply for credit in the usual way?

 

 

Personally

1.Assuming i am discharged after 12 months, how long after will the BR be wiped off my credit file? when can i apply for a mortgage again and other credit? how long after discharge do i have to declare BR?

[confusedbunny]

can anyone suggest how, as a sole trader,during BR and after discharge, how do I operate transactions/payments from clients if i am unable to have a card processing machine as assuming the creditor will not allow such facility if i am BR.......

[Stigman]

Hi,

 

Can answer you personal questions, the Business questions need answering by someone with more detailed knowledge in that field.

 

Personal:

 

Your Bankruptcy will be on your credit reference file for 6years from date of your Bankruptcy.

 

With regards to obtaining a mortgage and other credit, each lender has their own different set of credit scoring and criteria, some will accept you, others will decline you.

Only thing I will recommend is not to try too many lenders in a short period of time, this can go against you on your credit report and some credit scoring.

 

After discharge from Bankruptcy, your a free person to do as you please, you are free of all restrictions.

 

Stigman

[toddle2u]

With regards to the business question as long as you have do not have a BRO after discharge you can become a Director again as soon as you have been discharged. With regards to your credit file this will be the same as Stigman says six years. You can apply for credit in the normal way but obvioulsy if they do a personal search on the Directors of the company your BR will show up but you do not have to declare your BR for credit over £500 as you do when you are undicharged

[toddle2u]

Do not really have the answer to this for you but could you not try Paypal?

[rebel11]

Thread moved to correct forum.

[Space Cadet uk]

Paypal Virtual Terminal is your friend, you can process cards online without having a real terminal and without having to deal with banks.

[National Debtline]

Hello there,

 

Do you have any rent arrears? If you do not you may find that the landlord is happy to keep you as a tenant - even though there is the clause. Before making any decisions it could be worth have a chat with the landlord to put them in the picture. Usually these clauses exist to evict people who have rent arrears as they would be included within the bankruptcy.

 

You can find out more about bankruptcy via our fact sheet here: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

 

Best wishes,

 

National Debtline.

[confusedbunny]

ok, thank you so much for the info!

[confusedbunny]

ok, i see. no i do not have any rent arrears. thanks for the clarification!

[confusedbunny]

@toddle2u

ok thanks! Do you mean i do not have to declare BR for credit UNDER £500?

 

Thanks stigman...

[debtinfo]

Hi Confused bunny, yes you only have to declare your bankruptcy by law if the credit is over £500, of course if they specificaly ask you any anyway you also have to tell them

[Hemmingway]

Hi I have the same happen to me this week!!!

 

The Halifax sent me a letter with an offer, so I rang and told them I was discharged 2yrs ago.

They said I would now get the money.

Two weeks later and no money!!!!

 

I have been on the phone everyday checking that they were sending it to me and then I rang the insolvency people to ask the question and guess what... Yes that's right , they had had my cheque!!!!!!

 

I have gone ballistic at the Halifax for being lead on ,fibbed off and lied to for the last three weeks.

I am now waiting for a manager to get back to me so I will keep you posted.

The ppi money was nothing to do with my bankruptcy]