Author Topic: Bankruptcy consequenses  (Read 1736 times)

undecided

  • *
  • Posts: 1
Bankruptcy consequenses
« on: Mar 10, 2010, 08:13:49 PM »
i've heard that you will have difficulty working in certain jobs, but how long does the bankruptcy remain on your credit file and after that time is it completely erased?
Also would you be able to obtain a mortgage after this set period or would lenders have access to find out and therefore deny you a mortgage if you have been previously a bankrupt?

I currently have 30k of debt spiralled out of control by a series of bad luck with an ex partner and properties, and no way of affording to pay it back, I am contemplating bankruptcy but would like to know as much as possible first.

Many thanks in advance!

bankruptcy.co.uk

  • Sr. Member
  • ****
  • Posts: 90
Re: Bankruptcy consequenses
« Reply #1 on: Mar 11, 2010, 12:56:55 PM »
You are 100% correct. Certain jobs you cannot do as a bankruptee.
Good examples are
 
1) You cannot work in an FSA related profession. This would be hypocritical as you are giving people financial advice when you are bankrupt yourself.
2) You cannot work in the MOD, Army, Policeforce without permission from your commanding officer or superintendant.
3) You cannot be on the board of governors in a school, or be the headmaster/headmistress of a school.
4) You cannot work in certain security professions, such as for example the driver of a securicor van.
 
There are lots of these but all of them make sense. i.e you handle money, or give advice about money.
 
Obviously you cannot also be a company director again of a LTD company until you are discharged, however you can continue being a sole trader.
 
Your mark is on the Insolvency Register for 5 years (the exact same time as an IVA).
Once this mark is removed, it is removed permanently, EXCEPT for certain things, such as if the MOD did a search on you.
 
In most cases (depending on how you deal with your finances over this period), you can obtain a mortgage as a bankruptee after 6 years. You can do this earlier, but you would be subprime and therefore would be the victim of inflated interest rates. I heavily advise against this as this is where creditors take advantage of your credit score to rob you in the long term.
 
I hope this advice helps and I wish you the best of luck coming to your decision.

Any further questions send me a mail or re-post on here.
 
Raphael Gilbert
Raphael Gilbert
Head of Insolvency Divison www.ban

adria82

  • *
  • Posts: 6
Re: Bankruptcy consequenses
« Reply #2 on: Apr 24, 2010, 07:01:32 AM »
i've heard that you will have difficulty working in certain jobs, but how long does the bankruptcy remain on your credit file and after that time is it completely erased?
Also would you be able to obtain a mortgage after this set period or would lenders have access to find out and therefore deny you a mortgage if you have been previously a bankrupt?

I currently have 30k of debt spiralled out of control by a series of bad luck with an ex partner and properties, and no way of affording to pay it back, I am contemplating bankruptcy but would like to know as much as possible first.

Many thanks in advance!

Well about the consequences, your bankruptcy will be registered with credit reference agencies and remain on your file for a minimum of six years. After this time you may still have to declare your previous history, particularly when applying for a mortgage.

bankruptcy.co.uk

  • Sr. Member
  • ****
  • Posts: 90
Re: Bankruptcy consequenses
« Reply #3 on: Apr 26, 2010, 10:29:05 AM »
Indeed. Let's frighten everybody with that so that they dont write off your paydayloans in the bankruptcy eh :)
 
Typical creditor, fearmongering.
Raphael Gilbert
Head of Insolvency Divison www.ban

Sovereign

  • Sr. Member
  • ****
  • Posts: 81
Re: Bankruptcy consequenses
« Reply #4 on: Apr 26, 2010, 12:26:06 PM »
Hi Raph,
 
Quality that one!! Adria82, look again at Raph's 11 March post. Spot on.
Sovereign Consulting