Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By Mikeysthelens
#212294 Hi All...

Hoping you can help me with this.

I was BR Nov 06 and discharged Nov 07. I had a property an that was handed back to the bank as the Or wanted too much for his Beneficial Interest this was last Jan 08.

I have a new partner, and the 'inlaws' have offered the deposit on a house. Would the OR chase me for any of this if it was a gift to buy a house, and would the OR chase me for the new house if it all goes ahead?

Also, I had an IPA, never paid it as my income is less than outgoings, Ive done an I&E every 6 months or so and the 3 years is up in November.. can the OR chase me for more money now I will be living in an 'owned' home and some of the bills will now be split?

Any advise on all above would be great.. Even on mortgages.. we are looking around, my partner has a perfect history.. my files are now 'cleaned up'

Thanks guys
By Crunchynut
#212298 Erm, I'm unsure as it sounds as if the property wasn't finalised until after discharge. However, if you have an IPA 'that you're not paying' it would be wise not to do anything until this has ended.

Whether your files are cleaned up or not, the bankruptcy will still show for 6 years from its date so it will make it immensely difficult to find a lender in the current climate at a reasonable rate. Unfortunately your CRF will 'drag down' any 'perfection' on your partner's as far as a joint mortgage goes.

In a similar situation, I was advised to let my partner 'buy' the property and draw up a deed of trust to deal with each of our share etc. It might be worth considering ?
By mercgirl
#212317 I would advise your partner to get the mortgage in their sole name. You wont get a mortgage under 12% if you can find one, which I doubt. In cases where a property has been handed back, this makes it even worse. The lenders may compete with each other 99% of the time but in this instance they close ranks. If you have had mortgage arrears, repossesion,or handed back a property with any lender they will just say a flat no.