Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By scottishdebt
#37824 hi guys and girls

im new here and would like some advice regarding BR in scotland
and what happens after ur 6 years are up

currently ran up 15k worth ov debt and im very ill and i cnt work and my allowance doesnt cover this

what i would like to know is

does your life go back to normal after he 6 years i.e can i get a mortgage and can i
obtain credit after this time

i am also renting from an agencie and they have a clause that any br cnt rent
would i be kicked out

does my credit rating go back to like when i was 16 years old and do i start afresh

ive dne alot ov research regarding this but i cnt seem to find out these answers

many thanks in advance
By Mel_Odious
#37827 Sorry Sd,
I have moved your post to the Scotland section where it will get a more local response. As far as this Sassenach knows you can't yet file for your own bankruptcy in Scotland yet. JLP will be there to help you tomorrow, no doubt.

By Mel_Odious
#37831 Just to add; the Law is about to change in Scotlnad but I don't know the time scale. At the moment you have to have one of your creditors make you bankrupt.
As for the Credit Reference Files the rules would be the same as down south in that;
After six years the record of your bankruptcy will fall off your CRF. It should be easier to then get a mortgage and more credit if you really wanted it. There will always be one big problem on some Application Forms though and that is the question all us former bankrupts fear the most and that is:
"Are you or have you ever been bankrupt?"

By scottishdebt
#37833 do we know if they actualy check this
hopefully in 6 years time things will ov changed

fingers crossed
scottishdebt wrote:do we know if they actualy check this
hopefully in 6 years time things will ov changed

fingers crossed

I dont know whether they actually check this, but better to come clean as you could be done for fraud (technically) at worst.At best they may shut your account down.

Anyway back to OP. Yes I do know of discharged Bankrupts who have obtained mortgages and credit, but you will pay dearly for it as likely only sub prime lenders that will entertain you until you can build up a credit rating again.

However excuse me being picky, but you stated that you were ill and cant work, so it would be unlikely you would get a mortgage or credit under those circumstances anyway......... :?:

If you dont have a long term illness and are likely to return to work, are you sure that Bankruptcy is your best option? Have you discussed this with a Money/Debt Advisor? I am always a bit worried that people go into BR as an option without looking at all options.If you have done this, then thats ok......... :D