nick172sport

iTrader: (6)

mate off mine has debts totalling circ 50k and has a ccj he thinks its better to go bankrupt as ccj s remain on your file till its paid is this right also he has been told if he goes bankrupt it will only last a year when will he be able to obtain bank account or get credit again not me im solvent jst about lol

Jamo

iTrader: (23)

maybe less than a year mate, he will have to have a bank account open to make payments, natwest allow you to keep a bank account. the stigma that used to be there with bankruptcy isnt there anymore.

Glowplug

iTrader: (8)

For 50k, (depending on what your mate has in assets, vehicles, property, land etc), tell him to go for it.

Fill in 2 forms, bankruptcy 27 and 28, take them to the County Court along with £600 cash and job done. You don't see a judge, you just swear an oath with the court official and there is no visit from a bailiff. In my case it was all done over the phone.

My case was pretty straight forward and i have been told by my Official Reciever that i should be Discharged by christmas, that'll be 7 months in total.

Best thing to do if you know you can't pay. Get it done before the bailiffs start knocking. All i lost was my Premium Bonds. They even let me keep my Scoob as i would need it for work. Tell your mate to research it well online first, there are loads of little 'loopholes'.

EH52WRX

iTrader: (16)

Not that simple. Bank A/C yes. And thats your whack. 6-7 years for a credit card etc.
In Scotland your creditors have 5 years to get there money, after that they have have no legal claim to the money. Then 1-2 years after that your credit rating is almost back to 100%.

nick172sport

iTrader: (6)

how long does a ccj last for then and can you get credit after christmas once youve been discharged

Dedrater

6 years, if it is paid or not.

Dedrater

...it also won't go on public records if repaid within 1 month.

Trout

iTrader: (1)

Credit scoring will mark down an address where there has been a CCJ even if it was a previous owners

Dingdongler

May I ask who you owed this money to?

Dedrater

No it won't, that is against the law.

CCJs etc are only ever on the person.

nick172sport

iTrader: (6)

so can that be removed at all or will he have to move he is in rented accomodation

Glowplug

iTrader: (8)

CCJ is 6 years if unpaid and you will keep being pestered for payment by any means possible.

Bank accounts, there are plenty of banks that will give you an account but i have found they usually charge to 'manage' it for you (i use my Mrs's).

Credit cards, i have a prepay Mastercard which anyone can make payments on to, including my employer for wages. I can apply for credit after discharge but i'm unlikly to get it, or it will be a elevated apr.

It's credit that got me where i was, and i'm not one to 'go back'. Once the debt has gone, it is so easy to live 'with in' your means.

Financial worry a massive concern to people, i know people that have topped themselves for less that 50k. If you have little chance of re-paying your creditors then bankruptcy is the best way to go, imo.

Jamz3k

That is good advice B13bat, I haven't been in anywhere near that level of debt but did struggle a while back borrowing heavily compared to my earnings. I have paid a few grand off it now and will hope to clear it in the next 3/4years but I can guarantee I WILL NEVER use credit again. Its is pure evil.

Dedrater

The advice is not correct.

Glowplug

iTrader: (8)

You certainly can. In my case it was all unsecured, credit cards, bank etc.

Then an industrial accident, which i am still being treated for and recovering from put me on my back. Payment protection plans where not worth the paper they where written on, so i was left with only one option.

Dedrater

Me too, a family member failed to hang himself properly and ****ed his and his family's lives up, that is probably the best advice you can ever give.

Trout

iTrader: (1)

Which advice - the use of CCJ addresses in credit score cards?

Dedrater

Yes.

nick172sport

iTrader: (6)

i know mate one off my other mates awell did it wifeleft himlost his house on his own now but got ripped off in a buisness venture bought a going concern sold to him from our asian friends and the person who sold it wasnt the owner local mafia owned it and wanted it back so got it

Trout

iTrader: (1)

Are you sure of that?

Credit scoring algorithms utilise postcodes and addresses and will weight factors such as financial delinquency in that area. The number of CCJs will be one measure of financial delinquency. This will weight the credit score.

Trout

iTrader: (1)

Well we don't agree then.

Dedrater

If I am wrong Trout, I will go give my **** head neighbour a ******* and post it on Youtube.

Thats how right I know I am.

hodgy0_2

whilst that might be true -- are you telling me as a landlord, my rented properties will not be blighted by errant tenants leaving debts registered to the address. - not that this has happened but i have read my tenants the riot act regarding this

Mrfastbaz

what about this a friend of ours went down this route kept her house and a car and paid off a set amount every month ,,, check it out may help

http://iva.co.uk/

GlesgaKiss

To get a bank account, perhaps, but long-term it will affect his ability to obtain credit. My ex girlfriend's dad went bankrupt many years ago and still has a fair bit of difficulty when it comes to loans, etc. Maybe it's the right path for the OP's mate, but it isn't for everyone as it does have long-lasting consequences.

Dedrater

Debts are never registered to an address, ever, only to a person.

So yes to your question and I am more than 100% certain on this.

Ant

my wife has a iva had her debts reduced by 60%

Glowplug

iTrader: (8)

Yeah, debt can be nasty mess. You need to get your head in gear fast, and not bury it in the sand. There is still alot of stigma attatched to bankruptcy by the older generation, but believe me, it is NOTHING to be asshamed of. You tried, you failed, que sara. All bankruptcies are published in the London Gazette, the amount of enteries is asstounding.

Trout

iTrader: (1)

Well I am glad you are sure.

We disagree.

You need to check out the data available by postcode on financial experience

Get that video on You Tube


To add - I never mentioned anything about debts being registered to an address.

hodgy0_2

and that might be so, but do the utility companies just use that database, or do they use differing commercial ones to give themselves a competative advantage - also individual companies have this information anyway

i,e if you default on your BT bill (from an address), will that have a negative impact on the next occupier