Notifications
Clear all
Topic starter
10/03/2013 1:25 pm
Was declared bankrupt 21/10/11 and in that time iam still paying on time and no arrears my car which was on H.P. but this September 2013 the 4 yrs will be up with a one off payment due or refinance or am i allowed to buy another car ?. I received a letter on Saturday from the car company saying they would be in contact shortly to see what i want to do. Techinally am i allowed to renter another credit agreement, will be probably be knocked back havn't missed a payment, credit search will probably see to that , any thoughts guys? Hope this all makes senseto you.
10/03/2013 1:33 pm
Hi Graham
It's a good question. Technically you can't obtain credit without advising of your sequestration and unfortunately its a criminal offence. However your not under this restriction if you were discharged after 12 months.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/03/2013 1:53 pm
Thanks for your comments Mark, as for being discharged i have never received anything in writing to suggest this, am i supposed to ?
10/03/2013 2:01 pm
Hi Graham
No, the discharge is automatic after 12 months.
You can request a Certificate of Discharge from the AIB, but they'll charge you for this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/03/2013 11:12 pm
As Mark says, you are automatically discharged after 1 year in a sequestration, so can do what you like regarding the car.
Hopefully you can find a source of further credit if you need to, graham.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/03/2013 6:49 pm
Will keep you updated , phoned them today and explained the situation and they said phone back in July or August .
11/03/2013 9:46 pm
I would advise you simply advise your Trustee of the intended change. Likely to have little effect on the sequestration if the current vehicle does no form part of te estate if it is HP and no equity. As long as the swap does not restrict your ability to pay any remaining contributions then there should be no issues. You have been discharge however, it's good to advise the Trustee of any minor changes in circumstances as this.
Rob is not currently posting in the Trust-Deed.co.uk forum.
19/07/2023 6:01 am
Yeah , In a situation like graham, after the four-year period following bankruptcy, the individual's credit history may have improved, but they might still face challenges in obtaining credit approval. While they have been consistent in making car payments, a credit search could reveal their past bankruptcy, which may raise concerns for potential lenders or creditors.
As for renting or entering another credit agreement, i think, it depends on the policies of the car company or other lenders they approach you should have info which is best. Some companies may consider the individual's recent financial behaviour and may be willing to offer them a new credit agreement, especially if their credit score has improved and they have demonstrated responsible financial management since the bankruptcy. However, there is no guarantee that they won't be rejected, and the terms of the new agreement, if approved, may differ from the previous one.
