Handing back keys/judgement/bankrupt

I have gotten an adviser on board now,I discussed the factors of going insolvent and he advised that in my case it is a possibility but he said that is a hopeless process .He said that after the six year period is up the banks can go after you again??? surely that cant be true?
 
yrrab said:
I have gotten an adviser on board now,I discussed the factors of going insolvent and he advised that in my case it is a possibility but he said that is a hopeless process .He said that after the six year period is up the banks can go after you again??? surely that cant be true?
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You need to change your advisor. That is shocking advice.
Are you sure he didn't say your credit file is affected for six years?

Steve Thatcher
 
Bronte said:
It's not shocking advice, as far as I recall it is true. Burgess discussed it on here. What's shocking is the mess of our insolvency laws.

Here's on thread on it that I can find:

http://www.askaboutmoney.com/showthread.php?t=181703
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Sorry, I assumed it was a UK situation. Really, you go bankrupt over here, but actually, it doesn't write off your debts. What sort of cockamamy system is that?

Steve Thatcher
 
Steve Thatcher said:
Sorry, I assumed it was a UK situation. Really, you go bankrupt over here, but actually, it doesn't write off your debts. What sort of cockamamy system is that?

Steve Thatcher
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I I see, it's to do with PIA's. Yes I recall that. Not bankruptcy. Just one of the other solutions. But it can be negotiated away as part of the PIA. It shouldn't apply in every instance and if it is in your deal, don't do the deal.

Steve
 
Steve Thatcher said:
What sort of cockamamy system is that?
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We have an expression for that over here, we call it the Irish solution to Irish problems. Basically in this case we take UK legislation and create a nightmare scenario.

Watch out in a few years when property goes up, people get on their feet and the banks suddently start going after extensions on insolvency.

It actually happened over where you are too. In the 80's when people defaulted on their mortgages and didn't go bankrupt etc. Meanwhile many people got back on their feet and banks swooped in just before statute of limitations.

That's why along with you I cannot understand why more people are not doing UK bankruptcies which are legally watertight. I have an idea that the 'deals' being done currently are all going to be one sided and borrowers are blind to it after all the stress of the last few years.
 
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