Make a quick buck

[Platypus]

I thought that proper bankrupts had to wait seven years before they were allowed to borrow properly again?

Bankruptcy lasts 1 year, but remains on a credit file for a further 6.

[Moscow Mule]

Nope - full bankrupcy not the under £15k debt releif order....

It seems that even bankruptcy is not what it used to be...

[NetwkSupport]

Wouldn't this be the "bankruptcy lite" that was introduced a while ago. I thought that proper bankrupts had to wait seven years before they were allowed to borrow properly again?

Nope - full bankrupcy not the under £15k debt releif order....

[Moscow Mule]

Bankruptcy seems to be the new craze in this country, seems an easy way for a lot of people to wipe out their debts.

Not from what i saw on a recent programme.

Guy on there was banrupt 3yrs ago and did a "credit repair" for 12 months - i.e taking out small amounts of credit, repaying early etc. and he actually got a better mortgage offer than a person who had no adverse credit history (but admittedly little credit history).

Wouldn't this be the "bankruptcy lite" that was introduced a while ago. I thought that proper bankrupts had to wait seven years before they were allowed to borrow properly again?

[TimberWolf]

Unless you've paid for indemnity insurance. In which case they reposses, sell the house for 1p at auction and then the insurance companypursues you personally for the balance, forcing you to declare yourself a bankrupt and never get credit again...

who sell it on to local heavies who pursue you with dodgy, if not illegal, interpretations of the law

[NotAllThere]

In the UK, they reposses, sell the house for 1p at auction and then pursue you personally for the balance, forcing you to declare yourself a bankrupt and never get credit again....

Unless you've paid for indemnity insurance. In which case they reposses, sell the house for 1p at auction and then the insurance companypursues you personally for the balance, forcing you to declare yourself a bankrupt and never get credit again...

[NetwkSupport]

forcing you to declare yourself a bankrupt and never get credit again.

Not from what i saw on a recent programme.

Guy on there was banrupt 3yrs ago and did a "credit repair" for 12 months - i.e taking out small amounts of credit, repaying early etc. and he actually got a better mortgage offer than a person who had no adverse credit history (but admittedly little credit history).

[foritisme]

In the UK, they reposses, sell the house for 1p at auction and then pursue you personally for the balance, forcing you to declare yourself a bankrupt and never get credit again.

In the US, you hand your keys in and walk away.

Bankruptcy seems to be the new craze in this country, seems an easy way for a lot of people to wipe out their debts.

[DimPrawn]

In the UK, they reposses, sell the house for 1p at auction and then pursue you personally for the balance, forcing you to declare yourself a bankrupt and never get credit again.

In the US, you hand your keys in and walk away.

[gingerjedi]

So the lender just forgets about the $100,000 shortfall?

They must have different rules over there.

[BlasterBates]

How to make a profit on negative equity

Get your own back on the banks.