Bankruptcy, and then starting again
Discussion
For those who saw my last post on my friends, family loosing their home.. Well they did. So they are now living in accomodation with friends and family. Hardly ideal coming up to xmas.
So.. My question now is this..
They haven't been officially declared bankrupt yet, but its they are going down that route. Whats the process on getting in a new home. They have enough resources to rent, but credit checks etc will prevent this surely? What other options are open to them, to get them in a home?
At present my friends father is pressuring my friend to rent a home, and they'll give cash to him to cover the costs. However, this traps my friend in the home, risky if parents don't pay, and puts pressure on him, and makes life easy for his folks, which I dont see being the answer.
Anyone know of any options?
As ever.. Thanks guys.
So.. My question now is this..
They haven't been officially declared bankrupt yet, but its they are going down that route. Whats the process on getting in a new home. They have enough resources to rent, but credit checks etc will prevent this surely? What other options are open to them, to get them in a home?
At present my friends father is pressuring my friend to rent a home, and they'll give cash to him to cover the costs. However, this traps my friend in the home, risky if parents don't pay, and puts pressure on him, and makes life easy for his folks, which I dont see being the answer.
Anyone know of any options?
As ever.. Thanks guys.
Firstly I'm sorry things have worked out this way for them. Sometimes though this can be a positive step. At least through bankruptcy they get to write off the past and have the ability to start again in a while.
Have you managed to persuade them to talk to the CAB or one of the charitable debt counselling services? They really do need to do this, these people can help them through this time and will have contacts that will help them. It's a minefield for someone trying to get this sorted on their own.
I think they will have trouble renting privately, I'd be very wary of a bankrupt tenant.
Have they spoken to the local authority? At this point if they have been evicted and have u.18 year old children they will be in a fairly strong position for housing - it will of course depend on housing availability in their area.
You say they have resources to rent - I imagine you mean their monthly income? They need to take advice on how much of this they will get to keep once the Trustee in Bankruptcy is involved.
In your friend's position, I would be tempted to take a punt and rent for them as long as I'd had a clear "chat" with my parents about where the money was coming from and how I was going to get the rent. I'd also want to be very sure that there was enough money to pay the rent and the outgoings and that I kept control of it all - as this is now my credit history on the line. I would also want to be very sure that they had learnt lessons from how they got here and that they weren't going to head straight back into difficulty.
Do please try to persuade them to get advice.
Have you managed to persuade them to talk to the CAB or one of the charitable debt counselling services? They really do need to do this, these people can help them through this time and will have contacts that will help them. It's a minefield for someone trying to get this sorted on their own.
I think they will have trouble renting privately, I'd be very wary of a bankrupt tenant.
Have they spoken to the local authority? At this point if they have been evicted and have u.18 year old children they will be in a fairly strong position for housing - it will of course depend on housing availability in their area.
You say they have resources to rent - I imagine you mean their monthly income? They need to take advice on how much of this they will get to keep once the Trustee in Bankruptcy is involved.
In your friend's position, I would be tempted to take a punt and rent for them as long as I'd had a clear "chat" with my parents about where the money was coming from and how I was going to get the rent. I'd also want to be very sure that there was enough money to pay the rent and the outgoings and that I kept control of it all - as this is now my credit history on the line. I would also want to be very sure that they had learnt lessons from how they got here and that they weren't going to head straight back into difficulty.
Do please try to persuade them to get advice.
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