FatCat's Money Confessions

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My husband and I went bankrupt and are now discharged and we are trying our hardest to save for a house, we can only save approx $800 per month and we are renting at $1130 per month.  We are wondering if there is anyone else out there that has been in the same position with 2 people going bankrupt and applying for a home loan.  We have had discussions with the bank and they have inticated that we may have a chance but we are a little scared if we save our hardest and they still knock us back.  We have started buildind our credit up, I have always paid our credit card off on time and have never been late with a payment and there is nothing on our credit file except our bankrupcy and our bills are always paid on time.  Is there every a time were we wont pay for going bankrupt or should we be hesitant and accept the fact we wont get anywhere in life now????

Tags: Are, Bankruptcy??, a, able, after, buy, house, to, we

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It will stay on your credit file for 5 years. You will get to start over.
Go through a building society or credit union as they seem to be better to deal with in my experience.
We have bought 3 houses since Bankruptcy Part IX.
It can be done but keep saving and never draw on your savings under any circumstances. They want to see regular deposits and no withdrawls. Get rid of your credit card also as that will go against you in a home loan application. get one after you get your loan.
Thats what they want to see.
Good luck :)

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peter randle is now a member of FatCat's Money Confessions
May 24
Bankruptcy ben replied to Stephen's discussion How to Cancel a Part IX Debt Agreement
"Hi I work for a Debt Agreement administrator. There are 3 ways to end a debt agreement, you pay it out in full, you can apply to have the agreement terminated (however interest backdates from the start of your agreement), or you can offer to make a…"
May 8
Cliff Mearns replied to Cliff Mearns's discussion Bankruptcy -v Debt Agreement
"Ben, let's not lose the loop. How financiers view bankruptcy is not relevant to the discussion of an individual's capacity to pay something. Bankruptcy is being utilised as a means of evading debt obligations. "
May 8
Bankruptcy ben replied to Cliff Mearns's discussion Bankruptcy -v Debt Agreement
"I agree with the setiment however in reality there's nothing to encourage an individual to make a payment with a Debt Agreement! While technically it's different most financial companies regard it as the same as bankruptcy."
May 8

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