Hi Im currently in bankruptcy discharge in Jan 12 should of been early discharge but they forgot to send me the papers
I really need to get a loan to change my car after the piece of junk i had to buy after my previous car was reposesed in bankruptcy. What are my options? Ive heard about pension loans as i dont have to make repayments it comes out when i claim my pension as i may struggle to get a loan after discharge should i seriously consider this

Hi,

Until your bankruptcy has been discharged you will find obtaining any loans difficult, and you would need the permission of the Receiver handling your bankruptcy. If you were to get a loan without the OR's approval, it is a violation of the bankruptcy restrictions. Also, any payment would change your income and expenditures, so it would need to be discussed with the OR, and also you would need to be able to afford the payment. So your options are limited.

You could inquire as to if a family member could assist you in some way, or hopefully ride it out (no pun intended) until you are discharged. This is only another two months.

Using the pension is an option, but if you do this and receive a lump sum to buy a car, you technically need to report that lump sum to the OR, who could take it for the bankruptcy. You also would need to insure that the OR has not placed a hold or charge on the pension, depending what type of pension and how it is structured. Using the pension after being discharged is however an option.

Others here may have some thoughts and idea as well.

Regards,

Jon

Hi John
Thanks for the advice I think Like you advised someone else Im worrying to much about the future. It was very frustrating to loose my other car as the OR said i could keep the car due to work and getting my son son, it was the bank that took it back.
I will however wait until January would i still be able to enquire through normal loan companies or would i have to use specialist loan companies that charge the earth in interest
Thanks for your help
Dave

Getting loan after bankruptcy is difficult but not impossible. There are many lenders who are ready to provide loan even if you have been experienced bankruptcy. I suggest you to go with Complete Auto loans; they are specialist in dealing with such customers.