999

ive been bankrupt since april last year i think ive been early disscharged already

now i dont want credit cards again nor do i want loans etc ive allready screwed up once dont want to do it again


is it the standard 6 years before all info dissapears on your credit file?


only asking as the wife and i will want a mortgage and because of the way i ****ed my life up financially before i said in 6 years when alls clear

i had a lucky break and took the fools way out of debt problems, but it saved me and my marriage as far as im concerned, no more worrying etc and my lifestyle was unchanged, still have a bank account etc and as i say i dont want credit, my wifes credit file is perfect, she never ges refused anything and she never misses a payment so thankfully ive not affected her as we had no joint financial matters



so anyway back to the original question, just how screwed are you when your bankrupt and whats the best way out of it over the years? im presuming somehow you would need to build up a small credit portfolio again and wait till the 6 years has passed if wanted to steer towards the mortgage direction??????/

Scooby Soon!

You shouldnt have too much of a problem getting a mortgage as long as you have a decent deposit.

999

but i dont want to get hit with high rates hence i asked if alls clear after 6 year? im presuming yes ok i could get a mortgage in a year or two but at a high rate which id prob be stuck with for a few years

mart360

you can obtain credit, but it WILL affect any ratings you get, as you are and always will be a discharged bankrupt. (sorry to say) (and it will remain on file for six years)

Unfortunately it also now precludes you from certain professions, so you need to think wisely if you want a career change.

If you look at MSN money, they have a large section relating to Bankruptcy

Mart

Petem95

You often see questions like "have you ever been declared bankrupt?" on financial forms - I dont think theres a 6year thing, but Im no expect on bankruptsy.

With so many people out there going bankrupt now, you can actually get quite good mortgage/loan rates despite it - obviously you'll pay more than you would had you not been bankrupt tho.

KiwiGTI

6 years on credit files but it's available forever on public records. In any case you can still get a mortgage without any problems.

Don't get too worried about the rates either - the banks aren't loansharks (that's another argument) and normally you might pay 1-2% extra interest above their normal rate for someone with a good credit score. And even then it is likely you could get this reduced after a couple of years of good payment history.

EddScott

My mother went Bankrupt in 1992. Had a good few years of absolute hell.

These days its no great shakes to declare yourself bankrupt. My GFs auntie declared herself bankrupt in November. Bought all the kids presents for Christmas first though.

They didn't even take her car. We lost everthing

jaytc2003

iTrader: (1)

I always though bankrupty stayed on your credit file for 15yrs? I know CCJs is 5 or 6 years, the same as with default notices as well.

For a mortgage try GE Money or First National (actually owned by GE Money but rates seem slightly better), think on average their interest rate is something like 7.09%, they specialise in adverse credit. Depending on how much you want to borrow though you may still be able to get a mortgage from high street lenders but it would be best to have a decent deposit. It may be better with just your wife getting a mortgage in her own name (again depending on value and deposit)

RRH

I think there are some articles on MoneySavingExpert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more about re-starting your credit rating- there's all sorts of helpful stuff on there- makes good reading.

hope this helps.