loan after bankrutcy has ended

2

Comments

  • Doucam
    Doucam Posts: 1,130 Forumite
    Alastair I guess you are referring to my post about car insurance and paying monthly, yes it is a form of credit but it is for something essential yes? something that I have to have to keep my car on the road but I can't afford to pay in one go as no matter how hard we have tried we have been unable to save anything substantial this year, the children have needed stuff or an unexpected cost for the car or somesuch other thing.

    I am meaning credit for, oh I dunno, a new sofa, a tv, or any one of myriad things that people may need credit for that isn't an essential. (I am not saying that this is what the OP wants it for either obviously) At present there is no way that I or my husband would consider credit for anything, I have started the credit clean up and did do the credit builder option on a cashplus card but really can't see that we would do credit for anything now, I hated being where we were and would never ever want to be there again. It was far to crap a time for us.
  • kepar
    kepar Posts: 1,297 Forumite
    When did you go br Doucam. It is nearly three years ago for me, and afterwards we both thought no more credit. My OH in fact was adamant that she wouldn't even consider another mortgage(providing we can ever get one again) but now it's lets save as much as we can, the IPA finishes soon, that gives us another £400 a month. She is beginning to change her thought pattern, although we pay cash for everything, she is now thinking of getting a Vanquis card.
    She wants to improve her credit score, so maybe in time we can get our own place again.

    Time is a healer, your ideas will change. Maybe in time you will see credit for what it is a tool to get want you want.
    Use it carefully but don't let it control you,.
  • fiveyearplan
    fiveyearplan Posts: 10,143
    First Post First Anniversary Combo Breaker
    Forumite
    Mobile phone contracts - another form of credit.

    :j :j


  • mel12
    mel12 Posts: 298 Forumite
    have a look if theres a credit union you can join. They lend based on ability to save rather than credit rating (you'd have to save with them for a couple of months first). Also check how much they can lend - my local one is 3x savings, but it varies in different places. I think you might struggle to get as much as 2k but its worth a look.

    http://www.findyourcreditunion.co.uk/home
    Only after the last tree has been cut down,
    Only after the last river has been poisoned,
    Only after the last fish has been caught,
    Only then will you find that money cannot be eaten
  • alastairq
    alastairq Posts: 5,030 Forumite
    edited 29 May 2011 at 9:22AM
    mel12 supplies the most pertinent answer to the OP's question yet.

    Thank you for reminding us all of a means of saving and...if the need arises, of borrowing that is both sensible and affordable.

    It is such a pity that 'borrowing' over the past 20 or more years could not be as 'difficult' as it was when I sought my first ever mortgage, in 1975!

    Anybody would have thought I had just demanded the Crown Jewels!

    Yet, 10 years later, when buying probably my 4th house......?

    Mortgage? No problem, how much would you like? Bridging loan,? No problem, how much would you like?

    I had two of what were probably some of the first Barclay cards.....so ancient, they weren't even registered on Barclay's computer records, as discovered later on.

    Had no real issues with credit in those days.....and for many years afterwards.....I suppose it was a case of, well, that was easy, didn't expect that low level of hassle.....no mention of 'sorry, you cannot afford it'....

    Somehow, one trusted the bank to set a limit....

    They always used to...?

    I mean...we trusted Doctors [ trust me, I'm a Doctor??]

    We also trusted Bank Managers...maybe even feared them?


    Little did I realise then, in my youthful naivety..that the only motivation the bank had was greed.....greedy for [new] business....with employees encouraged to be greedy, by bonuses....and to get that bonus, credit had to be dished out to all and sundry.....but since the country was on the ascendant, economically....so the govt, would have had us believe, where was the risk???

    with every aspect of society that I touched upon, telling me to 'have now, why wait?'

    And I mean, every aspect!

    To not fall in line would be tantamount to rejecting Society as a whole.

    And...it worked...everything was fine...for years.

    Many years.....not overdoing things, but not uncomfortable, either.

    Then what in retrospect I see as a misjudged property move, on top of a serious series of broken promises on the part of the employer [the Government, would you believe?]....sudden family-orientated calamities [not even my immediate family, either..but you do what you have to do?].......hidden spending by partners, etc....all contrived to upset the financial apple cart.

    Suddenly....things were going backwards....until the only solution left was where we all are now.

    But it wasn't just my financial applecart that got tipped-up...it was the nation's.....nay the world's...

    So..I'm back where I was 40 years ago...comfortable, paying my way, some small savings...no property....and a very cynical view of banks, doctors, governments, indeed anything and everything I was brought up to have respect for.
    No, I don't think all other drivers are idiots......but some are determined to change my mind.......
  • I would never want to see another loan/credit card application in my life if/when I go BR.

    i feel the same

    i only want one of the card that you can get to build your credit rating
  • Doucam
    Doucam Posts: 1,130 Forumite
    kepar, BR Dec 2009, ED June 2010.

    It was a hellish time and one that has scarred me for life, DH and I are in our mid 40's and even if a miracle happened and we were able to put £500 a month away it would still take around 10/15 years to save the kind of deposit needed for a house and by then we would be too old (I think) to be taking on a debt like that.

    There may come a time I would consider a small loan for a new car, but at the moment I am happy to drive around in my 8 year old one and keep it serviced and running.

    We are in a position at the moment where I don't work and can spend time with the children and we can live ok, not well but ok without the associated worries and stress of paying for debts. I don't want to go back to those times at all.
  • kepar
    kepar Posts: 1,297 Forumite
    My wife his in her mid-forties and I am six years older. I don't work through illness but have a small pension, I run the house and look after the children. The only car we have is a "p" reg which cost about £200. It's due for a MOT soon, we have had for two years, if it fails badly we will scrap it and manage without. Then probably buy a slightly better one next year. Cars are a big drain on income and savings. In some ways it is a luxury for us. We could probably save at least £100-150 a month without it.

    Next year ,post IPA and Christmas we intend to maximise the savings. If necessary I will get a part time job, if one is suitable. We hope to save enough for a deposit in about 4-5 years. If we fail or they won't let us have one , we will except we have to rent for ever.

    It was a hellish time for us as well, especially my wife as it was all my fault, until recently she was never going to take any credit on again. She has cleaned her files, and looking to take a CC on. She didn't realise that you had to take credit on , to improve your score.

    Circumstances are different for each of us, but looking forward you have to use credit as a tool. You have to use it correctly, and not use it if it doesn't fit.
  • kepar
    kepar Posts: 1,297 Forumite
    i feel the same

    i only want one of the card that you can get to build your credit rating

    The only card that will build your credit rating is a credit card.

    If you are talking about a Cashbuilder, it is a total waste of time.
  • Doucam
    Doucam Posts: 1,130 Forumite
    I would like to get a part time job round the boys but they are few and far between. My husband does shifts and night shifts every so many weeks so I can't even get a job shelf stacking at my local pricey co-op!

    I did see a job advertised in a shop locally for 13 hrs a week, I got the application form home and it says they do credit checks!! I am going to call the HR dept tomorrow and ask about it and see what they say about the BR, I am assuming that they want to make sure you are not likely to steal from them if you have bad debts but not sure what a prev BR will do I've never seen this before though so am a bit surprised.

    I hope it doesn't make a difference as it would be ideal for me and has really good benefits and a good staff discount too so it would be a win win situation if I got it and might enable us to save enough for the large deposit needed to get out of this damp rental house and into a nicer rental one.
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