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loan after bankrutcy has ended
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# 1
killingjoke
Old 28-05-2011, 12:59 PM
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Default loan after bankrutcy has ended

Hi , i went bankrupt in mar 09 and finished mar 10, i am looking for a reccomended company that will give a non home owner a small loan (2000) i have a full time job for two years, any ideas would be appreciated. and thanks again to anyone who helped me in the run up to my bankruptcy
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# 2
dojoman
Old 28-05-2011, 2:01 PM
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Quote:
Originally Posted by killingjoke View Post
Hi , i went bankrupt in mar 09 and finished mar 10, i am looking for a reccomended company that will give a non home owner a small loan (2000) i have a full time job for two years, any ideas would be appreciated. and thanks again to anyone who helped me in the run up to my bankruptcy
Unfortunately you will be extremely lucky to get a loan of this size so soon after your BR
B&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!
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# 3
Ineedaname
Old 28-05-2011, 2:18 PM
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Can you not save up for what you want? I'm not sure I would ever want to start on the slippery slope again post discharge.
When I joined, I needed a name. The forum members gave one to me...I am INAN
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# 4
NeverAgain
Old 28-05-2011, 2:26 PM
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Even payday companies only lend up to 1,000 or so over a month or two.

If those swine won't touch you, you know not to do it.
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# 5
alastairq
Old 28-05-2011, 4:10 PM
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have you cleaned up your credit references?
No, I don't think all other drivers are idiots......but some are determined to change my mind.......
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# 6
WHATAFOOLIVEBEEN
Old 28-05-2011, 5:02 PM
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I would never want to see another loan/credit card application in my life if/when I go BR.
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# 7
Doucam
Old 28-05-2011, 5:28 PM
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Agree with the others, there is no way I would want to start going down that route again.

Is what you need so urgent that you can't save up for it?
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# 8
kepar
Old 28-05-2011, 6:59 PM
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Agree to a point, but you may not feel the same 2-3 years after br, when things start to go wrong. Or you need a new bed etc, sometimes saving up can take too long. Saying you will never take credit on again, I believe is not the thing to do. If you don't take credit on, your credit score will keep falling and never rise, so for anybody wanting a mortgage although your br may be a concern, if you don't improve your score you will have no chance.
If you do take credit on, you will be aware of what can happen to you if it gets out of control, but if you can stay sensible then go for it.
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# 9
RuthnJasper
Old 28-05-2011, 7:04 PM
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Quote:
Originally Posted by WHATAFOOLIVEBEEN View Post
I would never want to see another loan/credit card application in my life if/when I go BR.
Me neither. It was a hard, humiliating, painful lesson to learn. Once I'm clear I have no desire to go back for re-sits!

That said, maybe the OP urgently needs a second-hand car or something? Not sure what to suggest - any family members that might be willing to help?

Good luck OP. x
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# 10
WHATAFOOLIVEBEEN
Old 28-05-2011, 7:09 PM
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Quote:
Originally Posted by kepar View Post
Agree to a point, but you may not feel the same 2-3 years after br, when things start to go wrong. Or you need a new bed etc, sometimes saving up can take too long. Saying you will never take credit on again, I believe is not the thing to do. If you don't take credit on, your credit score will keep falling and never rise, so for anybody wanting a mortgage although your br may be a concern, if you don't improve your score you will have no chance.
If you do take credit on, you will be aware of what can happen to you if it gets out of control, but if you can stay sensible then go for it.
Tis probably just my frame of mind at the moment kepar. Maybe 2 or 3 years on along the line I may well feel different but at the moment its just a no no never again!
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# 11
alastairq
Old 28-05-2011, 7:26 PM
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erm...excuse my ignorance, but isn't a mortgage actually 'credit' in a posh name?

Yet a mortgage seems to be the most common aspiration of [ex]BR's on this forum?

[not mine, too old, not enough pay packets left]...

Only a moment ago, on another recent thread, the question of car insurance arose....and [in common with myself] a poster commented about having car insurance and 'paying monthly'.....a system which, with this particular insurer, attracts interest payments...

credit, under another guise, surely?

Many on here will pay their power bills by monthly direct debit....where usage may get into either credit.....or debit....

'credit', surely, in the latter instance?


The OP is seeking a small loan.....to finance an immediate necessity, no doubt....something we might all consider doing if the 'need' arose?

To adamantly believe ex-BR's will have nothing more to do with 'credit' is missing the point.

heck, some of us may even yet end up petitioning for BR again....maybe...at some point in the future?
No, I don't think all other drivers are idiots......but some are determined to change my mind.......
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# 12
Doucam
Old 28-05-2011, 7:32 PM
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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.
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# 13
kepar
Old 28-05-2011, 7:44 PM
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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,.
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# 14
fiveyearplan
Old 28-05-2011, 8:20 PM
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Mobile phone contracts - another form of credit.

Mortgage free by 2014


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# 15
mel12
Old 28-05-2011, 8:51 PM
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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
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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
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# 16
alastairq
Old 29-05-2011, 10:20 AM
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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.......

Last edited by alastairq; 29-05-2011 at 10:22 AM.
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# 17
neverletitgetyoudown
Old 29-05-2011, 8:47 PM
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Quote:
Originally Posted by WHATAFOOLIVEBEEN View Post
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
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# 18
Doucam
Old 30-05-2011, 8:50 AM
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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.
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# 19
kepar
Old 30-05-2011, 11:06 AM
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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.
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# 20
kepar
Old 30-05-2011, 11:07 AM
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Quote:
Originally Posted by neverletitgetyoudown View Post
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.
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