Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • A4445
    • By A4445 15th Oct 16, 11:00 AM
    • 462Posts
    • 220Thanks
    A4445
    Finally it's finished :)
    • #1
    • 15th Oct 16, 11:00 AM
    Finally it's finished :) 15th Oct 16 at 11:00 AM
    My BRU was removed from Experian overnight. My useless Experian score when up by 325 my bankruptcy was removed last December.

    I applied for a regular TSB current account, it wasn't declined but I have to wait for them to do more checks. Fingers crossed that goes through ok.

    It's been a long 6 years and 10 months but I'm glad it's over with. I'm glad I can finally move on with my life and not have to worry about it anymore! It was the best thing I've ever done but it's a decision not to be taken lightly.
Page 1
    • alltaken
    • By alltaken 15th Oct 16, 12:05 PM
    • 341 Posts
    • 183 Thanks
    alltaken
    • #2
    • 15th Oct 16, 12:05 PM
    • #2
    • 15th Oct 16, 12:05 PM
    Thanks for all of your advice and time, you have helped many directly and no doubt many more passively.
    • A4445
    • By A4445 15th Oct 16, 2:56 PM
    • 462 Posts
    • 220 Thanks
    A4445
    • #3
    • 15th Oct 16, 2:56 PM
    • #3
    • 15th Oct 16, 2:56 PM
    That's nice of you to say, I will be sticking around to try and continue to offer help
    • A4445
    • By A4445 15th Oct 16, 4:46 PM
    • 462 Posts
    • 220 Thanks
    A4445
    • #4
    • 15th Oct 16, 4:46 PM
    • #4
    • 15th Oct 16, 4:46 PM
    I changed my mind about account bank accounts and ended up going with nationwide instead they approved straight away for a Flex account. I've gone for the 7 day switch so my Co Op cash minder will be closed. Glad to be shot of the Co Op they haven't been very good, they wouldn't even give me an ISA.
    Last edited by A4445; 15-10-2016 at 4:55 PM.
    • enthusiasticsaver
    • By enthusiasticsaver 15th Oct 16, 5:22 PM
    • 2,571 Posts
    • 4,383 Thanks
    enthusiasticsaver
    • #5
    • 15th Oct 16, 5:22 PM
    • #5
    • 15th Oct 16, 5:22 PM
    Glad you can move on with your life now and for the words of caution to those who think bankruptcy an easy option.

    What would you say has been the worst/most inconvenient thing you have found about going bankrupt?

    What are your financial plans now for the future?
    Debt and mortgage free and saving for early retirement
    • A4445
    • By A4445 15th Oct 16, 5:42 PM
    • 462 Posts
    • 220 Thanks
    A4445
    • #6
    • 15th Oct 16, 5:42 PM
    • #6
    • 15th Oct 16, 5:42 PM
    For me it was the best option with £70k of unsecured debt, I was young and very stupid. Being bankrupt tought me how to manage my money correctly.

    The worst thing for me about being bankrupt was credit searches for jobs especially with the BRU, it hasn't been an issue but it's put me off applying for some jobs. Now I feel free to apply for any job.

    I already own a home, the mortgage is currently in partners name but we are hopping to move in the next few years and get a joint mortgage, we have quite a lot of equity in the house so at least a 30% deposit for the next mortgage.

    I still feel guilty that the whole 70k was written off, I wasn't subject to an IPA and very surprised how forgiving lenders are. I've got credit cards, mail order accounts and a mobile contract. I'm happy to say I owe nothing and always pay my cards in full every month, it's been a hard lesson learned and won't make the same mistake again.
    • enthusiasticsaver
    • By enthusiasticsaver 15th Oct 16, 5:49 PM
    • 2,571 Posts
    • 4,383 Thanks
    enthusiasticsaver
    • #7
    • 15th Oct 16, 5:49 PM
    • #7
    • 15th Oct 16, 5:49 PM
    Hard lesson to learn but you aren't the first to make mistakes with money and won't be the last. I wish you a very happy and debt free (apart from mortgage) future.
    Debt and mortgage free and saving for early retirement
    • A4445
    • By A4445 15th Oct 16, 5:56 PM
    • 462 Posts
    • 220 Thanks
    A4445
    • #8
    • 15th Oct 16, 5:56 PM
    • #8
    • 15th Oct 16, 5:56 PM
    Hard lesson to learn but you aren't the first to make mistakes with money and won't be the last. I wish you a very happy and debt free (apart from mortgage) future.
    Originally posted by enthusiasticsaver
    Yes your right, I guess now it's finally been removed from Experian I can put it behind me and move on.
    • worriedmamma
    • By worriedmamma 17th Oct 16, 10:59 AM
    • 147 Posts
    • 56 Thanks
    worriedmamma
    • #9
    • 17th Oct 16, 10:59 AM
    • #9
    • 17th Oct 16, 10:59 AM
    Congrats A4445, and I think that's the key, all of us here have learned a hard lesson xx
    • A4445
    • By A4445 18th Oct 16, 3:42 PM
    • 462 Posts
    • 220 Thanks
    A4445
    Congrats A4445, and I think that's the key, all of us here have learned a hard lesson xx
    Originally posted by worriedmamma
    Yes hard lesson learned, but for those currently being effected by bankruptcy/BRU there is light at the end of the tunnel.
    • AndyBSG
    • By AndyBSG 18th Oct 16, 3:55 PM
    • 818 Posts
    • 1,005 Thanks
    AndyBSG
    I still feel guilty that the whole 70k was written off, I wasn't subject to an IPA and very surprised how forgiving lenders are.
    Originally posted by A4445
    You make it sound as though they're being benevolent and caring by 'letting you off'

    Far from it, they just know that there's nothing they can do once the OR is involved and they more than make up for your shortfall elsewhere at other people's expense.

    Your BR journey seems similar to mine. I racked up lots of debt in my early twenties due to stupidity/naivety/arrogance(actually astounded by how much banks gave me on CC's at the age of 20 with almost double my annual salary spread over 3 cards).

    Also found the hardest thing was the impact that BR has had on my career with some jobs in my field now completely off limit and it is the one think that looks like it will now be with me for life.

    I also went with Co-Op banking and switched to Nationwide once my 6 years was up.

    Have to say Nationwide have been great and even getting a mortgage with them just a year after my 6 year period was relatively painless
    Last edited by AndyBSG; 18-10-2016 at 4:31 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,861Posts Today

6,161Users online

Martin's Twitter
  • Just been to @channel4's #bearhunt premier, a beautiful artist reworking BUT be warned, a surprisingly sad end, mini MSE in floods of tears

  • Going to a very exciting premier right now... with Mrs and mini MSE, to the screening of "we're going on a bear hunt"

  • No. Not a huge fan. Never claimed to be.Just a fan. And one who choose to prioritise family time with his little gi? https://t.co/lZ9uUylk2U

  • Follow Martin