Re: Help New Relationship but past bankrupt, how can I stop it effecting our future?

sjane2008

My partner has asked me to move in with him or possibly get a mortgage. I need some advice as in June 2005 I was declared b/rupt for £5000, not a great deal of money but somethign I couldn't afford at the time. Will it effect his credit rating if we get a mortgage? Will he find out as I havent had to tell him about my financial history so far and will i get a mortgage and good rates?? Or how can I improve my chances, is there a company that can clear my records??

Any help would be appreciated as this is my future i have to sort out!!

xxx

k2nga

i dont think it will effect his rating but i doubt the mortgage companies would touch you at all as its only 3 years since your BR and of course the current climate. I think you should tell you partner and be honest its nothing to be ashamed of plus you cant keep those kind of things from someone so close. They will love you no matter what which is what i found when i told my Fiancee about my finances.

peachyprice

Hi there,

I think you're going to have to tell him, when you apply for a mortgage it will ask on the forms if you have ever been bankrupt, you will have to answer honestly. Mortgage providers search a list on which bankruptcy is recorded permanently, and doesn't disappear after the 6 years it lasts on your credit file

So your partner is going to find either when you fill in the form, or when your application gets refused for you not telling the truth.

I think he deserves to know beforehand as this will effect your eligibility to even get a mortgage, let alone one at a good rate.

CherylOB

Hey,

You should tell your partner. The BR will be on your credit files for 6 years, so you should just be honest. Even if you did find a company prepared to offer you a mortgage, its probably not advisable to buy in the current climate - also you would need a big deposit!

Why don't you wait a few years, save some money with your partner for a deposit. Your bankruptcy should be removed from your credit record in 2011, by which time you should have a good deposit saved and hopefully the credit crunch will be coming to an end and you will be in a much better situation.

As for clearing your credit records, there are companies that do this, but they can't do anything that you can't do yourself. See fermi's post about cleaning up your credit file. I'm halfway through this process myself!

Hope this helps, Good luck with telling your partner, but to be honest I'm sure he'll be fine about it, and if he's not then he wasn't worth having in the first place!!!

tinks55

Hello,

I was kinda in the same position. I was in £32K worth of debt before I went BR and this all happened before I met him. After we had been dating for about 9months, the debt had got so bad that i had to tell him, because i couldn't afford to eat and my clothes are just so worn out.

I was terrified in telling him because I was so ashamed of what I had done. But i told him and he has been so supportive!! He has listened to me and has helped me through this really tough time. He has been my rock.

Now I have been discharged from the BR and now we are moving on. I still have moments where I am so shamed of what happened but he picks me up and brushes me down.

So tell your Partner you never know he may surprise you.
Good luck

Dez-Titute

sjane2008 wrote: »

My partner has asked me to move in with him or possibly get a mortgage. I need some advice as in June 2005 I was declared b/rupt for £5000, not a great deal of money but somethign I couldn't afford at the time. Will it effect his credit rating if we get a mortgage? Will he find out as I havent had to tell him about my financial history so far and will i get a mortgage and good rates?? Or how can I improve my chances, is there a company that can clear my records??

Any help would be appreciated as this is my future i have to sort out!!

xxx

Hi Jane,

For you BR is history just like your past relationships your new partner should be able to handle this if he can't then is he really Mr Right.Tell him straight then if you have a future you can plan ahead.Buying a house tho may nt be such a good move.Look at what you would pay in rent for the ideal house then look at what you would need for a deposit and then mortgage payments,chances are you can rent cheaper than you can buy and then pocket the difference building up a larger deposit for when the climate is right to buy.

Hope all goes well DEz

tigerfeet2006

This is the link to the credit file clean up

http://forums.moneysavingexpert.com/showthread.html?t=677875