living with BR

sonny78

Hi I Just wanted to know is there anyone on here who has been bankrupt for 5 years or more does the fact that you have been bankrupt still affect you have you been able to get credit again even a mortgage

I guess I am just looking for a light at the end of the tunnel

DebS_2-3

I can't help - but I suspect there is light at the end of the tunnel. For some that light might be brighter and easier to get to than for others though.

Good luck.

Waspeze

One thing i've heard with regards to mortgages (though not sure how likely this is in the present climate) is that a few lenders will start you initially on a dodgy rate and after you've proved yourself they will then reduce it and bring it more in line with their normal rates... not sure what the time line is for this but (even though i'm a long way off this) i'd think there is a light at the end there somewhere

philnicandamy

sonny78 wrote: »

Hi I Just wanted to know is there anyone on here who has been bankrupt for 5 years or more Not seen many to be honest most people after a while move on from these boards so we dont tend to hear from anyone does the fact that you have been bankrupt still affect you have you been able to get credit again even a mortgage There have been members here after discharge managed to apply for mortgages and been successful although the mortgages are at a higher rate than normal......but with the current financial state of the country who knows now how successful you'd be...it'd be easier once the Br drops off your credit files after 6yrs BUT you still have to answer if asked on any of the forms have you ever been BR? (no point fibbing though the insolvency service hold a register of your BR details that mortgage companies do and will use to check)

I guess I am just looking for a light at the end of the tunnel Depending on how far into your bankruptcy you are there will be light at the end of the tunnel...meantime have fun dodgeing the trains!

HTH...i'll stop whittering now!

NekoZombie

I think we're all aware that even people with good credit histories are currently struggling to get mortgages - thus it will be even more difficult BRs, if not impossible at the moment. 100% mortgages have died a death; I wouldn't be suprised if sub-prime mortgages have gone too. i think the time of being offered a credit card soon after discharge is also over - people going BR at the moment should be aware that there will be no easy rehabiltiation back into 'society' in today financil climate. The finance industry has become incredibly risk averse, and there is no easy credit available for anyone at the moment.