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emms21uk
emms21uk Posts: 3 Newbie
in Debt-free wannabe
Hello everyone, I'm just new to this, so sorry if I've posted this in the wrong place! :j

I was hoping for some advice as I think I'm in a bit of a rut.....

About 4 years ago I was in around £35k of debt, owing money on loans, new car, credit cards, catalogues - you name it, I owed it! It eventually got too much and I went for insolvency. I have to say it's the best thing I have ever done. I have just realised that it is now 1 year since my solicitor released me from all of these debts.

Problem is I dont know where to begin in trying to rebuild my credit. I tried to apply for one of these high interest credit cards but they rejected my application! :eek:

So I'm really not sure what to do! Any suggestions would be much appreciated! :) Thanks!

Comments

  • OberonSH
    OberonSH Posts: 1,792 Forumite
    I'd get a copy of your credit report (don;t forget to go through cashbag or greasypalm for money back!) and have a look at what they're looking at. The debt may still be sitting there, and may not have been properly marked as discharged.
    This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!

    Current Pay Off Target : £1500 :mad:
  • southernscouser
    southernscouser Posts: 33,745 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Well your credit file will hold all credit information for 6 years so any defaults you have or CCJ's will all remain on there for 6 years from date of issue. :think:
  • emms21uk
    emms21uk Posts: 3 Newbie
    Thanks guys I'll get my credit reports, see what they say and hopefully I can take it from there! :T
  • southernscouser
    southernscouser Posts: 33,745 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Welcome by the way ems! :D

    Sorry didn't notice it was your first post! :o :beer:
  • emms21uk
    emms21uk Posts: 3 Newbie
    Thanks :D also just signed up with Cashbag and GreasyPalm yay!
  • beanielou
    beanielou Posts: 99,344 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Welcome Emms21uk
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** in ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger.
    One debt remaining. Home improvement loan. 19months left.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    confused..
    ...you used to have debts of £35k, loans, new cars, credit cards, catalogues etc.......

    and you're asking for advise to go back there ?
  • kathfisch
    kathfisch Posts: 3,042 Forumite
    CLAPTON wrote:
    confused..
    ...you used to have debts of £35k, loans, new cars, credit cards, catalogues etc.......

    and you're asking for advise to go back there ?

    No harm in someone wanting to rebuild their credit rating if they're confident they've learnt their lesson surely?! I don't know emm's situation but perhaps in future she'd like to get a mortgage, something many of us would want at some point, even if we're dead set against other debt! :confused:
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    well.... as you say kathfishch 'I don't know emm's situation......etc.etc.'

    and from emms 'I tried to apply for one of these high interest credit cards but they rejected my application! '

    well my advice is to start to save money for all purchases and never ever borrow except for a mortgage...for a mortgage then start to save for a deposit ... the bigger the better...a mortgage company is mainly interested in the size of your deposit and your income although your previous credit record will of course count

    now if you can acquire a CC and pay it back each and every month then that fine..
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