Following Bankruptcy & Credit?

magic1235

Hi to all

Basically need a little help or advice.

I was declared Bankrupt in May 2009 and discharged in April 2010. I have recently been monitoring my credit status etc through Experian, which is all good. Credit Status has a score of 800+ for me.

Tried to obtain credit for car and been rejected so im a bit lost as to what I can do?

Pay all my bills on time etc, so how can i take this forward?
Anyone else been in a similar situ?

Thanks in advance

philnicandamy

It'll be difficult to obtain credit while the bankruptcy sits on credit files for 6yrs

credit scores are useless really....meaningless to most lenders

now

Save up buy a car with your money it will make you feel better xx I for one will never borrow again and let a bank control my life ever again I would love to have one offer me a loan just to say oh no thank you xx

pmg19680

Hi magic,
I know what you mean. I have started to clean up my file but barely touched the surface as yet as it is so in depth!
Anyway I am soon to move work location (only an extra 7 miles away) but i have to say I was worried about my car doing all the extra miles (focus 2001).
Anyway I just kept pushing this to the back of my mind and then my hubby was walking around a local car sales place last week (just to browse) and one of the salesman came up to him as they do!! my hubby just said he was looking but not for credit as he and i were recently discharged from BR and he said that this was no problem at all as they prefer to do business with BR's as it is clear that they do not owe anything and so are more safe bets for repaying the debt. We tentitively went ahead with the thought in the back of our mind that once they actually proceeded with the credit then there was bound to be a problem :eek:. However all they wanted was our bank statements for 3 months, a wageslip or 2 and that was it. a week later i have a lovely car on my drive on a great deal. I know that I will appreciate this sooooo much more than pre BR as you learn to do that when you go thru the BR stigmas. you also learn very quickly how to manage your money.

I understand why you are looking for credit and as much as i appreciate the replies saying 'save up' and 'dont go down that road again' it is a known fact that to live a good standard of life/work balance, credit will always be required as it is a way of life and it is how people survive.
The way i look at it is that this will now help enormously to add ticks to our credit files and to re-build our future.
The salesman told us that there will ALWAYS be someone who will take a chance on you if you look and try hard enough.
Please do not give up. Try lots of finance co's and you will get there. I wish you all the best for the future

Doucam

Sorry but I am going to disagree with you pmg, and agree with now. After what we have been through there is no way I would take on credit again, saving is the way for us for a used car if needs be but at the moment we are coping with our 52 plate with no worries at all.

Out of interest pmg, what is the APR on your loan?

Magic, best thing for you to do is save, and forget about getting more credit so soon after BR.

milothewestie

he has probably learned his lesson from bankruptcy so would be able to manage credit better so if thats the case i wouldnt see any harm it getting a motor on finance as long as the payments were met and magic is happy i say good luck to ya hope you find your car finance:beer:

HappyMJ

It should be possible to get a car with a Hire Purchase agreement or PCP. i.e put deposit down hire car for £200 or so per month then pay a balloon payment to buy or return it to the dealer. Look at this from Peugeot... http://www.peugeot.co.uk/showroom/latest-offers/just-add-fuel/ If you miss a rental payments say goodbye to car and goodbye to the advance payment that you paid.