Trying to get a loan after bankruptcy

kareliray

Hi, we were made bankrupt in Feb 2007 and discharged 7 months later. My daughter is getting married and I am trying to get a small loan to help pay for it. I have 2 credit cards with small limits which are always cleared each month and thought I would be able to get a small loan - we bank with Nationwide and I have a debit card with them so I tried them thinking they would let me have the loan but to no avail. I am now at a loss to know where to turn - I don't want to go to one of the lenders with a high APR - does anyone know of another lender who does small loans at a reasonable APR who will loan to people who are discharged bankrupts for over 3 years.

Thanks
Karen

chesky369

When you say a small loan, what do you mean?

Tiddlywinks

If your own bank won't provide a loan then you are going to struggle other than with those that will charge excessive interest.

Why borrow money to pay for a wedding? It is something that can be saved for or made cheaper so no need to get yourself into debt for it.

kareliray

Hi thanks for your replies

Small loan is £5000

Could save for wedding but husband has just had £300 paycut due to having to change jobs - was made redundant. I can afford max £300 loan payment a month and would rather have the money now so dresses can be bought and venue booked - sadly they all take about 50% deposit these days!

Wutang_2

kareliray wrote: »

Hi thanks for your replies

Small loan is £5000

Could save for wedding but husband has just had £300 paycut due to having to change jobs - was made redundant. I can afford max £300 loan payment a month and would rather have the money now so dresses can be bought and venue booked - sadly they all take about 50% deposit these days!

You bankrupts love your loans eh?

chesky369

I do hope you're not falling back on the old fashioned idea that the bride's family pays for everything. Tell that to the Middleton family! When is the wedding planned for?

immoral_angeluk

Your bankruptcy will stay on your credit file for 6 years from the date of the order. The only people who will touch you for a loan within that 6 years will be the extortionate interest rate lenders aka provident etc, which is a slippery slope back into debt. My advice would be don't do it. Your daughter doesn't need to spend all that money on a wedding. A wedding is only one day, and you can easily have a wedding for less than £5000 and starting a marriage in debt is an easy way to end up with arguments and family feuds.
How about helping your daughter to find ways of cutting the cost of her wedding rather than helping her out financially?

kareliray

Wutang wrote: »

You bankrupts love your loans eh?

I think loans are a sign of the times and not all bankrupts go bankrupt because of being bad with money - we were unfortune to be both made redundant at the same time otherwise we would have still got a good credit history and our own home - it wasn't an easy decision to make at the time!

kareliray

chesky369 wrote: »

I do hope you're not falling back on the old fashioned idea that the bride's family pays for everything. Tell that to the Middleton family! When is the wedding planned for?

Thankfully our daughter isn't marrying royalty and sadly her husband to be only has a mother now so can't really expect her to pay much. Both daughter and son-in-law to be are paying most of it.

darkblue_2

Credit unions may be your only hope. They mainly take income and expenditure into account rather than previous credit histories.

Bankruptcies remain on your credit file for 6 years, so it's unlikely you'll get anything from the high-street while it's still showing there. Capital one basic card may give you an account to help you improve your credit rating in the meantime.

Tiddlywinks

kareliray wrote: »

Hi thanks for your replies

Small loan is £5000

Could save for wedding but husband has just had £300 paycut due to having to change jobs - was made redundant. I can afford max £300 loan payment a month and would rather have the money now so dresses can be bought and venue booked - sadly they all take about 50% deposit these days!

For goodness sake - your husband is in a new job, what if the same thing happens again and he is made redundant? How will you then finance the loan?

You say you have £300 per month available for repayments..... just save that for 12 months and you'll have £3,600 to spend. Getting married is not time critical is it? It also doesn't have to cost thousands. Yes, some people spend mega money but they either have it already or spend many years 'repenting at leisure' for getting so carried away.

Hasn't bankruptcy taught you anything about managing your finances?