Unsecured Loan despite Bankruptcy - Possible? Help/Info Please

KevD_2

Hello Guys

Looking for a little help with Loan information for my Mother. A few years back she was declared Bankrupt, but she is currently wanting to buy a small property with here partner.

Re-payments are not a problem, in fact a very short-term loan would OK as it could be paid back quickly, getting the loan is the issue.

Does anybody know of a Loan company (or if they even exisit!) who offer Unsecured loans to people with this credit history.

Thanks in advance

Kevin

mrcow

Try moneysupermarket.com to have a look. (Do an advanced search)

It will depend on other factors eg. how much does she want to borrow, what's her salary etc. but she's probably not going to get any earth stopping rates, so be aware of that.

piggeh

It takes 6 years for bankruptcy & defaults to go off her credit record. In the meantime it can be a struggle to find anyone willing to lend you money. The only real option is if it is secured on something (like a property).

She should firstly make sure that her credit reference files are up-to-date and all defaults from the bankruptcy should be marked as 'satisfied' on her credit record (as long as she has been discharged, which is likely as it's normally one year these days). Lots of post-bankruptcy advice on getting your credit files up to date here:

http://www.debtquestions.co.uk/debt_forum/viewforum.php?f=15&sid=c032fa94f8ece8c7649dc6d23c029bd0

If she gets her credit file up-to-date then it seems she has a fighting chance, but it's still a lot more difficult if you want it unsecured from my experiece.

makingendsmeet_2

If its property she wants to buy. I would say a small mortgage is the best way. Doubt you will find anyone willing to lend unsecured until at least 6 years after her discharge. A mortgage though she would get one say 12 months after discharge. She will have to pay though i.e bigger deposit/higger intrest rate.