Any advice for a personal loan to ex bankrupt?

smiales

Hi all,

I'm trying to get some money together to buy a house. (long story but an opportunity to buy my grans house with her under the right to buy scheme, can't mortgage it) I know the max on a personal loan is £20-£25k.

I was declared bankrupt in 2007 so my 6 years is up in a few months.

So are there any sub prime lenders you think may be worth a try? I don't want to put tons of credit searches onto my file but not sure where to start. Been out of the credit game for a long time.

Thanks

sniggings

how much do you need to borrow.

If it's in the £20-25k range you will almost be refused.

Your best bet is to make sure your credit file has been cleaned up and maybe start with a small loan or credit card from your bank or a lender you can build up a relationship with, then see about a bigger loan when they get to know you and see your history.

Can your Gran not get the loan for you and you pay the payments?

The only other option is ask a friend or family member to sign for you.

Good luck

smiales

Thanks sniggings,

Gran is 86 so a loan is out of the question for her I would think? Yes I would need 20-25k. It's a biggie but for a home it's not. Just wish this bankruptcy was over as this is such a chance for us.

Credit file is getting there, cleaned up most of it just a couple of creditors being very difficult and refusing to make alterations which is probably causing some real damage to me.

I have got a Vanquis credit card and actually a next acc which neither have a balance that isn't paid off monthly. Hopefully that is helping me.

The credit files thing confuses the hell out of me, middle gives me 1 out of 5 which is terrible yet experian gives me 960 out of 1000 which is brilliant.

I think my chances are slim and don't want loads of searches done on me.

droiderm

Ignore the CRA credit scores they are meaningless.
I assume if you were to go down the mortgage route (which I think is below a lot of peoples mininums) then you would need circa 20% deposit to stand a good chance. But I guess you don't have that?

How much do you earn? I wouldn't guess there is much chance of a 25k loan, especially with BR on your file.

I would personally try and get 5k deposit together (not by borrowing) and investigate the mortgage route. But one of the stoppers there is alot of lenders won't lend below a certain amount.

What about your other half, what's their credit history like?

smiales

Hi, we earn about 45-50k between us.

I can't do a mortgage regardless as the house has to be bought in grans name...

droiderm

Can't say what chances you have getting a loan.
I know I can't even get a normal bank account, and my 6 years is up in a few weeks.

I would wait until it drops off in a few months, assuming all the defaults drop of too. But, it's a large loan so wouldn't fancy your chances.

There are considerations to be made about buying a house in someone elses name.

sniggings

if on 45k-50k would it not be possible for you to save the 20k over a year? easier said than done but the goal is a good one so it may be incentive enough to struggle for a year. Try and live off one wage and save the other?

Up to a couple of years ago, I bet your gran could get a loan, you never know she still could, defo worth trying.

Remember that creditors do not go by your credit score, that is only what the credit file companies use to give you an idea what your credit is like, the ceditors use a whole load of info, from being on the voting register, to having a landline, as you say searches show up too so they can go against you, as they think why has this person been doing so many searches, this puts them off as they think if someone else refused them, there must be a good reason, so they refuse too, I'm over simplifing here but it's along those lines.