Obtaining a loan - discharged bankrupt

Suziebabe40

My boyfriend has been a discharged bankrupt for a year now. He has been trying to get a loan for a new car (his old one is on it's last legs) without any success and is becoming despondent. We realise how hard it is to re-build your credit score but it seems like no-one will give him a chance. I feel he has paid the price, done the time and now he just wants to move on. He has no home to secure against a loan. Can anyone advise what he can do?

CLAPTON

He need to change his expectations: why ever does he want to restart the cycle of paying lots of interest to banks/loan companies?
best thing is to learn to live without credit (except mortgage of course).
Surely he has been saving as much as possible over the last two years. Can't he buy a cheap car he can afford.

jonesMUFCforever

What was the % of debt written off when he was declared bankrupt?

And he wants to start again. Get real here no high street lender will touch him with a bargepole for at least the next 5 years.

flutterby_lil

I agree, thought he would have learnt his lesson. My friend can't even get a credit card 3 years on. I think he needs to make do or buy a cheap bangor with what money he does have. how much is he planningnon borrowing anyway?

nomoneytoday

Why would anyone lend money to someone with a recent history of not paying their debt back??

Anyone who does lend money here will be a sub prime lender, and charge through the roof.

Suziebabe40

I see what you are all saying this happened before I met him I think maybe he didn't understand the repercussions of going bankrupt and I also don't think he was advised accordingly he did not owe a lot of money compared to some people I know I think it was about £7k in all and that was a result of him losing his job and trying to keep the house ticking over. Well I suppose we live and learn I don't think I will bother telling him the bad news he is depressed enough as it is but thanks anyway for your advice. Looks like he will have to save up for a little banger he doesn't want anything flash just something reliable so he can come and see me every few weeks he will just have to get a bus let me see if true love conquers all

eryn_kathleen

It'll be tough, but he'll get there. Good luck, and I hope it works out!!