Will i ever be able to lose the bankruptcy tag

alex02

Hi all
I filed for bankruptcy in 2009 and was released a year later in 2010. Since then I've been very limited on the type of bank accounts I can open i.e cash only and only at places like Nationwide and Co-op. Barclays, HSBC, Halifax etc won't touch me with a barge pole. Since I filed for bankruptcy I have only spent money I have and I have no loans, borrowings credit of any kind etc. My question is will I ever be able to shed this cloud over my head or will it follow me everywhere forever. Is there a point in time were i could apply for a mortgage or a visa debit card and they won't be able to come back and say "your credit history will not allow us to process your application" I was £20k in debt and filed for bankruptcy as I had no option but I now regret it and wished I swallowed my pride and accepted the money from my parents to pay of the debt rather than ruin my credit history and life. Any advice on what may happen in the future would be much appreciated. Thank you. A

[Deleted User]

it will not ruin your life...you have to accept it will be on your file for six years from when you were declared. If you're not looking for loans and overdrafts, then what's wrong with a basic bank account? It will improve, just takes time. I was bankrupt in 1990(was 2 years before discharge then), and basic bank accounts didn't exist then. I came out of it ok, loans and mortgages etc less than 8 years later.

chunx

Have you read this excellent sticky:

https://forums.moneysavingexpert.com/discussion/677875

I'd suggest looking at your credit file and then once tidied up, look at a credit card from Vanquis. This will help your credit file. Maybe get a sim only 30 day contract and again, providing you keep to the payments, will also help your credit file.

Keep your chin up and do let everyone know how you got in. Good luck!

National_Debtline

Hello there,

You'll find a significant change to your credit score once the bankruptcy has fallen off your credit history - this is six years from the date of the order.

Here's a link to our credit referencing fact sheet for further info:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=05_credit_reference_agencies

Best wishes,

David.