Credit Cards and Loans

Nicola151082

Hi there

I'm hoping someone can help me. I have been discharged from bankruptcy for almost 2 years and would like to obtain a credit card or small loan for some home improvements / change my car. Can this be done and are there any banks etc lending to the likes of me?

Any help or advise would be great!

Thanks

National_Debtline

Hello there,

Now that you are discharged you are able to apply for as much credit as you need. Do note, however, that the bankruptcy will still appear on your credit file - as such the rates you are likely to be offered will be incredibly uncomptetitive. There are credit cards secifically designed for those with poor credit histories, typical annual percentage rates can be well over 50%. As far as the car is concerned you may be able to find a reasonable hire-purchase deal - this is due to the fact that the finance is secured on the vehicle, non-payment could case the vehicle to be repossessed. It's important to seek financia advice to ensure you're made aware of the types of arrangement out there.

Please also note, though, if you fall behind and have to become insolvent again within six years you could potentially be made to adhere to far stricter rules and sanctions.

Best wishes,

David @ NDL.