discharged bankrupt...help with getting a loan

Toomuchdebt

Totally agree-to be perfectly frank it's behaviour like this that gives bankrupts a bad name-let's go bankrupt and then max out 2 cards and get another loan and before you know it oh let's go banktupt again

southcoaster_3

Pls remember Debt-Free Wannabee's for support and help not judgement

uther_2

I think my advise to cut up the credit cards /not get a loan WAS helpful.

PixiePie

I agree that the advice to cut up the cards and not get the loan is the way forward - this isn't judgemental, its just imho consolidation and loans are NOT the way to go - if it weren't for them, with a side order of me being hopeless and useless, I wouldn't be staring BR in the face just trying to find the fee.

I agree though that we don't know why people have gone BR, why they might be in trouble or anything else on this board if they haven't told the full story, so shouldn't be so quick to judge - you hear stories of women (or men for that matter) forced into credit agreements by their violent and/or manipulative partners, then the partner does a bunk with the funds leaving them the proverbial bare foot and pregnant. We don't know the stories behind these questions people, just remember that.....if someone knew a simple statement or question from you, without your full story, do you think you would look so good?

wherediditallgo

I agree with both points of view here. On the one hand, knowing what debt has done to me, I'm amazed someone has managed to almost reach the limits on two credit cards so quickly & is already looking for a loan. It's not just the debt either - I'm also concerned about the ability to get two credit cards so quickly, seeing as credit files are affected for 6 years.

On the other hand, it's not my place to judge. However it happened, it has happened. The best advice is to cut up the cards, then speak to the creditors or one of the free advisory services such as CCCS or National Debtline about sorting out a payment plan. The OP can do an SOA again like they did for the OR, & use that to work out a budget that they can stick to each month until their debts are clear. The very fact that they're only making minimum payments means that, even if they don't use the cards again, the interest will take them over their limit very soon, at which point they'll have a real struggle on their hands because of the additional charges that will come. If they're only making minimum payments because they're using their money for other things, they should cut back on those & pay a lot more off the cards, to reduce the debt as quick as possible & therefore reduce the interest. If they're only making minimum payments because they can't afford any more, then their debt is already unmanageable. It's best that they get a grip on this now, without getting another loan, by getting professional advice.

To answer joeygreen directly, not all info is on all the records of all 3 credit reference agencies, so it may be that the one you've seen hasn't got your BR status, but the ones the loan companies are using have. There is no such thing as the best place for you to get a loan, because anyone giving it to you in your circumstances wouldn't be helping you. You owe almost £2,000 - use your SOA & the advisory services as your starting point for budgeting properly, & you'll be able to deal with it. Get a loan, & there's a big chance that your debts will spiral out of control. If you can remember what it felt like to go BR the first time, I don't think you'll want to risk going down that route again.

joeygreen

thanks for the advise guys.

Sorry if some people are anoyed by my having cretid cards. I have them because i was advised that the best way to rebuild my credit was to get cards and make the minimum payment on them each month. I am not in any type of financial trouble at all at the moment...and have made sure i can easliy afford the repayments.

I just thought that getting a loan may be easier on interest rates. The advise on here seams to be dont bother with 1!! Its just the APR on the cards is about 18.9%. Thought i may be able to get a low rate loan to save me interest in the long run.

For those of you who asked....Nationwide offered me a credit card. When I was discharged they offered me one when I upgraded my flex account to include a debit card. The other card is attached to a student accoutn. All above board and in my name.

NorthernOne

I don’t think people are judgmental just a bit shocked that someone who has gone BR has got themselves into this mess, but life happens and that’s the way it is.

I also have a credit card and debit card but I pay more attention to my responsibilities now I am a former BR than I did before, its unfortunate but I realize that in my personal case I was immature when it came to handling money/credit, but as I say life goes on, I have drawn that line and started a fresh like joeygreen.

As for joeygreen problem then I assume you have approached your bank first for the loan? If not and your having problems paying the cards then looking at the one with £1700 limit why don’t you try and pay another £300 onto this card and transfer the balance of the £500, then close this account? You only need one card!

It’s just an idea.

Conor_3

joeygreen wrote: »

For those of you who asked....Nationwide offered me a credit card. When I was discharged they offered me one when I upgraded my flex account to include a debit card.

And they started to reel you in again to a life of debt and misery. What I and others are quite horrified by is how quickly and eagerly you dove in.

Usually after BR, the LAST thing people ever want again is credit and if you manage your finances properly then by the day you're discharged, you should have a good few £1000 sat in the bank to ensure you never need to.

uther_2

We have more money now than we ever did pre Br.And its all ours,not some credit companies.

wherediditallgo

Same here. I'm able to save some money each month, as well as pay my bills. It's definitely the way forward for a new start, but only if you learn from the experience.