Tips for after Bankruptcy

HorseyGirl

Hello Peeps, can you give me views on savings/investments etc after bankruptcy? I'm looking into eventually getting a mortgage or buy to let just wondered how people when about investments/buying/saving after bankruptcy

National_Debtline

Hi HG


Can't offer you investment tips I'm afraid, but I would say that the very first place to go is the "Credit file clean-up" thread in this same section - it's one of the "sticky" topics at the top of the page. Following the advice there will help you move in the right direction as far as becoming creditworthy again is concerned.


Dennis
@natdebtline

HappyMJ

HorseyGirl wrote: »

Hello Peeps, can you give me views on savings/investments etc after bankruptcy? I'm looking into eventually getting a mortgage or buy to let just wondered how people when about investments/buying/saving after bankruptcy

You'll need to start from the ground up as if you are 18 again.

Once you are discharged start with a basic credit builder credit card. You'll probably only get £200 credit limit. Use it and pay it off in full. From that card every 3 or 4 months apply for a new card and your limits will get bigger each time. Keep using them for all of your purchases. Remember to close down old unused cards. 6 years after the bankruptcy the record of it will no longer show on your credit report. If you've done well and repaid all those credit cards off your credit history will be perfect and as long as you've saved enough for a decent deposit (at least 25% of the purchase price) you'll get very good rates of interest on any mortgage.

It's a long journey. Good luck.