Getting a loan after discharging from bankruptcy

punto_chris

TheAnalyst wrote: »

As a discharged bankrupt the only place you are likely to get a loan if any would be Welcome Finance!

They charge around 60% APR so on a £1000 loan ofer 24 months I make it that £2200 total repayments.

Seriously, don't do it!!!


You could try littlewoods catalogue, they do 0% for 12 months... they are a little more expensive than high dtreet shops but tend to be pretty lax when it comes to bad credit history.

I'm slightly mad, but not that mad. 60% is ridiculous, I would never pay that.

punto_chris

skylight wrote: »

Have you actually cleaned up your credit file yet?? There is a sticky on the BR board relating to default dates etc etc. and how to start cleaning it up.

I wasn't aware of this I must admit. I have recently applied for one of those pre pay credit cards so I can start improving my credit score, but wasn't aware I need to clean anything up.

I'll take a look right now. Thanks !

jonesMUFCforever

I don't see that a pre pay credit card will help in any way - you only spend your own money!

punto_chris

Have you read up on these cards? I suggest you do. There is a monthly charge involved so it's like a loan.

skylight

The Pre-Paid cards do not involve a credit check. They do nothing to help your credit file in anyway whatsoever. And a monthly charge is nothing like a loan. Its a monthly charge.... some charge monthly, some charge per transaction, some charge per top-up - there is no lending/credit going on whatsoever, thus it does not reflect on your credit file.

You would be best in looking at a Sub-Prime credit card lender for credit repair. Interest rates are extortionate though, so ensure you are paying the bill off monthly. Capital One and Vanquis do them. But if you are planning on putting £200 per month for example on a pre-paid, then get a proper credit card with a £200 a month limit.

punto_chris

Well that's completely different from what I've read on this very website.

Martin recommends getting one of these cards.

I don't have a hope of getting a normal CC.

skylight

Your post suggested that all pre-paids are the same. They are not. I think the one you are referring to is the creditbuilder? http://www.mycashplus.co.uk/about-cashplus-prepaid-cards/creditbuilder.aspx

Now we have discovered that we are talking at cross purposes, then that one in particular would be AOK.

DKLS

Whats the company Car?

To be honest I would stick with that, even the naffest cars can be fun to drive, just adapt your driving style, I used to drive a crappy focus, and it was much more fun if you kept the revs between 4-5500 rpm.

punto_chris

skylight wrote: »

Your post suggested that all pre-paids are the same. They are not. I think the one you are referring to is the creditbuilder? http://www.mycashplus.co.uk/about-cashplus-prepaid-cards/creditbuilder.aspx

Now we have discovered that we are talking at cross purposes, then that one in particular would be AOK.

Yes sorry that's exactly what I'm talking about, thanks.

punto_chris

DKLS wrote: »

Whats the company Car?

To be honest I would stick with that, even the naffest cars can be fun to drive, just adapt your driving style, I used to drive a crappy focus, and it was much more fun if you kept the revs between 4-5500 rpm.

I've moved on from that idea now. I now have the exact company car I wanted to get.