Getting finance post bankruptcy for furniture

Steven_from_scotland

Hi all, so my wife and I both completed our 1 year bankruptcy in early April, since then I've tried to follow the post bankruptcy thread and got most of the debts on my file changed to settled or partially settled. I have a Vanquis cc that I've used for little things and paid off straight away and I have a mobile contract to try and help build,

I applied for finance on a new sofa from DFS but have just found out I've been rejected, anyone have any idea when I would likely be accepted or been through it themselves?

steampowered

My understanding is that your credit record goes back 6 years.

I can't imagine you'll get much credit with a bankruptcy on there, so it may be a few years before you are able to get credit on normal terms.

downhillfast

1 year post bankruptcy is next to nothing in lenders' eyes. You are still considered high risk. I'd forget about anything other than the mobile contract you already have and the small limit credit card for at least the next 2-3 years. Save up and buy a sofa... DFS aren't exactly the best value for money for someone who was in such dire straits a year ago they had to go bankrupt. Harsh but true - sorry.

thriftylass

Steven_from_scotland wrote: »

Hi all, so my wife and I both completed our 1 year bankruptcy in early April, since then I've tried to follow the post bankruptcy thread and got most of the debts on my file changed to settled or partially settled. I have a Vanquis cc that I've used for little things and paid off straight away and I have a mobile contract to try and help build,

I applied for finance on a new sofa from DFS but have just found out I've been rejected, anyone have any idea when I would likely be accepted or been through it themselves?

I would agree with previous posters. Why go there again and start all over with debt. I thought once through this process you would want to avoid debt like the plague. Save up and buy a cheaper sofa. Good luck

Steven_from_scotland

Ok thanks for the replies, our debt that made us go bankrupt in the first place without wanting to go into too much detail was due to being conned by a so call "friend" who was mainly comiting mortgage fraud and involved both of us and this caused us to have to file for bankruptcy, any debts that were ours were completely under control,

I realise it will take years to get proper credit again so was just looking/hoping someone had been through it and been accepted for something simple like a sofa sooner rather than later,

Thanks for all the replies

mwarby

Probably easiest credit product is SIM only mobile phone, next bad credit credit cards(vanquis, luma, aqua), then PayPal credit.

TheGardener

Agree with previous posters - your chances of any credit (other than Vanquis type cards) is slim to zero really for a few years yet. Saving up really is the best and probably the only option for a while yet.
This is really the way to go for the future - unless you need emergency credit, just don't bother - since BR I now pay car and house insurance upfront by saving during the year and I am lucky to have access to a Credit Union though my employer so save direct from payroll and if I ever need a modest loan in an emergency the CU will allow me but the interest rate is not great - Perhaps have a look round and see if you can find one you can access?

I have to say - Christmas's are so much nicer when there is no scary bill arriving in January.

You mention someone you know committed a fraud - were you implicated in the fraud? Do you have a fraud marker on your credit file? If so this will be another hurdle in the way of getting credit in the future.

jjj1980

I used to work for a credit provider, underwriting DFS applications. Bankruptcies were an outright decline and the underwriters were not allowed to reverse the decision under any circumstance.

Friends still work for the other providers DFS use and their rules are the same.

Steven_from_scotland

Cheers for the input guys, guess I'll just have to wait it out and make do with my already 2nd hand couch

@thegardener how would I be able to check if there was a fraud mark left against my name? The so called friend is currently on trial at court for the fraud and I am/was a witness against him but technically the mortgage paperwork was in my name so I take it that's probably against me now too?

TheGardener

You need to check your credit files - there is a part that covers fraud - usually near the end there is something called a CIFAS report. You would only have a fraud marker if you were personally prosecuted BUT if you have a financial association with someone convicted of fraud it may be a problem. There would normally only be an 'association' if you had any sort of joint account/mortgage or you were a business partner.

alltaken

I largely agree with the replies posted, I can see the appeal but seriously think carefully (it's a slippery slope that has once been climbed the hard way)

CIFAS; If you have been a victim of fraud or your address is is known to have been involved in fraud, then something called 'protective registration' will show on your credit report, warning lenders to take more care when reviewing your application (for your protection against fraudsters)

CIFAS markers such as a Category 6 First Party Fraud marker or a Category 4 First Party Application Fraud marker would not show on your credit report. These are frauds committed by an applicant or account holder.

Just to clarify here; if you have been the victim of fraud your credit report (as the Gardener mentions above) would show an entry helping to protect you. If you have been party to fraud (lied on an application, tried to bank a dodgy cheque... then it would not appear on the CIFAS section of your personal credit report.

You would discover the entries via a subject access request to CIFAS, easily done with a form from their website.

Anyway, I know it's unlikely you have a marker issue, but I wanted to clarify the reporting of fraud on your own credit report (You will not know via your own credit report, if it's you suspected of fraud).