Discharge Bankruptcy

harriroberts

Hi All,

I wonder if anyone can give me some advice. I will be discharged from bankruptcy in March of this year. I know that the bankruptcy will stay on my file for another 6 years. I am looking to get finance or a loan to get a new car. I have an old Renault Clio 2003, and every month I find my self paying between £50 to £300 a month on repairs, like today, the window on the passenger side will not go down. I have been to the garage and they charged me £40 to take a look and to put some plastic over the window. They have given me a quote of £213 to get the repairs done. I told them I don't get paid till Friday so I will have to wait till then. This has been going on for the last 4 months I say, but with different repairs.

I understand my choice is limited if not impossible to get anything so soon. I am just wondering has anyone else been in the same boat and been successful, and if so, how long after and which company?

Here is a bit of background story. I am a 31 year old male, I have no kids and I currently rent. I work full time and live on my own. My current salary is £20,000 a year, which is not a big amount. I live in Manchester and my bills are, rent, council tax, gas, electric, internet, water, car insurance, car tax, petrol, food, I have 2 cats, so got their food and insurance. So all the basics really. As you know if you are bankrupt, you are not allowed to have anymore that the basics.

Please no negative comments, saying it too early, as I can imagine that it is. I want the experience of people who have gone through this and who can advise.

Thanks, all.

LEK

You're actually ahead of me in the bankruptcy stage (I made myself BR in July of last year) and like yourself, anticipating reaching the discharge date.

With regards to getting finance on a car and I know it may vary from person to person or which company you deal with, but personally I feel you may struggle - solely on the basis that you will still be classed as a bankrupt, a discharged bankrupt officially and not as bad as being an undischarged bankrupt but it's the word bankruptcy alone on your credit file that will be spotted straight away.

In my opinion you may have luck with getting finance for cheap runarounds for example but the finance figures, charges and rates will be through the roof. The car won't certainly be brand new either - and it's this reason that I wouldn't bother.

On a side note there is a "word of mouth" contact I know who deal with hiring out cars to people who are willing to pay like £30 a week for and usually they are over 10 years old with a full years' MOT. If for example you're desperate then it's ideal for someone but I wouldn't go down this route either if I could help it as if you think about it, you could be paying for the cars' worth over and over if it's over 10 years old.

If you can, persevere with the Renault the best you can and start saving as much as possible when you are discharged next month - £1000 these days can get you a bargain if you look closely for something that has a lot of history & a clean MOT.

Liam.

Guy-Brush

I practice bangernomics - buy an old heap for a couple of hundred quid and if something goes wrong say, which will cost more than £100 (whatever amount you choose) scrap it and get another! My current VW Polo is 25 years old, looks knackered but hasn't gone wrong in the couple of thousand miles I've run it. Cheap to fuel too, and if it were to go wrong, parts are cheaper than a post-2000 car. And if someone dings it in a supermarket, who cares?!

It's nice owning a car outright and not having to worry about finance agreements etc. As long as you aren't fussed about street cred, enjoy the money you're saving! Just an idea...

Johnsmith2016

Slim to none for l car finance at this stage.

Only way I could see would be getting a aqua card or similar bad credit card to rebuild your credit after discharge and using that to buy a new car if the limit is enough ... say you get £1500.. I've just seen a Renault Megane 09 plate £30 tax 68mpg on eBay for £1850... so could be an option. But do you really want to get in debt again so soon? The point of the card is to rebuild your credit and pay it off each month... but your choice... anyway if you did get any sort of car finance it would likely be bad credit and therefore around as bad as the 30% on the aqua card. Are you paying an IPA?

tigerfeet2006

Experiance is you won't be able to get finance.

Have a google for your nearest Credit Union (CU plus town and/or town/county). Open an acount and regularly save in it. Once you have been saving for 6 months or so ask them for a loan. They will look at your saving history and how much you have saved, they will look at your SoA and give you the amount that you can afford to pay back. As you pay the loan back a little of that will be paid into your savings.

Slowmonkey94_2

There is 2 lenders well 3 on the market that can help 1 is called the car loan center they lend there iwn money and it is based on adfordability only you will oay monthly with minimum deposit of 200 they do 36 and 48 month agreements and will accept applicants as of the day of discharge there decison is based only on affordability but ve warned they have a astronomical apr of 53 percent theres also oodle finance there allot more reasonable and theres premium plan allot more reasonable i reccomend saving or just running it untill it physically stops and buying something outright but hope this info helps