how long after bankruptcy........

sarahkent85

hey everyone,

new to this just joined today but im really considering bankruptcy, im only 22 yet in about 21k debt, my own stupid fault and so regret it like i suppose we al do BUT.at the moment im doing something with the c a b paying osme companies aything from 50 a month down to a pound a month but its so hard with all these tiny little debts hving to keep up with them all, if was just one debt be so much easier but i just watned to know if i declared bankrupt how long till i could have some sort of normal credit rating? without being blackmarked bankrupt and also if it was possible to get a mortgage and if so how long.
thanks
sarah

backontheup

Hi Sarah and welcome to the board

The BR will stay on your record for 6 years, but you should be able to get a mortgage after a couple of years with limited lenders.

Dont beat yourself up too much about this. You are young enough to start your life over again - and still be under 30! Which is more than most of us on here!

tigerfeet2006

Hi Sarah and welcome to the board.

The BR will stay on your credit record for 6 years but if you've got a bad record anyway it's not going to make it any worse. You will be able to start rebuilding after the 6 years.

With mortgages you might be able to get one a year or 2 after you are discharged but you will probably be charged higher interest.

The first thing you should do if you are considering BR is talk to one of the debt charities (see my sig.) If you do end up taking that route then the judge will ask if you have taken professional advice and you can say you have.

If you have any other queries then don't be afraid to ask.

sarahkent85

thanks so much for the advice,
its really giving me the boost to go ahead and do it.
just seemed like there was so much to look into.
another thing is me and my partner are in a council house but we want to buy it in 3/4 years. we are not married yet but plan to before we buy the house.
anymore advice on that at all?
im so greatful for this site. best thing ive done today i think

tigerfeet2006

We are in a housing association property and just rang them anonymously (sp?) and asked about being BR in HA property and they just said as long as our rent was up to date and kept that way they weren't bothered at all.

Not sure about the buying of it but I would say as long as you can get a mortgage then you will have no problems.