Loans after bankruptcy 26 August 2019 at 11:25AM edited 30 November -1 at 1:00AM in Bankruptcy & Living With It 2 replies 568 views

sjhughes

Hi was hoping someone could help?
Me and my husband were made bankrupt 4 years ago after stupidly buying in the height of the house boom and cudnt keep up! Young and senseless but have continued to remain completely debt free for the last 4 years, trying our best to re build our credit score. We now are at the point that we could use a small loan of £3000 to help start our business. We know we can manage the repayments but can't find any lenders without a hugmungous rate? Are we just gonna have to wait another couple of years. We are in the rent trap in that it is very hard to save a large sum of money in a short time on our modest wages. Any help would be greatly received! Thanks

MovingForwards

Get a second job? Even if it's just to save the £3k.

Have you taken any credit out since your Bankruptcy? If you haven't then you need to show you are a responsible borrower. Start small with a sub-prime credit card, spend on it each month, pay it off in full when the statement comes out and you start to demonstrate you are trusted with a small amount of credit.

£3k may not be a lot for you / the average person, however to lend it to you or the average person, who is the one most likely to not pay it back? It's all about risk management with lenders.

TheGardener

I agree with the previous poster - if you haven't already done so, start with a poor credit history credit card - I got an vanquis card after I was discharged and had a £2.5K limit within a year. I used the card for general stuff though the month and paid it in full EVERY month.