6 years post-bankruptcy

MissMollyJ · 19 March 2019 at 10:31PM

Hi all

I remember reading this forum incessantly in Nov/Dec 2011 when I was applying for bankruptcy and found everything so useful. I also found it a lifesaver reading positive stories of people after bankruptcy so I wanted to share my own.

After 14 years of financial abuse I left my husband and was also left in 25-30k of debt and lone parent with 3 children. It was an incredibly difficult time for many reasons.

I was declared bankrupt at the end of 2011. Within 6 months I had a vanquis card with a £250 limit as per instructions on MSE forum. I religiously spent and paid off and the limit gradually increased. I joined the MSE credit club and used that to apply for further cards and continued using and paying off. I also used catalogues, again interest free and paying off gradually. I used the MSE boards again and followed the advice to clean up my credit file as some lenders were showing defaulted over five years after the bankruptcy.

As of today I have exchanged contracts on my first house! I should be picking up the keys on Friday. I have a mortgage through Leeds building society, which as a lone applicant with a bankruptcy behind me and dependents was difficult but a good mortgage advisor was critical.

I want people to know there is life and hope after bankruptcy and although it’s a massively stressful and uncertain time, you can rebuild your life afterwards. I genuinely don’t think I could have got here without the amazing advice at every stage from this board and I can’t tell you how I will feel when I pick up the keys to my house on Friday and finally have a home for my children and I.

Good luck everybody
Xx

siboy · 7 May 2019 at 9:06PM

Hello MissMolly,

This is great to hear and I am made up for you

I came to read the forums looking for people in the same boat as me & the wife, our 6 years are up in August and we are eager to get a mortgage.

Well done on the hard work, do you mind me asking if you had to provide a bigger deposit? Or was it a normal amount 5 or 10%

Thanks in advance,

S

MissMollyJ · 15 September 2019 at 11:57AM

Hi

Sorry I didn’t see this before. My deposit was between 5 and 10%. - it was an odd figure due to a discrepancy between what they said they could lend and what they did after the application due to a disregard of child maintenance as my ex-h is unreliable with it. I think it was around 7% deposit in the end

Good luck!
Xx

maxmycardagain · 15 September 2019 at 4:32PM

well done you, ive a 30 year old BR colleague who only sees doom and gloom, she is due discharge by December 1st, ive told her she has a much better chance of being on top in 6 years if she now capitalises on her debt free situation.

wildheart83 · 16 September 2019 at 8:38AM

Well done! It's a great feeling isn't it? I went BR in 2010 and got my first mortgage last year. I'm coming up to a year in my forever home and it's such a good feeling knowing that it's mine (or rather it will be!) rather than paying someone else's mortgage.
It's well worth the money to pay for a decent broker, they are worth their weight in gold.

thevdm · 17 September 2019 at 1:33PM

I like reading these kind of posts, they go to show that life does get a lot better. I myself am nearer the beginning (although nearer discharge than the absolute beginning), counting down the days until February 18th 2020.

I've done a lot of research over the last 18 months or so and so far have found bankruptcy to be far more of a relief and taking control, rather than doom and the end of time. The discharge will be shortly before my 34th birthday, so I still have plenty of life left to rebuild a credit rating and and start paying towards a house that our children will benefit from later in life. The only fear I've had with bankruptcy was a) accepting that it's the best option, b) trying not to doubt my research.

I look forwards to being able to add my own reassurance a few years down the line.

Congradulations on being living proof that life gets better and proving that it is possible. Enjoy your new home

6 years post-bankruptcy

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