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T O P I C R E V I E W
jintybaby
Posted - 06 March 2009 : 19:13:08 i went bankrupted on october last year, and told i would be able to get credit after the year, is that true, i was also told i could borrow 500pds at this timeis this true.
2 L A T E S T R E P L I E S (Newest First)
John
Posted - 06 March 2009 : 20:21:08 Hi
the law states that whilst bankrupt you can obtain credit up to £500. Above £500 you must first inform the lender that you are a bankrupt, but the amount you are legally able to borrow is unlimited as long as you have.
Once discharged you are free to borrow as much as you wish without informing the lender that you were previously a bankrupt unless you have been given a BRU / BRO.
The reality is that any lender will carry out a credit check and whilst it may be legal to borrow the lender does not have to lend.And they are not going to lend any money to you for some years to come on an unsecured debt.
A secured debt is different as the lender can, as we know, always seize the asset or place a charge against it to secure their money.The lender would need to be sure there is sufficient equity in the asset so as not to incur a loss at any time in the future should you default on the payments.
John White England Jackman & Spacey
billy79
Posted - 06 March 2009 : 19:41:29 hi my partner went bankrupct in 2005 and still can't get credit and that was four years ago as it stays on your credit file for 6 years hope this helps
