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andyb53
Starting Member
United Kingdom
28 Posts |
 Posted - 07 January 2014 : 16:27:23
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Hi I am a returning forum member but re-registered because I forgot my username. (Doh)
I was declared bankrupt in March 2008 and discharged a year later. I opened a basic account with Nat West and have kept the account in perfect order since. I also have a Vanquis card with a £3000 limit that I clear each month. Despite over £100,000 going through the nat west account since I opened it, they still refuse to give me a normal account blaming my bankruptcy. (pretty rich considering we the taxpayer bailed out the Nat west who was bankrupt). My question is this.... In march 2014 my bankruptcy will be over 6 years and I understand it falls off my credit history. Will this mean my credit rating will magically improve? Advice appreciated. To all going through it, the 6 years have flown. Stick with it. It really was the best thing I ever did. Andy b |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 January 2014 : 17:36:26
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Keep checking in March to make sure it has dropped off but be aware that some banks keep their own records for a lot longer than the six years.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Tifosi1
Junior Member
208 Posts |
Posted - 08 January 2014 : 21:41:44
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Hi andyb53
I was BR in Oct 2008 so like you I am coming up to the 6 year mark. I also use a Vanquis card and have found the time to fly by. I feel the BR was the best thing I did but lately am starting to wonder if I was too quick to go down that route - I am now at the stage where I could afford a mortgage and want to buy a house to help secure my families future (I'm 30) but have been advised this week that I may never get a mortgage again because My first house was included in the bankruptcy as a voluntary repossession. I got some great advice before the BR that really helped me and to this day I think thr BR was the right thing to do - I just feel really lost at the moment about how to rebuild our lives after the 6 year mark!
Interesting comments about full bank accounts. I havn't tried to upgrade from my co-op cashminder - I have found no issues in the 6 years I have had it - but sounds like I would struggle to upgrade even after 6 years.
All the best! |
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 09 January 2014 : 11:07:56
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Hi Tifosi1
Thankfully my house was not included in my Bankruptcy as my wife bough out my share for £1 as we were in neg equity at the time. We still have our mortgage and it is fully up to date. We were very lucky as we go a very very special deal when we first got the Mortgage in 92 Lloyds gave me a mortgage with an interest rate of half a % below base rates so my current mortgage payment is nil but I still pay it taking time off the duration! The banks ALL banks are utter sh-ts. The love you in the good times but drop you like a stone if anything goes wrong. Thankfully I have checked my credit files and apart from the BR, It is clean so I am hoping in March it will be clear. The best thing about BR was to be able to answer the phone and tell my creditors to Foxtrot Oscar!
Andyb |
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Tifosi1
Junior Member
208 Posts |
Posted - 09 January 2014 : 21:28:34
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I should definitely been a bit more savvy in the run up to BR. Looking back now I was obviously a rabbit in the headlights! I guess the difference with us was back then my mother in law was renting the house from me and not paying the rent and refusing to allow viewers or agents into the house when I tried to get myself out of the proverbial by selling it (but that's a totally different story but the main reason for my money troubles) so I was in arrears with the mortgage and because I was being swallowed up trying to run two households and maintain all the usual debt people in their early 20's get themselves into, I felt I had no option but to hand the keys over to the mortgage company and only a few months later I declared BR, all without too much thought about what would happen after the magic 6 years!
But I too enjoyed telling creditors where to go, they tended to get all flustered when I told them I was now BR and reel off the court ref.
The thing to remember is I learned several very important lessons, I am happy in the important things in life and everything else will come good somehow one day |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 12 January 2014 : 11:24:13
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Hi
A message for Tifosi1.
I do not know who from whom you got your advice regarding mortgages post bankrupty. Whether your home was include in the bankruptcy or not, this should have no bearing on your abilities in the future to obtain a mortgage. Like everything, you need to shop around. Once the six years is up, you do not need to disclose your bankruptcy unless specifically asked about whether you have ever been made bankrupt. Most lenders will ask the question about whether you have been bankrupt within the last six years.
Please do not be disheartened, everybody thinks that they are barrack-room lawyers and offer the best legal advice! I would suggest that you use this site for your queries and do not listen to tittle-tattle!!
Wishing you all the very best.
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253 |
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Tifosi1
Junior Member
208 Posts |
Posted - 12 January 2014 : 22:37:48
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Hi Blackie
Thanks for your kind words. I haven't sought advice from many sources but was informed by someone associated with this site that a repossession would make it practically impossible to secure a mortgage.
Much confused, but need to speak to someone in person I guess.
Would you know if the circumstances around s BR and repossession hold any sway in future mortgage decisions? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 January 2014 : 09:24:33
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As Blackie has said, you need to get expert advice from a mortgage broker who is used to dealing with such situations. I don't know if there are any on this site, but if you pop over to our sister site, there are a few listed there.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 January 2014 : 09:55:46
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Try getting hold of Ryan from Zebra Money. He has been instrumental in helping people in an IVA get a mortgage.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Tifosi1
Junior Member
208 Posts |
Posted - 13 January 2014 : 17:42:00
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Hi Niobe
Its them that has told me that with a repossession against me it will be practically impossible to obtain a mortgage. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 January 2014 : 17:54:39
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In that case I think that you will find it impossible to get a mortgage at the moment.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Topic |
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I was declared bankrupt in March 2008. Will it fall off my credit history in March 2014 ?
