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Junior Member

208 Posts

Posted - 05 January 2014 :  08:54:00  Show Profile  Reply with Quote
Hello everyone

It's been quite some time since I last posted here. It's amazing how quickly time flies! I declared BR back in Oct 2008 and was discharged July 2009. Since that time, I have got married in Nov 2009 and become a father in 2010, and in 2011 we moved out of my mothers home and into private rented accomodation - our own house! (Well, sort of)

Life since going BR in many ways has been great. I of course had to pay into the OR for 3 years and that was not easy, and in addition to the unsecured debt included in my BR I lost my house which I voluntarily handed the keys over to the mortgage company for just before the BR but it was included in the BR. I very quickly became adapted to life without credit and it was not until last year that I obtained a Vanquis credit card to use purely for work expenses and fuel on my car, which is paid off in full every month. The OR let me keep my car back in 2008 when at that time I was paying for it monthly on HP, I finished paying this off 2 years ago now and whilst it's now 12 years old (and showing it!) I still have it and it's all mine!

There have been other obstacles and of course life is financially still sometimes a struggle when you are trying to get to the next payday, but I think most people out there have the same difficulties and I see friends and colleagues getting further and further into debt and yet thinking they are more prosperous than they really are, living in overdrafts and buying brand new cars etc - and I want to scream and shake them by the shoulders to make them see what happened to me following the same path, but Everyone has to follow their own paths and make their own mistakes and hopefully they won't have to end up in the IVA / BR route or suffer the hell of angry creditors!

So life overall is rosy, we are happy as a family and enjoy our time together when not in work living quite a hectic life with a 3 year old and 5 month old puppy. So firstly I wanted to give the people out there using this forum some hope, especially those just going through the BR process, that BR is not the end of the world and there is happiness afterwards. At the end oft he day you have to take the tough decisions that are best for you and not worry about what others will think. In my case it's over 5 years since my BR and still only close family and closest friends know anything of my financial difficulties, so you shouldn't worry about the perceived stigma BR has - you control who gets to find out!

Secondly I was hoping from some advice from those on the forum in the know. My mum has been trying to sell her house since we moved out as she wants to downsize, and after over 2 years in the market we think she will receive an offer in the coming days. Once sold she wants to give us a deposit so that we can buy a house, and of course this will involve us having to try and get a mortgage with my bad credit history.

Here in Wales they have just started the help to buy scheme on new builds where you put down 5% deposit and the government loan 20% to you interest free for 5 years so you need initially only a 75% deposit.

So I need some sound advise on whether it will be possible to secure a mortgage? And whether I would be eligible to apply for the help to buy scheme with my credit history? Realistically that's our best hope of buying our own home.

Many thanks


United Kingdom
4590 Posts

Posted - 05 January 2014 :  21:47:19  Show Profile  Reply with Quote
Just caught up with this - I believe your question has been answered on a previous thread.

Well done on coming out the otherside of BR.

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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