part-rent part-buy property

[katrina.w]

We went bankrupt in October2006, and were discharged last may2007. So when will our credit report clear?. Also we have been offered a part-rent part-buy property through our local council, do you know of any company that would even consider helping us?. A third question is i'm just starting to save a little bit of money a week but i feel so guilty about our past debt, would the banks take any money even though we are discharged?

[carlmcmullen]

Hi Katrina,

Your bankruptcy will remain on your credit file for 6 years from the date of bankrupcty (assuming you have not had a Bankruptcy restriction order)

I have just asked our mortgage broker who belives for the first 12 months out of bankruptcy you will struglle so i would suggest waiting until the end of May until you source a mortgage and also depends onthe percentage you are intending to purchsae.

If you have been discharged then your creditors have no right to take any savings from you.

Carl

[abc]

You may also struggle getting a mortgage with your credit status for a part ownership property. You need to speak to an independent financial advisor who specialises in the sub prime market.