www.iva.co.uk

Hi, I'm trying to work out whether or not do declare myself bankrupt and would like some advice about the possibility of getting credit in the future. I spoke to an IP at the CAB a while agi and she said that since my credit rating is already damaged, bankruptcy won't really make it that much worse. Whichever option I choose, I want to build my credit rating up again as quickly as possible so I can get a mortgage at some point, and also possibly get some sort of business credit. Any advice would be greatly appreciated, thanks!

Hi rjj and welcome to the forum,

Bankruptcy will stop you getting a mortgage during the time that you are declared as a bankrupt. When your bankruptcy is discharged, the rate you can get, will improve over time.

Your credit report will show the bankruptcy for six years and during this time, it will have an affect on your ability to obtain credit.


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Hello rjj,

Bankruptcy will remain on your credit file for a period of 6 years from the date you are declared bankrupt. When you have then been discharged (usually 12 months) you could seek a mortgage, however the bankruptcy would still appear on you credit file which could make getting a good rate hard.

Could you provide some more information like your total debt amount? your disposable income? and who your creditors are? You may be eligiable for an IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

I recently went BR, and the credit record did bother me, but to be honest, the problems I was facing before BR far outweighed the sense of relief after BR and issues with getting credit in the future.

BR is often a last resort, and you more than often dont really have any other choice.

Hi

I have to second andy macs response, to be honest having a 'good' credit record was what made it all too easy for me.
I am sure in the future I may look to buy a house etc, but for now its one step at a time and the release from all the worry and nightmares is more than enough to compensate for my for now blemished credit record.

Good luck

Pippa

I needed to sort out my problems and going BR was the only way I could do this after my IVA failed. It wasn't an easy decision and my credit record was the least of my worries.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

i love that it stays on for 6 years...i really truly do...(apart from the mortgage thing)...i never imagines life with out credit...didnt think it possible. But after living with NO CREDIT for 2 years i can honestly say i havent needed it or missed it.

By the time my 6 years are up i will have well and truely got credit out of my system and be an expert at budgeting for what i need and spending wisely.....i would call it a 6 year detox !!

Its a positive not a negative.....dont see it as a punishment , see it as a favour.



Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

Angie, I agree - I think the 6 year detox is positive! Don't want to see a credit card again! D.