Interesting Success since BR Discharge

[wen]

Hi all, it's been a while I know...

It's not been 5 months since we were discharged from bankruptcy, but thought i'd update you all with a couple of success stories.

Firstly, most of our creditors have updated our credit reports to show our default and outstanding debts as satisifed.

We had success with Duncton finance with regards to getting Car finance, which is all going well, and reporting nice green '0's to our reports ! lol.

Mrs. wen decided to apply for a Vanquis card, as we kept having lots of emails from them and we are both keen to kick-start our credit records again. To my amazement she was approved with a £250 credit limit!! Not wanting to feel left out, I applied also, and within 24 hours had a call to say i'd been approved also!! Not even 5 months out of bankruptcy and we'd been given a level of credit which allows us to show we can make payments. Now the interest is 59.9% apr, but the only purpose is to allow us to do our shopping and pay it off in full (Vanquis were pushing for a direct debit for payments to be set up), so this allows us to hopefully do some repair!

Not wanting to push my luck at all, I went into Lloyds TSB yesterday to pay a cheque into my account, (I somehow have kept my full account as it was never frozen or downgraded when we went bankrupt), and was asked if i'd like to change my savings account (earning nothing interest wise) into an ISA. I smiled and thought yeah right, co-op wouldn't touch me with an ISA, this should be amusing, so I said why not, live dangerously. I sat down, explained my past to the personal banking guy, and he said "it's not credit, everyone is allowed a savings account"... application put through, instantly approved!

Given previous experiences i've read on here, i'm surprised i've had such success - especially with Vanquis given what has seemed a tightening up of their lending criteria with the financial world what it is, and especially as i'm not even 5 months discharged - but i'm certainly not complaining!!

[kallis3]

That's excellent news Wen. It does go to prove that there is life after BR!

At least the card will allow you to build up your credit rating, and it's a sensible limit. As long as you pay it off, who cares about the astonomical interest rate!

What a brilliant feeling to know that you are in control of everything again.

[angelrainbow]

That is great! I know many don't want to touch credit with a barge pole after being insolvent, but the sad reality is many people will need it.
We lost our home, so in order to buy again in the future we will need to have some form of good credit on our files. We don't want to rent forever.
Excellent about the ISA too. I don't understand the logic of some banks and building societies refusing saving accounts to those with poor credit.
Always lovely to hear post IVA/BR success stories!

[moretolife]

yes...this is very encouraging and holds out hope for us all as we continue to press through to post IVA life.....

[Julie]

Thats a great positive post Wen - and one that I will learn from to help build up hubby's credit when the BR is over with.

Thanks for that xx

[Skippy]

That's really good news Wen, I'm really pleased for you and it's good to hear positive post BR stories.

Regarding the ISA, I'm going to try with the Co-op next year (I've got one with YBS this year so I can't do it now) and if they say no I'm going to ask to appeal. They turned me down for a savings account, but when I appealed I was accepted.