Loans For UK Bankrupts - They Are Possible

By: Darren Rhodes
Submitted: 2007-01-17 16:16:50
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

Life After Bankruptcy
Fortunately, today's bankruptcy rules have been changed, and your bankruptcy (if it's your first time) will only last for one year. After that year you are then a discharged bankrupt and all the financial institutions should consider you the same as any "normal" person. Well that's the way it's supposed to work, but just try and get a personal loan after being bankrupt. Maybe you want a mortgage or re-mortgage after you're discharged. Perhaps you want a loan for a new car to enable you to get to work, but need financial help to do that. That's all fine until you mention, as you are legally obliged to, that you have been bankrupt within the recent past and all doors close! They don't just shut they are slammed firmly into your face. So how do you get a mortgage, loan or car finance?

You Need To Get A Credit Rating
The best way to get a loan or mortgage is to improve your credit rating, which is now not only clean, but as good as none existant. The best way to increase your credit rating? Get credit in your name and ensure you keep up payments, showing that not only are you acceptable to receive credit, but you are also able to pay it back (and the interest that goes with it).
So, after your discharge, you're in a catch 22 situation. You need credit for everyday purchases that everyone else takes for granted (car finance, mortgage, etc) and also to improve your credit rating, but with your low rating you can't get it. I know, I have been there myself.
Frustrating as your situation post bankruptcy may be, there is help if you need it. My site (LoansForBankrupts.co.uk)links to specialist firms who are willing to provide secured personal loans, car finance or even a mortgage to previously bankrupt people. I do not provide finance myself, but put you into contact with people who do. Having been a bankrupt myself, I know how hard it is to find this information, so I thought that I would produce a website to help others that are in the situation I was in myself. Most of the finance companies will insist that you are at least discharged from your bankruptcy, which is normally after your first year. If you are unsure if you are discharged as a bankrupt, please contact the official receiver who dealt with your case to confirm your situation.

A Personal Note from someone who has been through Bankruptcy!
I wish you the best of luck getting back on your feet, and would like to offer my support during these frustrating times. I hope my site brings you into contact with professional financiers who can help you back onto the road of financial independence. It can seem a bit of an up hill struggle but you can do it. Please take care when taking on finance to ensure that you are in a position to afford the finance packages. Ultimately, many people who have been bankrupt find that they are more careful with their finances as they don't wish to go through it again. Fortunately, there are loan and finance providers who are aware of this. !!Remember!!There is a financial life after bankruptcy! Even after being bankrupt you can have finance and loans. I have a quick guide on how to repair your credit rating after bancruptcy. be sure to have a quick read through as it details who to use loans to get back to where you once where and little cost to yourself! The guide can be found at
http://www.loansforbankrupts.co.uk/bankruptcy-loans.php

Loans for Bankrupts is run by Darren Rhodes and contains guide on how you may decide to try to rebuild your credit rating using loans from companies willing to give you finance.

Article source: Expert Articles

Most Recent Articles in Bankruptcy category

  • How to Avoid Bankruptcy - By: Justin Narin
    Bankruptcy offers some people a clean slate, it is by no means an easy solution. Bankruptcy will destroy your credit and may possibly force you to sell your assets. If you want to preserve your credit, you will be much better off if you do whatever you can to avoid bankruptcy.
  • Make Filing for Bankruptcy a Last Resort - By: Lee Bell
    There are 2 main types of bankruptcy. If you can't avoid bankruptcy, determine between Chapter 7 and Chapter 13.
  • Life after bankruptcy is not so difficult - By: Jason Holmes
    "Avoid bankruptcy" is the most common phrase; we come across in our everyday life. There are several disadvantages of bankruptcy. But if you are bankrupt, it is not very difficult to swim out of the situation.
  • Achieving Financial Security in an Unreliable Economy - By: Mohan Mittal
    Financial Security is a false concept that developed in American society based on the idea that security comes from the perceived reliability of a regular or planned paycheck. Many people, believing in the commitment of their corporations to their well-being, have found themselves downsized, layed-off, outsourced, transferred, or, in some cases, even fired. The immediate reality becomes harshly apparent and sadly disappointing.
  • Bankruptcy - Is it the Last Option Only? - By: Michael Killian
    Bankruptcy is available when all other debt payment measures have failed and the unpaid debt is simply beyond the means of the consumer to repay. It is essential, then, to understand debt options prior to bankruptcy and to determine which debt repayment method is the least detrimental. Additionally it is the law of the land that you know your debt repayment options prior to bankruptcy.
  • It’s Official; We Are Now A Bankrupt Society? - By: Stephen Morgan
    The Government’s Insolvency Service claimed that 27,644 people were either made bankrupt or entered into an Individual Voluntary Arrangement (IVA) as a way to control or manage their debts in an ordered fashion.It was too early obviously to know how big a percentage of those who entered into an IVA had it failed by their manager or supervisor but it has been claimed previously that in some cases up to 50/60 percent of those entering an IVA fail to complete it in an orderly manner and therefore find themselves being made forcibly bankrupt at a later date.The other key statistic was that insolvencies were apparently 55% higher than during the comparable period this time last year and the smart money (to spoil the metaphor) is on the figure topping the 100,000 mark for the year.
  • Considerations Before Filing Bankruptcy - By: Jon Arnold
    Financial difficulties can occur in anyone’s life. When you think financial difficulties are more than you can handle, don’t let bankruptcy become your first thought. Bankruptcy should be considered as a last resort, not just the first thing that pops into your head when the going gets tough.
  • People on Benefits No Longer Eligible for an IVA - By: Diana Middleton
    The BBC has reported that people on UK state benefits will no longer be given an option of taking out an IVA to help pay off their debts.In an IVA or Individual Voluntary Arrangement people negotiate a repayment plan with their creditors with an Insolvency Practitioner acting on their behalf. Up to 80% of their debt is written off and interest on debt is frozen.
  • How Do Bankruptcy Loans' Requirements Work? - By: Kate Ross
    Bankruptcy loan’s qualification is not an easy task. You need to overcome serious lender’s wariness about your ability and disposition for repaying the loan you are requesting. At this stage, you need to make no mistakes, your behavior has to be stainless and you need to show the lender that the past problems that led you to bankruptcy exist no more.
  • Bankruptcy Can Be Used As An Opportunity To Start Over And Reset Your Financial Goals - By: Jon Hansen
    Bankruptcy is the last resort that neither the borrower nor the creditor wishes to meet. The impact of this to both sides is negative and long-lasting. Once you are bankrupt, it will remain on your credit report for many years, making it difficult to get any loan, insurance, or a job.