If you are declared bankrupt, this will be recorded on your credit file. The record will remain on the file for six years.

During this period, your credit rating will be affected and you will therefore find it more difficult to get credit.

The rules of bankruptcy actually state that while you are a bankrupt person you are not allowed to borrow more than £500 without telling the potential lender about your situation. However, during this time if you approach a normal bank it is unlikely that you will be offered credit anyway as they would first do a credit check which would show your bankrupt status.

After you are discharged from your bankruptcy, there is no reason you should not apply for credit. However, it is likely that you will continue to find it difficult to get creditor for some time after you have been discharged.

If you want to get credit after you have been discharged from bankruptcy, the best thing to do is ask your own bank. At first you will be offered just a small overdraft or credit card facility. However, taking this and using it sensibly will help build your credit rating back up for the future.

How to Start

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Call us now on 0800 077 6180 to discuss how Bankruptcy could solve your debt problem