Yes it will and faster than you think, as Mortgage Brokers are now saying they can arrange mortgages for those who have been discharged for three years provided there has been no trouble in between. We guide a lot of people through bankruptcy and have heard of many cases where people are buying furniture on finance as soon as 18 months after discharge, so there’s plenty of hope. To aid recovery, it’s important that you apply for one or two of the ‘credit repair’ credit cards (Capital One, Vanquis, Aqua, etc.) as soon as you are discharged and make regular small purchases and payments in full.
The reason for this is that payments record as a ‘O’ on your credit file i.e. a successful payment and a string of zeroes next to any financial transaction racks up the points on your credit score. Likewise, internet providers such as Virginmedia and BT also have contracts in place which record zeroes for successful payments. People think that banks will never take a chance on former bankrupts, but we beg to differ. Former bankrupts are completely debt free and are the customers of the future, something we suspect the banks – or at least the smarter ones – are cottoning on to.
Bankruptcy UK offers a full bankruptcy administration service, including dealing with creditors, completing the all important Income and Expenditure, professional completion of the relevant paperwork and bankruptcy help at all levels. Call us on 01425 600129 or 0800 5977 977 for a chat about your circumstances.