Yes it will and faster than you think, as Mortgage Brokers have confirmed that it is now possible to arrange mortgages for discharged bankrupts within three years, provided there has been no trouble in the interim.
We guide a lot of people through bankruptcy and have heard of many cases where people are buying furniture on finance just 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 the banks are readily embracing.
‘Will my credit rating ever recover if I go bankrupt?’ is just one of the dozens of questions we answer every week here at Bankruptcy UK, but we’ll gladly talk to you in person if you call us on 01425 600125. We look forward to talking to you.