Bankruptcy problems causing you difficulties getting a mortgage or finance?
Have you experienced bankruptcy problems in the past that are causing you difficulty getting a mortgage or finance? If so, we may have just the solution for you!
"Starting to feel there's a light at the end of the tunnel, thank you"
Mr G., Oakwood, Derby
Here at Shire Direct we have the approach, skills and experience to help with financial difficulties large and small including bankruptcy problems. Once you have been discharged from bankruptcy, which now lasts for 12-months, you are free to apply for mortgages, credit and finance.
Below, we'll take a more detailed look at bankruptcy and how it occurs as well as look at bankruptcy procedures. We'll also look at the alternative solutions to bankruptcy and explore the solutions and help that Shire Direct can provide if bankruptcy problems have been causing difficulty for you when it comes to obtaining mortgage funding or other finance.
Bankruptcy Problems - table of contents:
Is Bankruptcy a solution in itself?
Let's firstly have a look at why bankruptcy occurs. Personal bankruptcy is the result of a debt problem, and can be brought about in one of two ways:
- A creditor (or creditors) can enforce bankruptcy on you. If you cannot or will not pay your debts, a creditor may see this as the only way to get at least some of the money you owe back.
- You may decide that your financial position is hopeless, and that by declaring yourself bankrupt, you could start again without the burden of debt.
Obviously bankruptcy is a very serious situation, and should only be entered into as a measure of last resort, and only upon appropriate advice. Once you have been declared bankrupt, you should be aware of the implications of bankruptcy and some of the bankruptcy problems that can arise:
- Your valuable possessions and other assets will be taken away from you and will be sold to pay off your creditors.
- Your income and outgoings will be assessed, and you are likely to be deprived of part of your salary to go towards the repayment of your creditors.
- You could be barred from taking various jobs, especially those involving dealing with money, either by way of cash-handling or advising on finance.
- Borrowing money will be extremely limited to small amounts, and you must always disclose your bankruptcy status to any potential lender.
- Once adjudged bankrupt, you will be protected from your creditors who will no longer be able to pursue you for the debts you owe.
What are the Bankruptcy procedures?
Only a court can adjudge the individual as being bankrupt. This will be done by issuing a Bankruptcy Order against you, but only after the court has been presented with a successful bankruptcy petition, which can be presented by one or more of your creditors, or on your behalf.
If you intend to negotiate with your creditors in order to settle your debts, it is imperative you communicate with them before a bankruptcy petition is presented to the courts. In any event, it is always a good idea if you are having difficulties in making your payments, to approach your creditors as soon as possible. Do not ignore the situation - it will not go away! And there are alternative courses of action open to you.
Could Shire Direct help me with an alternative to Bankruptcy?
Usually yes! If you would prefer to avoid bankruptcy procedures, and make a fresh start financially, a quick call to one of our qualified Advisors will soon put you in the picture as to how best we can assist. We will of course carefully examine your circumstances, needs and aspirations in order that we can come up with the most appropriate solution just for you - even in the trickiest circumstances!
Is Bankruptcy the best solution for me?
In certain more serious situations obviously it may be more appropriate to declare yourself bankrupt. If we feel this is the most suitable remedy for you we will be happy to refer you to a professional Debt Practitioners practice.
If I am currently in Bankruptcy, is it possible for me to remortgage to repay my creditors?
Whilst you are in bankruptcy, for a twelve-month period you cannot borrow, unless you raise funds for the purpose of repaying your creditors through your appointed Trustee in Bankruptcy. Your solicitors will work closely with the Trustee to ensure that completion of the remortgage and discharge of the bankruptcy takes place at one and the same time.
If you would like to discuss this further, please contact one of our professionally qualified advisors who will be in a position to provide you with a rapid in-principle decision, as to the viability of your plans, after having carefully examined your circumstances, needs and aspirations.
Could Shire Direct help me once I am discharged from Bankruptcy?
Usually yes - and from day one of your discharge, although you will need a deposit of up to 15% if you are purchasing a property. We have an extensive range of specialist lenders that will consider advancing mortgage funds to borrower who have been discharged from bankruptcy. The range also extends to those who have been involved in an IVA, county court judgements, arrears or credit defaults.
If you have experienced bankruptcy problems, we would strongly urge you to give one of our Advisors a call on Freephone 08000 282 281, or alternatively enquire online at any time and we'll give you a call back. We will carefully examine your circumstances, needs and requirements. Amongst other facets, we'll take into account your income and present outgoings, the extent and type of the credit you have outstanding, the interest charged, and penalties for early settlement. The object of the exercise is to put you in the picture, discuss the options available to you, and provide you with advice and a recommendation on the most suitable solution.
So that concludes our look at Bankruptcy problems, and how Shire Direct may be able to assist. You'll find our service to be friendly yet professional, helpful and non-judgemental. We would naturally be delighted to hear from you. Your call will be confidential and naturally without obligation! Our mortgage experts are available up to 10.00pm everyday, and we'll be delighted to provide you with an in-principle decision - whatever your circumstances.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
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