Surviving life post bankruptcy
July 28, 2011 by Celebration
Filed under Web News
Trying to keep up with bills and credit cards repayments and loan repayments can be financially crippling and as a result, thousands of people are forced to declare themselves as bankrupt annually. A little under seven years ago in fact, my own mother had to do this herself.
The official “bankrupt” status is removed by most companies involved in lending after a seven year time span and this should see your credit rating improve one day. Although the bankruptcy status will not totally ruin your existence, living your life can sometimes be that little more difficult. Le me tell you how…
The Christmas period has been harder to get through in more recent years, as buying gifts via credit from catalogues was no longer an allowed in the wake of credit blacklisting with 7 children living in our house , this had become the standard way of dealing with the children’s Christmas lists (explains a lot, huh?) Purchasing goods or paying bills online became extremely difficult task as my mother’s bank refused to let her have an account with even a debit card attached, let alone an actual credit card.
Usefully, my mother was able to get a Vanquis bad credit credit card during her (soon to be ending) period of being bankrupt so her ability to buy on the WWW was not hindered too much.
Recently, my mum decided that she would apply for a 24 month contract with a popular network provider in order to get her hands on the latest smart phone. The application was rejected however once the network had completed a check on her credit history so she has no option but to use her old Alcatel mobile phone for the foreseeable future.
Mother has vowed to never again borrow on credit the best decision she could make considering the increased rates of interest for the previously bankrupt!
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