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Loans after bankruptcy

07.02.2018 07:08 #1
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?
07.02.2018 07:22 #2
Registered User
Originally posted by Ailvz
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?


Without giving you the technical detail, the short and small of it is you won't get a loan again. That's the whole impact of bankruptcy here. It's not like Chapter 11 in the States or anything you can Google, our bankruptcy laws were archaic and rarely used up to recent reforms, so not a lot is generally known by those outside accountants and solicitors.

Put it behind you and move on.
07.02.2018 07:28 #3
Registered User
Originally posted by Ailvz
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?



Look on the askaboutmoney forum. Some lad who was bankrupt over there got a loan from the credit union.
Not sure about mortgages however.
2 thanks
09.02.2018 08:52 #4
Verified representative
Originally posted by Ailvz
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?

Hi Ailvz,

Thanks for posting.


You can apply for a mortgage once at least 2 years has passed after leaving the bankruptcy process. At that point we will be able to review your mortgage application based on your current circumstances.



Thanks

Amanda
2 thanks
11.02.2018 00:40 #5
Directly from the bank itself:)
Amanda, what about small loans in the meantime to help build up a credit rating, or does it not really make a difference?

Thanks Harry
13.02.2018 14:24 #6
Verified representative
Originally posted by Cornflakes132
Directly from the bank itself:)
Amanda, what about small loans in the meantime to help build up a credit rating, or does it not really make a difference?

Thanks Harry


Hi Harry,
Thank you for your post. In relation to applying for smaller personal loans, you can apply as normal through the application procedure which will undertake background checks and if the checks are successful it may go to be underwritten with our credit team.

Thanks,
Claire
14.02.2018 16:35 #7
Verified representative
Originally posted by AskKBC: Amanda
Originally posted by Ailvz
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?

Hi Ailvz,

Thanks for posting.


You can apply for a mortgage once at least 2 years has passed after leaving the bankruptcy process. At that point we will be able to review your mortgage application based on your current circumstances.



Thanks

Amanda



Amendment to earlier response: You can apply for a mortgage once at least 5 years have passed after leaving the bankruptcy process, and not 2 years as mentioned above. Apologies for this.

Thanks
Amanda
09.01.2019 23:11 #8
Originally posted by Ailvz
Hi there. I was declared bankrupt November 2016 and was discharged from bankruptcy November 2017. My partner and I would like to buy a home. Has any one had a mortgage approved after being discharged from bankruptcy or have any advice on this?



Hi there, I’m new on this but read all these posts prior to applying for a mortgage (Post Bankruptcy)
To make it very short, we got it this week.

4 years out of our bankruptcy
Got an 80% loan, standard interest rates etc etc
PTSB gave it to us.

Just make sure you have checked your ICB credit score prior to applying, as ours showed stuff there as unpaid etc, we made an appeal via the ICB online system (very easy) and showed the ICB we were discharged from Bankruptcy and they wiped our report clean. Takes about 8 weeks to do, once done reapply to the ICB to double check it is done the reports will come back blank, or starting ‘nothing found’ - You now are clear an good to go to a bank.

Note: we did declare having previously had loans and named the bank, but ticked no to the bankruptcy question (If you tick yes we were advised you will be turned down straight away)
Might be a little dishonest, but the banks themselves were not a bunch of angles! Do what you have to, also we were legally advised it is no longer illegal to lie or put misinformation on a bank form, it is upto them to do their due diligence etc....

So keep positive as it is a tough road for us who have had to take it, ignore everyone else.

Good luck!
1 thank
10.01.2019 00:09 #9
Thanks tommy, I will be out from my bankruptcy in May, what would you recommend doing first, would I get a small loan to build credit score, what is the best route to take do you think?
10.01.2019 05:46 #10
Originally posted by Tommy91919
Hi there, I’m new on this but read all these posts prior to applying for a mortgage (Post Bankruptcy)
To make it very short, we got it this week.

4 years out of our bankruptcy
Got an 80% loan, standard interest rates etc etc
PTSB gave it to us.

Just make sure you have checked your ICB credit score prior to applying, as ours showed stuff there as unpaid etc, we made an appeal via the ICB online system (very easy) and showed the ICB we were discharged from Bankruptcy and they wiped our report clean. Takes about 8 weeks to do, once done reapply to the ICB to double check it is done the reports will come back blank, or starting ‘nothing found’ - You now are clear an good to go to a bank.

Note: we did declare having previously had loans and named the bank, but ticked no to the bankruptcy question (If you tick yes we were advised you will be turned down straight away)
Might be a little dishonest, but the banks themselves were not a bunch of angles! Do what you have to, also we were legally advised it is no longer illegal to lie or put misinformation on a bank form, it is upto them to do their due diligence etc....

So keep positive as it is a tough road for us who have had to take it, ignore everyone else.

Good luck!


That’s great news Tommy, congratulations. Thanks so much for your reply!
22.01.2019 16:41 #11
Originally posted by Cornflakes132
Thanks tommy, I will be out from my bankruptcy in May, what would you recommend doing first, would I get a small loan to build credit score, what is the best route to take do you think?


First get your credit score sorted, most of the time it will still show your loans as unpaid.

Get an ‘Amendment’ done on the Irish credit register if any loans are still there. Once all sorted you are good to go, best wait a year out of discharge prior to applying for anything
1 thank
01.02.2019 19:52 #12
Thank for posting this Tommie, it is very encouraging to hear you have gotten a mortgage post bankruptcy.

My story is as follows.

I was discharged in 2016 and recently after applying for a small loan with AIB realized that PTSB we’re still posting missed mortgage payments against me.

Following a solicitors letter to them they say they are entitled to do this because they have not disposed of the property and I was still left on title by the ISI official assignee post bankruptcy.

The ICB will not change the report as they say they cannot.

So following a complaint to financial ombudsman it is going to adjudication. PTSB have stated that I am not liable for any debt but will not stop predudicing me through the ICB.

They have done the same reporting on the new Central Credit Register.

Also banks are still using the ICB as they’re credit register ( which is ran by them). Should they not have to use the new Central Credit Register which is independant?

Has anyone experienced anything similar?
Last edited by Mikey70: 01.02.2019 at 19:56.
1 thank
20.03.2020 01:00 #13
Registered User
Originally posted by Mikey70
"So following a complaint to financial ombudsman it is going to adjudication".

How did the adjudication turn out @Mikey70?

Ta, Micka.
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