Debt Consolidation Loans

  • ☰ HOME
  • ☊ APPLY ONLINE NOW
  • ? DEBT FAQs
  • ✍ OTHER SOLUTIONS
    • IVA Individual Voluntary Arrangements
    • Debt Relief Order DROs
    • Debt Arrangement Schemes
    • Scottish Trust Deeds
    • Bankruptcy
    • Business Debt Consolidation
  • ✔ ABOUT US
  • ☎ CONTACT US

How Long Does It Take To Re-establish Credit After Bankruptcy?



A UK bankruptcy is typically discharged after one year but the credit impact can last for years. Bankruptcy details and the associated debts remain on the credit file for at least six years. Though a note may be added indicating that the debts were included in a bankruptcy, the bankruptcy details alone are usually enough to damage the credit score. Rebuilding the score becomes top priority because a low credit rating can prevent an individual from qualifying for loans, credit cards, and a mortgage.

It takes time to rebuild a credit score and in the meantime, lenders may offer only their highest interest rates. The first step to rebuilding the score is ensuring that information on CallCredit, Equifax, and Experian credit reports is correct. If the reports contain inaccurate information, contact the relevant credit reporting agency to have it corrected.

A prepaid credit card is a responsible tool for rebuilding credit. A credit check is not required to qualify and the monthly fee is treated as a loan. Each monthly payment is reported to the credit agencies, helping to improve the credit score. After one year of repayments, this loan will be listed on the credit report as repaid. To use the card, make deposits to the account to receive a credit limit of the equivalent amount.

Avoid using co-signers for any new credit because this does not create a strong financial standing with future lenders. If you are denied credit and cannot find it elsewhere, save money until you have enough to pay for items with cash. If you are not using a credit account, close it. New lenders look at the amount of credit available to you, in addition to what you currently owe, when making credit decisions. Having only a few credit accounts and managing them effectively is the best approach.[needhelp01]



To protect against fraudulent use of your credit, register on the Electoral Roll at your current address. Review your credit reports regularly to identify suspicious or unfamiliar information. Address potential issues by immediately notifying the relevant lender. If you have joint accounts, make sure the other account holder takes the same preventative measures. Before applying for new credit jointly with a partner, make sure that individual does not have credit issues.

Bankruptcy does not wipe away all debts so review your financial obligations to identify any that were not covered. Continue repaying these debts to prevent any additional harm to the credit score. Paying other bills on time and in full will also help rebuild the credit score. If full repayment is not possible, pay at least the minimum required amount on time each month.

Request a credit increase from credit card lenders every 12 months. Do not apply for too much new credit at the same time because this will negatively affect the credit score. Instead, look for the best deals, focusing on lower-interest credit from credit unions and banks. Eventually, unsecured forms of credit may be offered, allowing you to improve credit scores without providing an asset as a guarantee.



Our Panel Of Lenders Include:

Free Debt Report Download

Download your full guide to the solutions available.

Download guide

Popular Content

  • What Is an IVA?
  • Types of Debt that Qualify for Debt Consolidation
  • How Will My Partner’s Bad Credit Affect Our Ability for Joint Purchases?
  • How Do I Consolidate My Student Loans?
  • I Have Been Contacted About a 10-Year Old Debt, What Should I Do?
  • How Do Debt Consolidation Services Update Me on Payments Made to Creditors?
  • What Happens When I Marry Someone in Debt?
  • How Can I Reduce My Debt?
  • Does the Government Offer Debt Consolidation Loans for Low Income Residents?
  • Can A Bailiff Demand More Money If You Already Are Making Payments?
  • What Happens When Someone Dies in Debt, but Has Left Money in Trust?
  • Top Ways To Cut Your Hair Care Costs
  • Substantial Savings With Regular Saver Accounts
  • Saving Loved Ones From Paying Inheritance Tax
  • Debt Consolidation Loans Bad Credit Borrowers Can Use
  • Business debt consolidation for UK companies in detail
  • Would Voluntary Repossession of My Home Prevent Me from Getting a Debt Relief Order for Unsecured Debt?
  • Government debt consolidation loans and how they work
  • Resources for Dealing with Personal Finances
  • Debt advice in London numbers and contacts
  • How Do I File a Credit Dispute?
  • Invest To Earn For Yourself And Others
  • How Long Does It Take To Re-establish Credit After Bankruptcy?
  • Can I Sell Debt That Is Owed To Me To a Debt Collection Agency?
  • What Happens To U.S. Medical Debt When I Live In UK?
  • What Are the Best Low Interest Credit Cards for Someone with Bad Credit?
  • Advantages And Disadvantages Of A Debt Relief Order DRO
  • Budgeting Tips For Students
  • 5 Benefits Of Debt Consolidation Loans
  • Will An Overdraft Count On My Credit Report If I Do Not Pay It Off?
  • How Can I Stop Debt Collectors Contacting Me About My Ex?
  • Debt Consolidation or Debt Management Service?
  • Inexpensive Decorating Ideas For Springtime Celebrations
  • How Long Can a UK Court Claim Debt?
  • How Can I File a Complaint Against a Collection Agency for Harassment?
  • Can I Consolidate Debt Into a Mortgage?
  • Advantages And Disadvantages Of A Debt Arrangement Scheme
  • Can I Remove a CCJ from My Credit Report?
  • Bankruptcy In The UK And How It Works
  • Our Best Money Saving Tips For Skincare And Beauty Products
  • Affordable Spring Holidays In 2015
  • Making Sure Your Debt Consolidation Service Keeps Your Information Confidential
  • Top Ways To Save Money Fast
  • How Do Credit Inquiries Affect My Credit Rating?
  • Ways To Avoid The Savings Crisis
  • Facts You Should Know about Debt Management Programs and Debt Consolidation
  • Will a Business Plan Help Me Get a Business Loan if I Have Bad Debt?
  • My Bankruptcy Was Approved, But I Am Still Being Hassled By Creditors
  • Purchasing A Home To Save Money
  • Best Ways to Consolidate Bad Debt and Pay It Off?
  • Tips for Reducing Car Insurance Costs
  • Who Should I Get to Cosign a Debt Consolidation Loan?
  • Debt Arrangement Schemes Or DAS An Introduction
  • Saving Money On Pet Care- Simple Ideas That Make A Difference
  • What Happens to Debt When Someone Dies?
  • How Should I Pay My Credit Cards?
  • I Am Moving from the UK, What Happens to My Debt?
  • Top Money-Saving Mobile Apps
  • Clever Money-Saving Tips For Students
  • Reducing Energy Use In The Bedroom
  • How can I solve my debt problems and get a mortgage?
  • How Does A Debt Management Plan Work?
  • Conserving Water For Money Savings And More
  • How Does My Debt Affect Me If I Wish To Move Abroad?
  • Entertainment On A Shoestring Budget
  • Shocking Debt Statistics And Benefits Of Debt Consolidation Loans
  • My Marriage Broke Up and I Am Stuck With Debt
  • Savings Tips For Those Who Wait And See
  • What Can I Do If I Can No Longer Meet The Requirements Of My Debt Management Plan?
  • Getting More Food On A Limited Budget
  • Can a Debt Collection Agency Add to the Cost of the Debt?
  • Can A Debt Collection Agency Take Me To Court?
  • I Am Not Seeing the Right Debt on My Credit Report
  • Do I Still Have to Repay a Bank Loan if I Have a Debt Relief Order?
  • Secured debt consolidation and secured debt consolidation loans
  • Debt advice in Manchester phone numbers and contact details
  • What Are The Best Ways To Raise My Credit Rating?
  • How Can I Get My Debt Back Under Control?
  • Should I Borrow from My Retirement Funds to Pay off My Debt?
  • What Benefits Are There to Debt Consolidation?
| Terms & Conditions | Privacy Policy | Site Map | XML Site Map | For Homeowners With Bad Credit|

COPYRIGHT © 2011 – 2022 Money Marvel


This website is provided as an independent marketing website. We are neither a lender or an independent financial adviser and as such are unable to offer financial advice. Enquiries generated via this site are passed on to independent financial advisers and loans brokers. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Money Marvel, 4 Camino Condesa, Fuengirola, 29640, Spain
The server time is 03:07:03am