Loans after Personal Insolvency

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purplrpink

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My husband and myself are about to enter personal insolvency and we are worried that we will never be able to get a loan again. we have a mortgage with permtsb and credit union loans each. Has anyone gone through insolvency and been able to get a loan on the other side especially with the same lenders.

Any information would be greatly appreciated.
 
Well you certainly won't be able to get loans if you are insolvent but have not gone through a PIA.

Brendan
 
But what about when you come out of it. Had anyone?
I have people telling me regardless of guidelines you will never get a loan again and other saying you will. I would like to hear from someone who has gone through it please
 
I’d guess it’s open to discretion of the lender. Your insolvency disappears off your credit file after 6 years anyway so there should not be any problem at that point.
I do recall someone on AAM posted a thread on how they got a mortgage 4.5 years post bankruptcy. So a lender may well decide to lend based on the risk prior to the 6 years.
 
Apart from Brendans very "helpful" remark above, there seems to be little information on the ground regarding those who have successfully completed their PIA's, are now solvent and are also now, looking into the possibility of a loan. Anybody with experience, might add their own here, for those who may be interested.
 
My husband went bankrupt in 2017 and discharged from it in July 2018. We got a mortgage off bank of Ireland last September 2021 so 3 years after he was discharged. He would have got one earlier but the house he previously owned was not sold until then so that delayed the icb and ccr from being updated. We had terrible problems with the ccr and icb. But got there in the end. Hope this helps. There is life after bankruptcy. Any questions feel free to ask :)
 
Unfortunately, you are talking about Bankruptcy as distinct from Personal Insolvency, as per the topic heading for this thread.

Also, unfortunately there appears to be no accounts of, or discussion around this topic specifically. That is, those who have successfully completed their PIA (Personal Insolvency Arrangement), which would be helpful information on here, for those concerned.
 
Jane09 said:
My husband went bankrupt in 2017 and discharged from it in July 2018. We got a mortgage off bank of Ireland last September 2021 so 3 years after he was discharged. He would have got one earlier but the house he previously owned was not sold until then so that delayed the icb and ccr from being updated. We had terrible problems with the ccr and icb. But got there in the end. Hope this helps. There is life after bankruptcy. Any questions feel free t
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Hi, I am new to this site and not sure how it works! I have gone through, and am still going through, something very similar to your situation Jane09. I have seen your other posts on bankruptcy and issues with the original bank. I saw that you indicated that it was incorrect for the original bank to keep reporting on your husbands mortgage, post bankruptcy. Can you tell me if that is the case and where you found that information please?
 
Happy to offer our experience..we entered a PIA in 2020 for 12 months. Had our mortgage with a vulture fund and due to increasing variable rates we applied for a switch and were accepted by Bank Of Ireland in 2023. Also a separate credit union home improvement loan. Plenty of hope !
 
Anon2013 said:
Happy to offer our experience..we entered a PIA in 2020 for 12 months. Had our mortgage with a vulture fund and due to increasing variable rates we applied for a switch and were accepted by Bank Of Ireland in 2023. Also a separate credit union home improvement loan. Plenty of hope !
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Hi Anon , we are in similar situation- just finished a successful PIA and wondering about possibility of switching our mortgage from Vulture Fund , any advice would be greatly appreciated.
 
You would be better off asking a Bank directly. They will look at your situation (just like any other proposal) and consider your circumstances. You will need to have a good payments / savings record which meets their criteria. PIA that lasted 12 months suggests a write down / lump sum arrangement was made, casting the above individual in a better light when seeking a mortgage with a real lender post PIA.
 
Otterbear said:
Hi Anon , we are in similar situation- just finished a successful PIA and wondering about possibility of switching our mortgage from Vulture Fund , any advice would be greatly appreciated.
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Hi, happy to offer advice from our situation. I've just logged in here after some time, apologies for the late reply.
 
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