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.
 
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.
 
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?
 
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.
Click to expand...
Hi, happy to offer advice from our situation. I've just logged in here after some time, apologies for the late reply.
 
Hi, I am new to forums so please forgive me if I get something wrong. I have finished a PIA in 2023 after 6 years. Had the wrong PIP. To all those who are not sure what happens at the end of your PIA. I Can Confirm that all of your bad debts Remain on the ICB list for a further 5 Years.
I only discovered this after I got my credit report and contacted the Insolvency Services of Ireland to see what I could do to get them removed, and that is when, to my horror, discovered that I still have another 5 years of bad credit after completing 6 years with the PIA. So before you go looking for a loan , make a request online for a copy of your credit rating, this is free for the first request. I have applied for car loans and have been declined each time. Only assuming that they did a credit check and seen the bad debts still on the system.

Even after been Discharged from my PIA in April 2023 I now have another fight with the lender, who is looking to increase the interest rate, even though it clearly states on the PIA that it remains the same until the end of term. So good luck to all. If I can answer any questions you might have drop a line.

Regards,

Shaggy
 
Hi, I am new to this forum also.
Hi, I to am new to this forum, but so glad I started researching because I to am in the same predicament - I am in a PIA which has a set payment for the duration of my mortgage. However I think the bank might have other ideas. I’d love to talk more to you about this if possible.
 
What exactly has the bank done?
 
Why don't you post about your issue here - in a new thread if necessary? You'll almost certainly get useful feedback from the Askaboutmoney community. A brand new poster seemingly looking to engage with other posters offline may be viewed as potentially suspect by some.
 
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