Advice, finance, information and guides from finance brokers. If you
have been bankrupt, finding a finance can be difficult. Find
advice, information and guides on finance
for discharged bankrupts, IVA finance,
finance with CCJ's, information on poor credit and
bad credit finance, advice on
finance arrears, guides on finance with county court judgements and
solutions for poor credit finance
through specialist finance brokers.
People who have been bankrupt in the past often find it tricky or impossible to obtain finance like a secured loan through a
traditional high street lender. But some specialist lenders who offer finance for bankrupts will consider your case more favourably if you are a discharged bankrupt.
There are various steps you can take to try to avoid bankruptcy. But once you have been bankrupt, it can affect your ability to obtain finance for many years to come.
The finance brokers we work with have the experience to know which finance lenders will be most
likely to offer secured loan finance to a former bankrupt. They will do everything they can to find a finance or secured loan package
for someone who has been discharged from bankruptcy.
For further information, please complete our enquiry form.
FINANCE GLOSSARY
Arrangement Fee
A fee which is sometimes payable to the finance lender when you opt for a special deal, such as a capped, discounted, or fixed rate finance.
Base Rate Tracker Loan
See Tracker Finance.
Capital & Interest Loan
See Repayment Loan.
Capped Rate Finance
Finance where the interest rate is capped at a certain level for a set number of years. The interest rate can go up and down, but is
guaranteed not to exceed this level during the capped rate period.
Cashback Finance
Finance which gives you a cash lump sum on completion.
Discounted Rate Finance
Finance where you get a discount on the interest rate during the initial special offer period.
Early Repayment Penalty
See Redemption Penalties.
Fixed Rate Finance
During the fixed rate period, the interest rate on this type of finance stays the same, regardless of changes in the Bank of
England base rate. This means your monthly finance repayments are the same each month even if interest rates go up or down.
Flexible Finance
Flexible finance allows you to make overpayments and take payment holidays. These can be especially attractive
for self-employed borrowers whose income may fluctuate throughout the year.
Redemption Penalties
If you repay your finance early, you may have to pay a redemption penalty to the finance lender.
Repayment Finance
With repayment finance, part of the amount you pay each month covers the interest on the loan and part goes towards repaying the finance capital.
Standard Variable Rate finance
The interest rate on standard variable rate (SVR) finance can go up or down during the course of the loan. Sometimes, the rate
will remain unchanged for months at a time, but at other times it may fluctuate from one month to the next. The SVR charged by
finance lenders is determined mainly by the Bank of England base rate, which is reviewed once a month. When the Bank of England changes
the Base Rate, finance lenders will usually (but not always) adjust their SVR up or down accordingly.
Tracker Finance
When you have tracker finance (also known as a base rate tracker finance) the interest rate is guaranteed to move up and down in line
with the Bank of England base rate. Consequently, it will always be a set number of percentage points above (or sometimes below) the Bank of England's base rate.
