You have been insolvent recently

An insolvency stays on your credit file for six years.

Any lender seeing this information is likely to turn down your application for credit. If they say ‘yes’, you’ll likely be paying a higher rate of interest. Unless, of course, you use a responsible lender.

Tip: Make sure you’re signed up to the electoral register. This can give your credit score a boost. Get a copy of your credit record and make sure everything is accurate and true. Consider applying for a smaller amount or once it has been more than two years since your bankruptcy (this includes Debt Relief Orders and Individual Voluntary Arrangements).