An insolvency stays on your credit file for six years.
Any lender seeing this information may turn down your application for credit. Often responsible lenders will say ‘yes’, but only for smaller amounts.
Tip: Use credit to turnaround your credit score. Try taking out a small credit card. Companies providing ‘non-standard’ credit facilities often use the public bankruptcy register to market their services. Such cards arrive with a small limit; typically £150. Use the card to go up to 25% of the balance, but pay it down in full each month. As you keep to payments and demonstrate you can manage the card, start taking it to the limit, but keep repaying in full. The lender is likely to offer to increase your limit. £500 is quite usual.
But be careful. These credit cards often charge very high interest rates. Pay off the balance in full each month.