Bankruptcy

In accordance with the Insolvancy Act, bankruptcy occurs when someone owes more money than they are able to repay.

Once someone is declared bankrupt a supervisor is appointed to receive their earnings. The bankrupt person is then allocated an allowance to live on. Bankruptcy frees the individual from overwhelming debts, allowing them to make a clean start. Whilst an individual will be discharged from bankruptcy status after three years, with the outstanding debts being treated as paid, any lenders may treat a future credit application negatively for another fifteen years.

As a result borrowers who have experienced bankruptcy in the past may find it difficult to arrange a remortgage due to their adverse credit history.

The More Group specialise in arranging mortgages and remortgages for borrowers who are experiencing problems due to past credit difficulties. We provide hassle-free, confidential mortgage advice by researching and sourcing deals from the whole of the mortgage market – so if a mortgage deal is available for your circumstances, we can find it for you.