September 15th, 2008 by Questions
Where can i go to secure a loan after bankruptcy..have tried with co-signers and still turned down>?
Posted from: Ontario
September 17, 2008 at 2:13 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
There is no one place that specializes in lending after bankruptcy, so unfortunately you will have to shop around.
Now I always suggest you start with your bank, but make sure you do the following:
a) save up $500 prior to going into the bank;
b) prepare for the meeting with the bank so you can demonstrate to them what went wrong, what is different and ultimately show them why you are no longer a risk;
c) start small, ideally at an amount similar to what you have saved up;
d) if the bank is nervous, offer to provide them with the money in your savings, suggest they lock it into a GIC and hold it as security. This way there is no risk to the institution you are dealing with and you get an oppertunity to prove yourself.
While doing the above doesn’t put money in your pocket immediately it will help yo to improve your situation over time. For more information on how to re-establish after bankruptcy you may want to review the following link: credit repair.
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