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Will I EVER be able to say that I was not bankrupt - 6 years on!
swinster
Posts: 121 Forumite
Hi All,
In February 2004 I was declared bankrupt and was then discharge on 1st April 2005. After checking my credit reports I only have one record from one bank (Co-operative Bank PLC) for a debt of around £1200. Different reports say different things so I have used the template from the stickies to write to the Co-op and make sure that at least the default date is no later than my discharge date. That being said, this credit entry would still not be expunged from my record until April 2011 at the earliest, six years after my discharge. In addition, I also have Insolvency Public Record attached to me credit history.
Will I EVER have a clean record and will I ever be able to apply for something like a mortgage without being penalised?
It has literally taken me until just last month to get fully back on my feet again. At the time of the bankruptcy I was in a very bad place. Although the total debts were not very large (around £16,000), at the time I really did not know what to do, but I'm not sure that I would not be here if had the financial pressure as well as everything else that was going on.
Of course, 6 years on I feel a feel a huge amount better. Although I have no credit in my name, I manage both mine and my partners finances with a fine tooth comb, but I would like to be able to re-build my credit score and maybe get a mortgage. We are tied into our current deal for another 3 years, by that time will I finally be free of my past?
Swin
In February 2004 I was declared bankrupt and was then discharge on 1st April 2005. After checking my credit reports I only have one record from one bank (Co-operative Bank PLC) for a debt of around £1200. Different reports say different things so I have used the template from the stickies to write to the Co-op and make sure that at least the default date is no later than my discharge date. That being said, this credit entry would still not be expunged from my record until April 2011 at the earliest, six years after my discharge. In addition, I also have Insolvency Public Record attached to me credit history.
Will I EVER have a clean record and will I ever be able to apply for something like a mortgage without being penalised?
It has literally taken me until just last month to get fully back on my feet again. At the time of the bankruptcy I was in a very bad place. Although the total debts were not very large (around £16,000), at the time I really did not know what to do, but I'm not sure that I would not be here if had the financial pressure as well as everything else that was going on.
Of course, 6 years on I feel a feel a huge amount better. Although I have no credit in my name, I manage both mine and my partners finances with a fine tooth comb, but I would like to be able to re-build my credit score and maybe get a mortgage. We are tied into our current deal for another 3 years, by that time will I finally be free of my past?
Swin
0
Comments
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You will have a clean record after 6 years but you will only be officially bankrupt for 1 year.:cheesy: K2nga :cheesy:
BSC Member 176
BR 23/06/08
ED 22/01/09
Credit file BR fall off date: 24/06/14 :beer:0 -
There are many applications that ask if you have ever been bankrupt, you will always have to answer 'yes' to this.Accept your past without regret, handle your present with confidence and face your future without fear0
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You will have a clean record after 6 years but you will only be officially bankrupt for 1 year.
Will even the public record stating that is was made insolvent be expunged from my credit records?
Will I be able to apply for a mortgage/loan/credit and NOT tick the box that says "have you ever been declared bankrupt"?0 -
Cheers peachy, you posted as I was replying.
So these will ALWAYS affect any future credit application and hence rates no mater how clean my record is?0 -
Will even the public record stating that is was made insolvent be expunged. my credit records? Not sure about that, I don't think they do that anymore, who put in on there?
Will I be able to apply for a mortgage/loan/credit and NOT tick the box that says "have you ever been declared bankrupt"? No
Your bankruptcy will also stay on the London Gazette register forever.Accept your past without regret, handle your present with confidence and face your future without fear0 -
peachyprice wrote: »
Not sure about that, I don't think they do that anymore, who put in on there?Originally Posted by swinster
Will even the public record stating that is was made insolvent be expunged. my credit records?
Remember I was made bankrupt in 2004. A lot of changes were made in 2005. In fact, I would have originally been discharged after 2 years, but as this time limit changed to 1 year, I was discharged on 1st April 2005. I have no idea who put this onto my record, I assumed it was just something that was done?
From Experian: -
From Call Credit:Public Information Record
This section of your credit report contains details about court judgments, bankruptcies and individual voluntary arrangements.
Entry Number: J1
Name: Me
Address: My address
Information type: Bankruptcy Order
Date: My bankruptcy date
Information Source: London Gazette Satisfaction date: 01 April 2005
Note: When your bankruptcy has been annulled or discharged we will be informed by the Insolvency Service. For further information please see the Report Guide.
PS, no idea why Call Credit have down a discharge date of one year after my bankruptcy - it actually too early, which is the only good thing about all of this.Public Information
Details of any CCJs, insolvencies or bankruptcies in your name at the address supplied.
Insolvencies
Entry reference: B1- Case Reference:My case
- Case Year:2004
- Date of Order:My bankruptcy date
- Court:My Town
- Status:Discharged
- Discharge date:One year after bankruptcy date!
0 - Case Reference:My case
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Does anyone know if the public records (seen above) will be removed, especially if (as peachyprice thinks) they are no longer added to peoples' credit record? 0
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The London Gazette record will be there for your great, great, great etc. etc. grandchildren to see. It will not be removed. If you look there are people there from the 1800's. Creditors will always be able to find you on there.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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