BR 6 years to the day - the story
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colmac71
Posts: 119 Forumite
Hi all,
18th April 2008 at 10:20 I was officially made BR.
Prior to going BR i had quite a few questions and I finally plucked up the courage to post a question on here, followed by another question, followed by another.
The advice and support that people provided was unbelievable. I thought at one stage that my only solution would be to use the BR fee and grab a EasyJet flight to Alicante and start a new life as a bar man!
It didn't come to that. 6 years on and I live to tell the tale. (I was looking at my original posts last night which brought back memories and was just so thankful there were so many people on here to offer advice or even just be supportive!)
It's not been easy - I've learnt to appreciate money more. And I've continued to read the forums with interest - and even in some instances offer my own support and advice.
So where am I now?
Well I've been keeping an eye on my credit files - it took a lot of work to clean them up as much as I could and this involved many phone calls, letters, recorded letters and emails.
I would certainly recommend starting the clean-up process perhaps a good year before the BR falls off your credit file. I had to pay the court a fee to get my discharge certificate which has been essential in clearing up my files (although others have found that a letter obtained by the OR has done the job equally as well).
Strangely my bankruptcy fell off my Equifax file a week early - but the defaults (this morning - 6 year anniversary) still exist. Although others have reported that Equifax can take 7-10 days after the anniversary date. Experian (as of this morning) still show the defaults (all with the date of 18/04/2008) but I'm advised that these are likely to drop-off my file as the clock strikes midnight tonight.
When I checked call credit earlier in the week - my Bankruptcy has never shown on there (or on noddle) but the list of defaults have.
My scores (again am aware that these have no impact on lenders) have increased somewhat in the last few weeks, with equifax showing 470 (good) and experian showing 913 (good). Again these have been generally at least half that over the years, so I wonder what they will look like when the defaults drop off?
I've had a Vanquis, Capital One, Luma, Aqua cards in the last 3 years, with limits increasing over time. I've kept these accounts squeaky clean. I have occasionally had balances on there but made payments above the minimum amount. I originally had a co-op account, then moved to barclays, then on to nationwide flex, then more recently Halifax Rewards (never had overdraft offered). I do believe that these have helped in making my credit files friendly and when the defaults drop off my credit files should look very healthy indeed.
In October 2012 I managed to obtain a mortgage with Mansfield Building Society on an apartment with a 25% deposit. (Although I think they may have changed their lending policy now - still worth checking though).
Life is good right now, changed jobs(less stress), moved to Manchester, met someone new and subsequently entered in to a civil partnership with them. Also dealt with loss of close family members - but guess that's just part of life!
Next stages? Aiming to get a Halifax Clarity Card - as try and have a couple of foreign holidays a year, then maybe consider a new mortgage on a bigger property.
A big thank you once more to the people on this forum who have offered sound advice and support without being judgemental. I see that there are some people who do appear to be judgemental - thankfully I've not encountered them and for many (including myself) it took a lot of courage to post on a forum for the problems I had and getting a bashing on here wouldn't have helped me at all!
Thank you once more. Good to see that people like Fermi who were amongst the first to offer advice is still about doing the same!)
Will let you know when credit files are 'clear' and if I a successful in that Clarity Card.
Best wishes
18th April 2008 at 10:20 I was officially made BR.
Prior to going BR i had quite a few questions and I finally plucked up the courage to post a question on here, followed by another question, followed by another.
The advice and support that people provided was unbelievable. I thought at one stage that my only solution would be to use the BR fee and grab a EasyJet flight to Alicante and start a new life as a bar man!
It didn't come to that. 6 years on and I live to tell the tale. (I was looking at my original posts last night which brought back memories and was just so thankful there were so many people on here to offer advice or even just be supportive!)
It's not been easy - I've learnt to appreciate money more. And I've continued to read the forums with interest - and even in some instances offer my own support and advice.
So where am I now?
Well I've been keeping an eye on my credit files - it took a lot of work to clean them up as much as I could and this involved many phone calls, letters, recorded letters and emails.
I would certainly recommend starting the clean-up process perhaps a good year before the BR falls off your credit file. I had to pay the court a fee to get my discharge certificate which has been essential in clearing up my files (although others have found that a letter obtained by the OR has done the job equally as well).
Strangely my bankruptcy fell off my Equifax file a week early - but the defaults (this morning - 6 year anniversary) still exist. Although others have reported that Equifax can take 7-10 days after the anniversary date. Experian (as of this morning) still show the defaults (all with the date of 18/04/2008) but I'm advised that these are likely to drop-off my file as the clock strikes midnight tonight.
When I checked call credit earlier in the week - my Bankruptcy has never shown on there (or on noddle) but the list of defaults have.
My scores (again am aware that these have no impact on lenders) have increased somewhat in the last few weeks, with equifax showing 470 (good) and experian showing 913 (good). Again these have been generally at least half that over the years, so I wonder what they will look like when the defaults drop off?
I've had a Vanquis, Capital One, Luma, Aqua cards in the last 3 years, with limits increasing over time. I've kept these accounts squeaky clean. I have occasionally had balances on there but made payments above the minimum amount. I originally had a co-op account, then moved to barclays, then on to nationwide flex, then more recently Halifax Rewards (never had overdraft offered). I do believe that these have helped in making my credit files friendly and when the defaults drop off my credit files should look very healthy indeed.
In October 2012 I managed to obtain a mortgage with Mansfield Building Society on an apartment with a 25% deposit. (Although I think they may have changed their lending policy now - still worth checking though).
Life is good right now, changed jobs(less stress), moved to Manchester, met someone new and subsequently entered in to a civil partnership with them. Also dealt with loss of close family members - but guess that's just part of life!
Next stages? Aiming to get a Halifax Clarity Card - as try and have a couple of foreign holidays a year, then maybe consider a new mortgage on a bigger property.
A big thank you once more to the people on this forum who have offered sound advice and support without being judgemental. I see that there are some people who do appear to be judgemental - thankfully I've not encountered them and for many (including myself) it took a lot of courage to post on a forum for the problems I had and getting a bashing on here wouldn't have helped me at all!
Thank you once more. Good to see that people like Fermi who were amongst the first to offer advice is still about doing the same!)
Will let you know when credit files are 'clear' and if I a successful in that Clarity Card.
Best wishes
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Comments
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Thank you for that.
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Great post and thank you for putting it up :pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Would be great if you could keep us up to date with the rest falling off your credit files and the effect on your score. My husbands 6 years is up in Nov, his credit file on experian is at 948 at the mo which I believe isnt to far off excellent. Hoping with my good history we will be able to get a mortgage soon but not quite at your 25% yet think we only have about 15% so far, time to up the game a bit I think.
Glad to see your back on track, good for the people about to enter into this that its not the end.0 -
Not knocking you in any way Colmac71, but why do you seem obsessed in clearing the decks so that the whole sorry show can begin again? Why not just use cash so that once its gone, you can't spend any more?0
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...probably because...despite efforts to financially keep us in the past by some [cash only, etc etc] the rest of our society wants us all paying by plastic?but why do you seem obsessed in clearing the decks so that the whole sorry show can begin again? Why not just use cash so that once its gone, you can't spend any more?
The lessons learnt by going through the BR process surely apply to credit card usage as well?
Despite what some of our erstwhile finance industry may wish [they love to use the LAw to do the dirty on us...hate it when one of us plebs uses the Law to deal with them?]..............Bankruptcy isn't a 'smack on the wrist'......it is a wake-up call for us to see financials more realistically, and to discard/reject most of what business tries to persuade is to do....including, being able to take advantage of the credit card system, but...just to annoy the credit card providers, making sure we don't fall foul of the penalties [interest,etc?]....
I used credit cards for nearly 30 years before things went titzup...without an issue.
But, everything I come across when thinking of spending money, is geared towards my having access to a credit card....not what I want, but what the rest of the world wants?
Strangely, with access to the Visa sign...I deprive myself of what the modern world has to offer...No, I don't think all other drivers are idiots......but some are determined to change my mind.......0 -
thank you for the responses.
In response to the comments made by usefulmale I appreciate your comments and having been through the process once it isn't something that I intend to repeat. It's anything but just a 6 year financial strain it's a life changing event, and as I mentioned it's provided me with a whole new outlook in regards to finances. So it was hardly a show it had impacts in many aspects of my life which I can now begin to put back in place.
Yes, I am keen to clear the decks - as I feel (rightly or wrongly) that it's the next step in my life to maintain and enhance my financial options - I already mentioned that I would now be looking to gain a better mortgage and move in to a bigger property so that we can then look at fostering and adoption (something that has had to wait).
In regards to my credit files, experian is all clear in relation to the defaulted and Br status. Call credit still has 2 defaults showing which have gone from experian but not from call credit. Equifax (although BR was removed a week early) the defaults still exist as of 19/04 but I believe that for what ever reason equifax do take a few days to update.0 -
That's a great story and thanks for sharing. In a few weeks it will be my OH's six years and I might do the same as you and share some experiences with you all on the anniversary. It's going to be a different story as I'll be writing it from an 'outsider's' perspective but I don't blame you for wanting to clear the decks. I'm sure the whole thing has been life changing enough for Colmac to never be bankrupt again, and congratulations getting to the six years.0
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Very inspiring- thanks for the post.
Bankruptcy has such a negative stigma because banks, CCs etc want you to keep paying through the nose so they can heap up profits......tax evaders have much less of a rough time0 -
Hi all,
Thanks again for the mostly positive comments.
Just a quick update - Equifax cleared the defaults about 5 days after my anniversary date.
There's 2 rogue accounts with Call Credit that the other CRA's had cleared following letters to the relevant companies (Cahoot aka Abbey aka Santander and also one with Natwest). I've asked Call Credit to look in to these as I was pretty sure about 4 months ago these had the correct dates etc.
Had current account accepted with First Direct and a 0% with Virgin.
Not planning on doing anything other than cancelling my Vanquis and Capital One and just having the Virgin CC as a just in case when booking any holidays or buying anything from the Internet etc.
My mortgage deal is up in October so will be interesting to see what options are available then.
Thanks once more.0 -
Just a quick update - Equifax cleared the defaults about 5 days after my anniversary date.
There's 2 rogue accounts with Call Credit that the other CRA's had cleared following letters to the relevant companies (Cahoot aka Abbey aka Santander and also one with Natwest). I've asked Call Credit to look in to these as I was pretty sure about 4 months ago these had the correct dates etc.
I'm glad to hear that your credit record is finally cleaned up. I have a default from Lloyds that should be registered as Settled and I've just started the cycle of writing to their Data Controller in the hope that this will be properly cleaned up (marked as settled) and logged with the CRAs.
I just want to comment that I'm bl**dy sick of the clean-up process. It's so clumsy! There are, surely, enough people going bankrupt (unfortunately) that you'd think the Banks and CRAs would have got their act together and make this automatic. I know their goal isn't to make life simple for us but you'd think it would be simpler for them too.
I really thought all this nonsense was behind me (5 years on) but no, I'm starting to get all wound up again because my credit record is still tarred due to the ineptitude of a bank
OK, rant over.
Thanks for posting such a positive message and best wishes for the future :beer:0
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