Owners handing in the keys

neverdespairgirl

Dithering_Dad wrote: »

Credit records only go back 6 years, so a bankruptcy is expunged from your credit records after 6 years, not a decade. People can even start getting credit much earlier if they repair their credit rating (information on this in the DFW/BR forums).

Yes but no but yes but....

You may well still be asked (for ever) if you've ever been made bankrupt when trying to get a mortgage etc

Gorgeous_George

!!!!!!? wrote: »

Bankruptcy is part of the game. Lenders should bear that in mind when loaning out stupid amounts of money to people patently unlikely to pay it all back.

It is not the banks that pay though is it? It is the rest of us law-abiding, debt paying individuals. Leeches on society should be (I won't say what I think).

GG

WTF?_2

Gorgeous_George wrote: »

It is not the banks that pay though is it? It is the rest of us law-abiding, debt paying individuals. Leeches on society should be (I won't say what I think).

GG

In theory it should be the banks and their shareholders who shoulder the burden of defaults.

Since the governments (not just the British one) have been so incompetent in letting lending get completely out of hand we are now in the situation where the taxpayer gets shafted as there simply isn't enough capital in the banks.

The problem is that in a world becoming more risk averse, there may not be much of an appetite for government debt either as they seek to borrow huge sums at paltry rates of interest paid.

PS. If you want a heart attack, read this:

http://www.moneyandmarkets.com/the-g-20s-secret-debt-solution-27996

It's probably just speculation from a gold ramper but would you really bet against the likes of Gordon going for a plan like that? I wouldn't.

Gorgeous_George

Apologies to Mr K

IF you can keep your home when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all MSEers doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:

If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by bears to make a trap for bulls,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of boom-and-bust,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: 'Hold on!'
If you can talk with crowds and keep your virtue,
' Or walk with Kings - nor lose the common touch,
if neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!

Great poem only slightly ruined.

GG

StevieJ

Gorgeous_George wrote: »

Apologies to Mr K



Great poem only slightly ruined.

GG

He makes exceedingly good pies as well.

Dithering_Dad

neverdespairgirl wrote: »

Yes but no but yes but....

You may well still be asked (for ever) if you've ever been made bankrupt when trying to get a mortgage etc

If one know that the records are held for 6 years only, one could easily 'forget' and not mention it.

neverdespairgirl

You could - be dodgy if you were found out, though.

Dithering_Dad

neverdespairgirl wrote: »

You could - be dodgy if you were found out, though.

No more dodgy than lying about your income, and that seems to have been prevalent over the last few years if the rhetoric on this forum is anything to go by.

Certainly if you had an individual who bought a house but neglected to mention his BR past, but is a model citizen and pays his mortgage premiums on time, I can't imagine that his mortgage lenders would be too concerned. They'll be too busy with all the 'lie to buy' people who are defaulting because they've overstretched themselves.

Anyhoo, how would they ever find out. If they deny you a mortgage because they have financial information on you that is over 6 years old, surely you could sue them due to violation of the Data Protection act?

neverdespairgirl

Dithering_Dad wrote: »

Anyhoo, how would they ever find out. If they deny you a mortgage because they have financial information on you that is over 6 years old, surely you could sue them due to violation of the Data Protection act?

It's public information, though, published inter alia in the London Gazette.

Dithering_Dad

neverdespairgirl wrote: »

It's public information, though, published inter alia in the London Gazette.

I guess they could trawl through 10 year's worth of back issues of the Gazette per mortgage application, but I put it to you, M'despairgirlud that if banks couldn't be bothered even requesting 3xmonths payslips for 'lie to buyers', then they won't be trawling through microfishe to find bankruptee's.