does the record of BR on the CRF COMPLETELY go after 6 years?

mclachlan4321

Hi,

I am under the belief that after 6 years fron the date of the Bankruptcy Order, it drops off your record completely.

However, my local Bank advisor tells me that whilst it drops off the main part of your file, there will still be a record of it somewhere.

Is this really true?

thanks

tigerfeet2006

Yes it will drop off your CRF completely after six years BUT it is still searchable on the London Gazette for time inmemorial for all your ancestors to see.

If you are asked the question 'are you or have you ever been bankrupt?' then you must say yes.

NotToClever

I used to be a mortgage advisor and on a few occasions the lenders solicitors would discover an historical bankruptcy belonging to an applicant. So yes, mortgage lenders/solicitors will discover if you have been bankrupt and often just before completion of the mortgage/secured loan.

Should be Ok on unsecured debt though. eg. unsecured loans and credit card applications.

fiveyearplan

Lots of lender will (previous to this recent financial crisis!) accept BR for a mortgage. What is worse is if they have ever had a property repossessed and that can also be searchable to certain people for longer than the 6 year period.

Jubbly1868

Sorry to be thick but how can people tell your house is a repo.

Does the for sale advert show the term "repossession" so your neighbours would know that you werent just putting house up for sale.

And do certain people trawl for repos as a cheap buy?

maxmycardagain

Jubbly1868 wrote: »

Sorry to be thick but how can people tell your house is a repo.

Does the for sale advert show the term "repossession" so your neighbours would know that you werent just putting house up for sale.

And do certain people trawl for repos as a cheap buy?

easy to spot a repo, a) its empty b) up for auction c) usually vandalised

You wont be selling a house under threat/notice of repo, it will be AFTER youve gone that a notice is placed in the house window for all to see.

Of course they do