Ask a CCCS counsellor a bankruptcy question

mageis59

Hi, just registered on this site and not sure whether this is the right way to pose a question but here goes. I am a discharged bankrupt and would like to know how to begin to build up my credit rating please.

StepChange_Pavan

mageis59 wrote: »

Hi, just registered on this site and not sure whether this is the right way to pose a question but here goes. I am a discharged bankrupt and would like to know how to begin to build up my credit rating please.

Hi mageis59 and welcome to the forum.

You don’t mention how long it’s been since your bankruptcy, but everything remains on your credit file for 6 years.

There is a really useful article on here which explains how credit files work and what steps you can take to improving your file: http://www.moneysavingexpert.com/loans/credit-rating-credit-score.

I hope this helps.

Kind regards,
Pavan

2003wastheyear

I was BR in 2003 (was young-21, got into big trouble funding my degree- 20k) and cleaned up my credit rating, life and report. I wish to apply for jobs in large (some financial) companies.
When they run back ground checks will my BR show up?
Its is not on my credit rating but obvs it is still in the London Gazette.
I am scared.

XYZ1000

just wondering if anyone knows if you are able to claim ppi when you are on a dmp?
Also I am wondering what I can do as my review is due and for the past 3months I have got a second job within the same company, one is day one at night. I wanted to try the days to find out if they suited. I have now given notice on the night job. So from april wil just be doing the day job. I know the wage for this job but do not know how much tax and insurance will be. Please help! thanks

Dundeelass

I'm wondering if anyone can help. Myself and my partner have both declared ourselves bankrupt. We live in Scotland and have been told by our trustee that they will be looking to get the equity from the house which they estimate to be about £15,000. We have been told that we can sell or try for the Mortgage to Rent scheme. I have completed most of the paperwork for this and went to the local Citizens' Advice Bureau for assistance. They, however, say that they cannot help as they don't give financial advice and I need a letter from an independent financial advisor in support of my application. It might be the case that we are not eligible for mortgage to rent as our house has been valued at £105,000. The maximum the council will pay for a house of our size in our city is £100,000 (according to the gov website dated 2009). Perhaps the amount has changed since then , I don't know. I feel stuck now and don't really know what to do next. I'm hoping someone can advise me further.

StepChange_Pavan

2003wastheyear wrote: »

I was BR in 2003 (was young-21, got into big trouble funding my degree- 20k) and cleaned up my credit rating, life and report. I wish to apply for jobs in large (some financial) companies.
When they run back ground checks will my BR show up?
Its is not on my credit rating but obvs it is still in the London Gazette.
I am scared.

Hi 2003wastheyear and thank you for your question.

Your bankruptcy won’t show up on your credit rating and it’s unlikely that they would find out unless you told them.

However, depending on the positions you’re applying for, if they were to ask if you’ve even been declared bankrupt in the past you would be obliged to tell them.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

XYZ1000 wrote: »

just wondering if anyone knows if you are able to claim ppi when you are on a dmp?
Also I am wondering what I can do as my review is due and for the past 3months I have got a second job within the same company, one is day one at night. I wanted to try the days to find out if they suited. I have now given notice on the night job. So from april wil just be doing the day job. I know the wage for this job but do not know how much tax and insurance will be. Please help! thanks

Hi XYZ1000 and thanks for your post.

You can reclaim PPI whilst on a DMP – some creditors may just take this off the remaining balance. There is a fantastic guide on here which tells you how to go about it: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance.

As long as you’re not struggling with your current payment, it could be best to wait until you know your new figures. You could just send an email with your reference number so that we don’t keep reminding you.

Kind regards,
Pavan

Dav82w

Hi there would like some advice please,
I bought a house in 2007 with a friend,this so called friend 8 months ago moved out and stopped paying his half of the mortgage.he now rents with his to be wife (god knows where and I cant contact him) and is securing loans against the property which he no longer pays for.He is in arrears for these loans and I now have the threat of debt collectors coming to the door looking for him,I know this as I have had cards posted through the door.
I can just about afford to pay this mortgage (NRAM) on my own but the mortgage is a variable rate,so will increase eventually.I've tried twice to have a change of parties ,but had them refused as I don't meet there lending criteria.I've also tried a declaration of trust with a solicitor but my so called friend refused to sign the house over to me.
So obviously I'm finding this very stressful and I'm now at the point where I want to walk away.If I have the house repossessed will i have to go BR? There will be a shortfall so can I agree to pay half of this as there is after all two lenders? and how long does it stay on your credit file? p.s sorry if I've posted in the wrong place.

XYZ1000

CCCS_Pavan wrote: »

Hi XYZ1000 and thanks for your post.

You can reclaim PPI whilst on a DMP – some creditors may just take this off the remaining balance. There is a fantastic guide on here which tells you how to go about it: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance.

As long as you’re not struggling with your current payment, it could be best to wait until you know your new figures. You could just send an email with your reference number so that we don’t keep reminding you.

Kind regards,
Pavan

Thank you so much very helpful.

StepChange_Pavan

Dundeelass wrote: »

I'm wondering if anyone can help. Myself and my partner have both declared ourselves bankrupt. We live in Scotland and have been told by our trustee that they will be looking to get the equity from the house which they estimate to be about £15,000. We have been told that we can sell or try for the Mortgage to Rent scheme. I have completed most of the paperwork for this and went to the local Citizens' Advice Bureau for assistance. They, however, say that they cannot help as they don't give financial advice and I need a letter from an independent financial advisor in support of my application. It might be the case that we are not eligible for mortgage to rent as our house has been valued at £105,000. The maximum the council will pay for a house of our size in our city is £100,000 (according to the gov website dated 2009). Perhaps the amount has changed since then , I don't know. I feel stuck now and don't really know what to do next. I'm hoping someone can advise me further.

Hi there and thanks for your post.

I’ve replied to the email you sent us earlier. I hope that answered all your questions but if you need any further advice, please let us know.

Kind regards,
Pavan