After discharged

neverindebtagain

Husband was given early discharge just over a week ago, we got his credit rating and report online last night, grim reading. Made it hit home. Found it a bit confusing, the amount it said in total that was defaulted was far less than he went br for.I was confused with his old phone debt, it said 3 months ago 'd' for defaulted and then for the past 2 months it says up to date. They were included in the bankruptcy. I just wanted to know do we send a copy of his early discharge letter to his creditors now to ask them to update his report to settled or will it filter through the system from the court or someone who has dealt with the bankruptcy.

fiveyearplan

It is usually best to wait 4-6 weeks after discharge to give creditors time to update the credit reference agencies. Yes, you do write to them with a copy of ED letter. Have you gone through the credit file clean up sticky on the front page of this forum? It details step by step what you need to do.

neverindebtagain

So can he write to his creditors now and ask them to update his file, does he enclose a copy of his br date and his discharge date.If so what should he put in the letter.Just want to get credit rating out of poor and get prepared to sell the house in the new year

philnicandamy

Letter templates can be found here

http://forums.moneysavingexpert.com/showthread.html?t=677875

although as others have said seeing as discharge is less than a week ago leave it another couple of weeks before you start the cleanup process....its not really going to make a great difference to credit files though not till the bamkruptcy drops off files in 6yrs

neverindebtagain

so even though it will hopefully say settled and he keeps his credit committments up to date will he still have a low score and struggle to get a mortgage. We have a mortgage now but know that when rates rise we will have to sell.
On my husbands credit report there is on the searches a debt collection agency on there around the time he went br, is that normal. Also Orange said 3 months a go a 'D' for default and now it says up to date. I do not understand. The credit report has really freaked me out.
To make sure that debt collectors cannot come on to us what should each credtor have next to them on the report.

fiveyearplan

I'm looking to remortgage when rates go up and know it will be a struggle. I just filled in a form (didn't enter personal details) online to see about a low mortgage rate (it did say bad credit was okay!) and the first question that popped up was:

Have you been bankrupt
currently
within 1-2 years
2-5 years
over 7 years ago

Funnily enough they couldn't help me until I ticked 'over 7 years'. Anyway that was one online low interest rate. I'm sure I'll be able to re-mortgage at some point and am just hoping interest rates stay low for as long as possible.