Personal Bankrupsy - how long before it is wiped out?

yuki132

I have lost my job and I owe debts up to £20,000. I know this is really bad but I was in a good finantial position before and I got carried away. I suffered from depression (which probably accounts for my impulse spending) and I was made to hand my notice into work due to my sickness.

I have buried my head in the sand because I can see no way out and can't afford any repayments. I spoke to the citezens advice and after discussing with them my options, I am thinking of claiming Bankrupsy as my only option (I am still too ill to work and am signed off sick.)

I have already defaulted on payments so I know these will stay on my account for 6 years, but I need to know does bankrupsy stay on your credit score for 6 years or for good? And will it affect the address I claim bankrupsy from?

Wonder_Girl

6 years and will only show on your credit file not the address.

yuki132

thankyou! I thought so.

I also meant to ask if you still have to declare yourself as a previous bankrupt after 6 years time as a legal obligation when applying for credit and are your records still held on a database which discloses that you are a previous bankrupt AFTER 6 years?

Also what are my chances of applying for a mortgage duing those 6 years that my status is BANKRUPT with a credit reference agency? If I can't get a mortgage then, what about after the 6 years are up?

I know I can't possibly think realisticly of getting a mortgage in the near future but I seriously hope my situation will change!

file_wizzard

Technically you would be required to declare on any forms that ask even after the 6 years, however the records with the credit reference agency’s will naturally expire at the end of the 6 years.

With regards to mortgages, then yes once you are discharged then some lenders will consider you, although obviously there is a price to pay for this.

Iriahm

hey, why did your work make you hand in your notice because of your sickness? i thought this was illegal? my dad has been off work for a year and is on half pay (full pay for 6 months). check this out with citizens advice

yuki132

I know it is probably illegal but large companies seem to get away with it! They find any reason to give you a disaplinery just to cover themselves. Sometimes its not worth the hassle.

I was on long term sick without pay so I wouldnt have been any better off staying there anyway as they only pay sick pay at their discretion and statory sick pay is not enough to live off as Im finding out! x

nillhouse

Big Hugs and good luck from someone in similar predic!

yuki132

Thankyou! its good to know Im not alone and there is support from others on this site! I hate talking about it to friends because I feel like a bit of a looser as I used to be so sensible with money .. and kind of still am now in most ways but I went through a crazy period for which I am suffering for now.

But hey Im glad Im eventually admitting it - I have friends who are in more debt than me, are still living it up beyond their means and they just havnt noticed or owned up to it yet because it is such an easy trap to fall into! They are still in denial x

Diane_B_3

Does anyone know how to file for personal bankrupsy from abroad. We moved from the UK to Australia earlier this year. We didn't have a home, just a few loans with the bank. Long story short, credit crunch, company foreclosure, no income and are now inundated with final demands, ccjs etc. We don't know which way to turn or how to sort this out from so far away. We have two children and are trying to keep going with immense worry on what to do without destroying what little we have left. Help!

Tixy

Hi Diane and Welcome to MSE

It might be worth you reposting this in a new thread on the seperate bankruptcy board as they have all been through the process so may advise you better.
Not that you are not very welcome on debt-free wannabe though!

Have you taken any impartial advice to see if this is the right decision? (I assume you have no assets/property remaining in the UK?) You could speak to CCCS or Citizens Advice or I think National Debtline have an email helpline which might work better for you considering the distance & time variance to us here.

Edit: email option for NDL link
http://www.nationaldebtline.co.uk/england_wales/contact_us.php

theunknownstuntman

Diane, post in the Bancrupcy thread, theres loads of clever folk on there who will be able to help you.

Stunty