when will the misery end? (or why bother discharging people?)

joel10873

when does it become imposible to find any record of bankruptcy agaisnt someone? discharged 7 years ago this year (bankrupt in the july discharged december)

there is nothing on my credit report so is it still possible to trace the bankruptcy on a credit search?

something has come up on a mortgage search against hubby but not me at a previous linked addres, surely cant be the banruptcy or that would be agaisnt me too? am thinking i remember seeing a default on his report where the date was after the bankruptcy date and having read other forums i know thats wrong and am wondering if thast what has come up?

any thoughts?

have asked lender for more detials or to point me in right direction re year address anything helpful but all they say is "its on your report" err well no i cant see it so am stuck!!!

sundays

Even though discharged i beleive one bankrupt you are bankrupt for life , the financial ind has access to that information via the London Gazette regardless of credit refence history, sadly many forget its a lfie sentance for many.

joel10873

it would seem that way, i do feel if that is the case then people should be judged on a far more individual level rather than just writing you off

in my case i was made redundant (totally out of my control) and as such couldnt afford to make the payments and could no longer face the constant harassment from companies for money, it really does drive you to the edge and i will never forget the relief of the day after the bankruptcy

now seven years on i have children and run a succesful business pay all my bills run all my credit responsibly and have a clean credit file, well one the bankruptcy dropped off (and have done for the last seven years) but still it would seem this is not good enough. i think the system is flawed

phew rant over LOL!!!

while the information is held with the london gazette surely this is not referred to except in the most exceptional of credit search cases???????

debtinfo

I think using the words life sentence is a bit dramatic but essentially correct in that if a lender asks you specifically if you have ever been bankrupt then you must answer yes. This is not necessarily a bar from you getting a mortgage but every mortgage company has a different risk stratagy and it is their choice if they want to lend to you. After all part of the recent economic problems were caused by lenders not receiving their expected returns on their mortgage lending.

They assess this risk by a number of factors, income, job stability, deposit, recent credit history and of course part of that is your previous bankruptcy.

It is almost inevitable that the bankruptcy is going to come up at somepoint so i would advise that it may be wise to use a specialist broker to find you a mortgage and declare the bankruptcy up front, at least that way you wont be dissapointed when it falls through and the broker may be able to find the correct match for you amongst the lenders

debtinfo

joel10873 wrote: »

it would seem that way, i do feel if that is the case then people should be judged on a far more individual level rather than just writing you off

in my case i was made redundant (totally out of my control) and as such couldnt afford to make the payments and could no longer face the constant harassment from companies for money, it really does drive you to the edge and i will never forget the relief of the day after the bankruptcy

now seven years on i have children and run a succesful business pay all my bills run all my credit responsibly and have a clean credit file, well one the bankruptcy dropped off (and have done for the last seven years) but still it would seem this is not good enough. i think the system is flawed

phew rant over LOL!!!

while the information is held with the london gazette surely this is not referred to except in the most exceptional of credit search cases???????

It would take me about 30 seconds to make the check myself, surely worth it if you are lending someone £100K.

BTW well done on getting back on your feet, unfortunately because you are working for yourself that will probably put you in a higher risk catagory as well

I know looking out at the world from the bankrupts point of view it is easy to think of ones self as being picked on but it is generally quite difficult for many many people to get credit at the moment and many bankrupts as well as other people may just have to wait for the economy to recover and for the banks to start handing out mortgage like sweeties again until they can get one

Helps if you can stick a large wodge of cash in as a deposit though, they like that

joel10873

at the moment it seems like a life sentence despite doing everything right since it comes back to bite you on the butt!

going back to my original problem though it would seem it is a default that was included in the bankruptcy that has caused the problem rather than the bankruptcy itself (as it only flagged a prob with hubby not me)

i really wish i could sue the company for listing incorrect information and thereby ruining my life, dramamtic but true, because they listed information wrongly i am now where i am

i also think its unfair that they ask "have you ever" as opposed to "in the last 6 / ten years" or whatever, i think that would be a much fairer system

so am really at the stage of why bother, it seems you cant get ahead and if you try you get stitched up, those with low incomes pay hgher interest rates and are made poorer (ok maybe tahts unfair but it certainly seems like that)

i really dont know what to do now or where to go.....or really how to face tomorrow at the moment :(:(

joel10873

debtinfo wrote: »

It would take me about 30 seconds to make the check myself, surely worth it if you are lending someone £100K. i see your point LOL

BTW well done on getting back on your feet, unfortunately because you are working for yourself that will probably put you in a higher risk catagory as well yep

I know looking out at the world from the bankrupts point of view it is easy to think of ones self as being picked on not picked on as lumped into a big pot and judged unfairlybut it is generally quite difficult for many many people to get credit at the moment and many bankrupts as well as other people may just have to wait for the economy to recover and for the banks to start handing out mortgage like sweeties again until they can get one

Helps if you can stick a large wodge of cash in as a deposit though, they like that i did have that option as dad offered to give me a large deposit but i indtead went for a lend a hand mortgage...big mistake yet again trying to do something right and it goes wrong

ha am bored of listening to myself complain now LOL

debtinfo

Dont get dispondant though, the economy will change, the lenders opinions will change at some point, if a broker cant get you a mortgage now then the best thing you can do is keep saving and making sure your credit file is kept in top spec.

Think of it this way, if you want to pay a 10K deposit now and get a 90K mortgage and they wont let you, but in 2 or 3 years time you can pay a 20K deposit and get an 80K and they will let you, what have you lost apart from a bit of time, you will have a lower mortgage and a lower risk and bigger cushion if got forbid something does go really wrong somewhere down the line

Florence22

Hi Joel - have a look at this thread if you have time - must join in the campaign myself soon!

https://forums.moneysavingexpert.com/discussion/1854585

Hope you get sorted.

alastairq

hi....the problem is, by petitioning BR, we actually are saying ''hey, we know what the score is...'' and the financial industry, and the associated retail industry, don't appear to like that one bit.

try buying a 'new' car, and getting a discount for cash?

Or [to quote a recent moralist poster], try buying a sofa at DFS for cash?

Neither retailer will make any sort of profit out of a cash sale..they'd far sooner you took out one of their finance packages...hence the emphasis in their advertising?

An ex-BR customer isn't a gullible customer.

An ex-BR doesn't 'play the game'....

A pity it took BR to realise what the truth really is about our credit-laden society?

[Anybody moralising at the government over their new-found reluctance to engage in PFI's? You know, as they now do...credit really doesn't work]

chin up.......it's not all bad..look at what you've got now?

joel10873

debtinfo wrote: »

Dont get dispondant though, the economy will change, the lenders opinions will change at some point, if a broker cant get you a mortgage now then the best thing you can do is keep saving and making sure your credit file is kept in top spec.

Think of it this way, if you want to pay a 10K deposit now and get a 90K mortgage and they wont let you, but in 2 or 3 years time you can pay a 20K deposit and get an 80K and they will let you, what have you lost apart from a bit of time, you will have a lower mortgage and a lower risk and bigger cushion if got forbid something does go really wrong somewhere down the line

unfortunately time is against us, hubby is 40 next year

the house is 91K and we have a 30K deposit if we want it, am kicking myself that i didnt just go with a standard mortgage with those figures...but hey no point thinking like that coz whatever is on the report would have popped up either way i guess