declartion of past bankruptcy

andrewsimpson2

hi to all,

i am almost 3 years after br, can anyone advise, once the br drops off your file are we obliged to tell companies of previous bankruptcy? an experian person questioned today if once the 6 years is past anyone can insist on this information being disclosed?

thanks

andy, for those at the start of this journey it does have a light at the tunnel end.

OutofDebt-NOT-OutofDanger

If a company asks "Have you EVER been BR" then yes you will have to declare it. Otherwise you are no longer required to volunteer the information once discharged.

Heycock

You don't have to volunteer it but if any organisation specifically asks, you've got to answer truthfully. You'll find many financial applications will ask "Have you ever been bankrupt". Lie at this point and its fraud. And even though the BR notice drops out of your credit file, it is still publicly available information at Registry House or whatever they call it these days.

ALIBOBSY

Never been bankcrupt myself, but had our money issues in the past and this site was part of getting out of that. Know how desparate people can become and how easily you can slide into debt and eventally bankcruptcy.
Personally I have long thought there should be a time limit on how far back they can ask this question for, it seems completely unreasonble and discriminatory to be "marked" by this for the rest of a persons life. I can see the banks might argue that 6 years is too short, but I think say 10 or even 15 years would at least give people the chance to be clear at some point.

You could argue it discriminates against the poorest in society as I'll bet those who are very rich, but have in the past been bankcrupt (cough peter jones) aren't effected by it and often have used a limited company to effectively take the "fall" for them.

Given that the banking code is now enshrined in law and part of that is to treat all customers "fairly" I wonder if the OFT got enough complaints about this issue (and the fact that insurance companies use bankcruptcy as an excuse to hike premiums for no real reason).

Perhaps they need to clarify some better post bankcruptcy actions, espcially in light of the increasing numbers. Bankcrupts aren't and shouldn't be lepers, it shouldn't be easy-and it isn't, but it shouldn't effect someone life forever.

Ali x

andrewsimpson2

that was my understanding too, seems strange that spent convictions can be not declared but bankruptcy always has to be, and the structure of a question is our only proctection from permenant blight.

thanks as always for the answers.

Heycock

The only way round it is to make the asking of the "ever" question illegal. Can't see why this should be a problem, but there is no desire from any side of parliament to change it. You'd have to find an MP who was prepared to push for a change in the law. In the meantime keep mum unless asked.

andrewsimpson2

i tried writing to my local one of a particular party but they refused because my actual one is another party, and as they made negative changes to the br laws i am not inclined to ask his thoughts on it. there is a sticky relating to it on here, i think its high time it was changed to be honest or the whole process is in some ways belittled by the structure and option to endlessly ask one vital question.

4$£&*(£$&*(!

How about this, you can use http://www.theyworkforyou.com/ to get your MP details and email this to your MP, or - even better - copy and paste into a word document, print off and hand in person to your MP at their local surgery telling them why you're doing this.

If you do go ahead with this please follow up with a post here to say what you've done.


Dear YOUR MP

I am concerned banks, insurers, and other financial institutions are not acting fairly in their treatment of former bankrupts and their families. It is commonplace for these organisations to ask, when dealing with many affairs ranging from mortgages to home insurance, if bankruptcy has ever been an issue at any point in the applicants' life. Sometimes a question may be asked if anyone living at the household has ever been bankrupt, such as in the case of home insurance.

This has the effect of penalising former bankrupts for life, regardless of how long ago the bankruptcy occurred. Given banks must operate 'fairly' within OFT guidelines, it is difficult to accept posing a question that is not time restricted is fair treatment.

I would like you to consider proposing an Early Day Motion, similar to:

"That this House considers former bankrupts must not be penalised for life following bankruptcy and should be allowed a genuine fresh start; therefore, subject to bankruptcy action being completely discharged for five years, no business may require a declaration of a historic personal bankruptcy and must subsequently provide prices and services to the same standard as if such a historic bankruptcy did not exist."

I believe this EDM is likely to stimulate business generation for financial and insurance organisations, provide fairer and equal access to products for former bankrupts, and protect all involved by ensuring a sensible timeframe is presented between the discharge of bankruptcy affairs and when the motion would apply.

I would gratefully receive your feedback and to learn of your willingness to propose such an EDM.


Yours sincerely

4$£&*(£$&*(!

Is anyone up for my suggestion in the previous post? I don't want to be a lone ranger and it only takes a couple of minutes to find the details of your local MP and email it to them.

4$£&*(£$&*(!

I'll leave this then, it seems very few people want to change bankruptcy legislation even if it would benefit everyone long term. I am disappointed.

Janey51

Just came upon this thread and I think it is a good idea. I have messaged my MP, David Mundell.