Should I declare myself bankrupt?

eadesman

alastairq wrote: »

hi...........no idea!

However as long as the debt has been paid, the presence of the CCJ on your credit files [which seems to be the important thing to you?] really won't matter as much as you think, perhaps? As long as it is marked as 'satisfied?'

I was under the impression that a 'satisfied' CCJ would still impact things like a mortgage application?

Apparently it can increase the interest rate on any credit you want to obtain.

alastairq

I was under the impression that a 'satisfied' CCJ would still impact things like a mortgage application?

Apparently it can increase the interest rate on any credit you want to obtain.

Sorry, cannot help from experience there....still got to be better than a BR in the past?

eadesman

alastairq wrote: »

Sorry, cannot help from experience there....still got to be better than a BR in the past?

Yes it would be better than that. I didn't realise that is stuck around on your record after it is discharged.

izools

Oh it sticks around for far longer than discharge. Whilst a BR order drops off your credit file six years after inception, a record of the bankruptcy order remains in perpetuity in the London Gazette, which is also often referenced by lenders.

You also have to declare to a lender when asked that you have previously been bankrupt - for the rest of your life.

Finally, if you have £5,000 elsewhere to pay the CCJ you wouldn't qualify for bankruptcy anyway - you aren't bankrupt if you can afford your debt!

Good luck with the set aside