Life after Bankruptcy advice required

grogan52

Hi I am seeking some guidance six yrs (5yrs discharged) after bankruptcy.

I am looking to buy a property with my partner and we are unsure whether she should purchase the property on her own or, if purchased jointly what the impact on her credit file might be.

My partner has a very clean credit history and is actually in a position where she could purchase the new house on her own.

My thoughts are that I will have been discharged form my BR for 6yrs in just under 10mths time and she does not envisage that she will need to apply for any credit in that time. Also, I have not had any other credit issues either before or since my BR.

any thoughts would be very much appreciated?

many thanks

Flm67

Bankruptcy I'm sure should drop from your file 6 years from date of BR and not discharge.

TheGardener

I think so too - its 6 years from date of BR not AD...any experts out there to confirm?

longtermplanner

It is from the date of the original bankruptcy order, not your discharge date.

Confirmation from Experian of this : http://www.experian.co.uk/consumer/crhc_html/askjames129.html

Donkey83

Definitely from the date of bankruptcy.

I went bankrupt 6th Dec 2007, dropped off my credit file dec 6th 2013. :j

grogan52

I am going for a mortgage over the next few days and see what impact my BR has.

fingers crossed.

AndyBSG

grogan52 wrote: »

I am going for a mortgage over the next few days and see what impact my BR has.

fingers crossed.

I'd really advise against going for a mortgage if you don't even know if the BR has gone from your credit file... A failed mortgage application can really cause problems on your credit report and just because your BR has expired it doesn't mean all evidence of it is automatically removed from your credit report.

My advice would be to get a copy of your credit report first and make sure of a few things such as that your BR really has come off and, more importantly, that all debts included in your BR have been removed.

It's not unusual for the BR to drop off but defaults on debts included in the BR still appearing because they haven't updated the default date.

Take a look in this thread here for how to clean up your credit file after BR

https://forums.moneysavingexpert.com/discussion/677875

Also, even though the BR may not appear on the credit file you still have to tell mortgage companies so it may still be a factor and you will need to advise a mortgage broker so they don't waste time finding mortgages you would fail the credit check for.

Black_Eyeliner

I completely agree with AndyBSG. You've got to make sure the intimation on all three of your credit reports is correct before you even think about applying for a mortgage.

Much of the information on my credit reports post BR was wrong, and in some cases the default date was out by a few years, meaning it would have been a few more years before it dropped off. I spent a lot of time and effort cleaning up my credit files, but it was totally worth it.

I was declared bankrupt in 2007, and I recently got a mortgage with the Halifax. They only want to know about bankruptcies within the last six years.

My advice to you is to clean up your credit reports, then go and see a mortgage broker who is whole of market and free of charge. That's what I did, and now I'm the proud owner of my own home!

Good luck!