Joint mortgage partially satisfied after my bankruptcy.

VinnyJ1224

Hi all.
I've searched high and low for some previous threads which may help answer my question but my situation is slightly different.
I'll try and keep it brief.....
2003 - bought house with partner. Standard shared ownership. Mortgage in both our names. All payments paid on time and no issues until....
2005 - relationship ended, ex-partner and her new partner live in the house. I try and get my name off the mortgage but mortgage company not happy to just have ex-partner alone in mortgage. Ex-partner wouldn't change mortgage or get new mortgage with new partner. I was stuck. Ex-partner started to default on the mortgage.
Also I was left with uncontrollable debt with nothing to show for it either (long story)
The result was that I had to declare bankruptcy.
17/04/2008 - I was declared bankrupt and standard discharge approximately 12 months later.
I began to try and re-build my credit history and life. I spoke to the Mortgage provider who still would not do anything to take my name off the mortgage. Even though my responsibility/interest/liability for the property was long gone.
The mortgage was in default every month until November 2012 when the mortgage provider finally took action and I happily agreed to a voluntary repossession. The property was sold by the mortgage provider but left a large sum outstanding. Which gave me no concern as obviously I had no liability for.
Move on to April 2014, 6 years after my bankruptcy. I get my credit reports from the main 3 and discover that (correctly) all my previous debts and the bankruptcy marker are removed from my file. Apart from the mortgage account. This account had been recording (incorrectly) a default against my file after my bankruptcy date up until November 2012 where it then showed as partially satisfied.
I was getting no where on the phone with them so I visited my local branch ( who were good to be fair) and raised a complaint. The complaint was dealt with quickly ( again to be fair to them) and they wrote to me explaining that they have written to the credit reference agencies requesting to correct my file dating back to my bankruptcy 17/04/2008. They have highlighted that I should note the account will show as partially satisfied in November 2012.

My question :
Will that account now still remain on my credit file until 6 years after November 2012? i.e November 2018.
Or
Should the credit file reporting on my file be shown as settled/partial settlement as my bankruptcy date 17/04/2008.

I'd really appreciate any advice anyone could give me please.
Thank you in advance.

fermi

VinnyJ1224 wrote: »

My question :
Will that account now still remain on my credit file until 6 years after November 2012? i.e November 2018.
Or
Should the credit file reporting on my file be shown as settled/partial settlement as my bankruptcy date 17/04/2008.

I'd really appreciate any advice anyone could give me please.
Thank you in advance.

I assume they have agreed to backdate the default to 2008?

If so what they have said is wrong.

The default date of 2008 will cause the whole account to drop off your report, settlement marker included. Nothing will remain.

Technically the satisfaction date should be your discharge date, but if they are backdating the default that won't matter as if will all drop off your file regardless.

VinnyJ1224

Thanks for the reply fermi. Really do appreciate your help.
Yes they have accepted they were in the wrong and have instructed CRA to correct the info backdating to my date of bankruptcy 17/04/2008. That bit fully understand. But in their next paragraph they stated that I should note that November 2012 will show the account as partially satisfied as it was sold for less than what was owed on the account. Again I understand that this is the correct terminology and procedure.
The confusing issue is will this mean that the account will still show on my credit file for 6 years after November 2012 or does it have little relevance as my bankruptcy date was 17/04/2008? and as you say the whole account should drop off my credit file.
They clearly knew they were in the wrong as they sent me £100 in compensation without me even mentioning compensation ( although I did highlight some recent decisions made by the financial ombudsman in similar cases)

fermi

As I said, if the default date is changed to 2008 that will mean the whole account and it's history will drop off as soon as it is changed.

There will be no partial settlement marker showing.

There will be no account showing at all.

As far as anyone checking your file is concerned it will be as if the account never existed.

VinnyJ1224

That is excellent news!
Finally got a clear credit file if that's the case.
They advised me to wait 7 days to get my credit file reports. I can't wait now!
Thanks again for you help and advise.
I thought I was in the right all along. After all how can they report on my credit file about a joint account where my interest/liability ended in bankruptcy. In effect I was being penalised for the other party involved not sorting their finances out and dragging it out.
I'll be checking my reports as soon as the 7 days have passed and confirm its cleared.
Thanks again ��