Bankruptcy and repossession

teresakittykat

Hi there,
I am six years free of bankruptcy as of April this year, however the house I owned with my ex husband wasn't repossessed until November of the year I had to go bankcrupt, so five and a half years ago. The mortgage was included in the bankruptcy.
My partner and I are hoping to buy a house this year, have been saving for some time.
My question is, how will the fact the repossession happened after I went bankcrupt affect my ability to get a mortgage?
Many thanks,
Teresa

fermi

Have you checked your credit files to see what they say about the repossession? Is there a default date listed, and if so when is it in relation to your bankruptcy date?

Should clear six years from the recorded default. If later, you can argue for it to be backdated.

Despite that you still might be affected if required to declare you have been bankrupt, as most lenders do ask that question, and you must tell the truth.

teresakittykat

My noodle account shows that the bankruptcy has gone, and there are no other defaults on there. I wouldn't dream of not mentioning it, I'd rather be upfront and hope for the best.
Thanks for the reply fermi ��

owlet

Check experian and equifax as well. You only need the £2 statutory reports.

silvercar

I would advise using a broker to get a mortgage. Some lenders have a policy of not lending to anyone that has ever been repossessed. You don't want to damage your chances by having too many credit searches on your file and there is no point in wasting time (and possibly fees) in applying for a mortgage you have no chance of getting.

teresakittykat

I've just checked my Equifax report. The bankcruptcy is no longer on there, but some of the accounts that were included in it are, and are showing as defaulted. Some don't have default dates, only settled or satisfied dates, with some being as late as 2011. Can I ask for them to be backdated since they were included in the bankcruptcy, or do I have to wait the six years after the settled/satisfied date?
Thanks, Teresa

youngbuck2

teresakittykat wrote: »

I've just checked my Equifax report. The bankcruptcy is no longer on there, but some of the accounts that were included in it are, and are showing as defaulted. Some don't have default dates, only settled or satisfied dates, with some being as late as 2011. Can I ask for them to be backdated since they were included in the bankcruptcy, or do I have to wait the six years after the settled/satisfied date?
Thanks, Teresa

I believe the rules/regulations of bankruptcy are that for each creditor you have at the time of the BR, they must show the final default date as no later than your actual BR date.

So if you have credit cards/loans etc, as long as they put the default date before or on the date of your bankruptcy thats fine.

I'm not sure about the satisfied/settled dates, it is possibly less strict as long as it is shown as satisfied/settled post-BR?

alastairq

I'm not sure about the satisfied/settled dates, it is possibly less strict as long as it is shown as satisfied/settled post-BR?

That date is supposed to be the date of Discharge. However, the 'settled' date is not so important.

To the OP, if any of the accounts showing later default dates, were initiated prior to the date of BR, then they need to be sorted. Get in touch with the CRAs first...then the account holders themselves...these should all have gone by now.

teresakittykat

Thanks for the replys, going to contact Equifax .