Is DRO still visible on file after six years?

in IVA & DRO
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Maria2000Maria2000 Forumite
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Can the DRO still be seen on credit file if over six years old?

if so can it affect credit applications if over six years old?

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  • fatbellyfatbelly Forumite
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    It would drop off your credit files.
    It's possible that companies who lost money because of your DRO would keep their own records and be unwilling to lend again. Depends how their systems are set up.

  • mwarbymwarby Forumite
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    Maria2000 said:
    Can the DRO still be seen on credit file if over six years old?

    if so can it affect credit applications if over six years old?
    A credit application could ask if you have ever been bankrupt(the full text varies but often covers IVA and DRO too), you would need to answer that acurately, that would impact the application. You tend to see that question more on mortgages than credit cards
  • Maria2000Maria2000 Forumite
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    fatbelly said:
    It would drop off your credit files.
    It's possible that companies who lost money because of your DRO would keep their own records and be unwilling to lend again. Depends how their systems are set up.

    Thanks and is it the same with bankruptcies 
  • mwarbymwarby Forumite
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    it's pretty much the same, the only difference is that your bankruptcy will be recorded in the gazette, this listing will be there forever
  • Maria2000Maria2000 Forumite
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    mwarby said:
    it's pretty much the same, the only difference is that your bankruptcy will be recorded in the gazette, this listing will be there forever
    Never heard of that

    say you apply for a mortgage in six years would the bank ever be able to find out?
  • fatbellyfatbelly Forumite
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    Possibly but I'm not aware of ancient bankruptcies causing a problem.

    As mwarby says there may well be a question on a mortgage application. If it's worded 'have you ever been declared bankrupt?' and you actually had a DRO, then the answer is no as a DRO is a form of insolvency but bankruptcy is a different form.

    If it's worded 'have you ever been insolvent?' then you'd have to think how you answer that 

  • edited 12 May 2020 at 8:14AM
    mwarbymwarby Forumite
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    edited 12 May 2020 at 8:14AM
    looking at my own mortgage application form (lenders form filled by broker) we have

    Have you ever had a mortgage or loan application refused?
    Have you ever had a County Court Judgement for debt or a loan default registered?
    Have you ever been declared bankrupt or made an arrangement with creditors?
    Have you ever entered into any arrangements with your creditors or are you a party to a voluntary arrangement?
    Have you had a court order/decree made against you for debt or is there any such action pending?
    Have you ever (voluntarily or otherwise) had a property repossessed by a lender or entered into any arrangements for mortgage arrears?
    Have you been subject to a debt relief order?

    So for a DRO you have the last question, although it doesn't use word ever, I don't see any time limit, so would answer it as ever

    Worth bearing in mind that in spite of answering yes to question around voluntary arrangement (ie IVA) the mortgage was approved

    Prior to having an IVA I had only considered the have yih ever been bankrupt question, worth bearing in mind that the questions tend to be more involved than that
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