During the Bankruptcy period itself, you will find it extremely difficult to get a mortgage or any form of unsecured credit. After this time it will become increasingly possible to borrow again. However, Bankruptcy will damage your credit file. Even if you are discharged after 12 months, the record of your Bankruptcy remains on your credit file for six years, meaning that for this period it is very difficult for you to obtain further unsecured credit without being subject to higher interest charges.
Although there are an ever increasing number of adverse mortgage brokers who work with individuals who have been discharged from Bankruptcy, you will be unable to take secured credit at normal rates.
How To Get a Copy of your Credit File
To find out how your Bankruptcy has been recorded, you can request a copy of your credit file There are two companies that supply 99% of all credit reference requests.
Consumer Help Service
PO Box 8000
Credit File Advice Centre
PO Box 1140
Write to both companies with all of your addresses in the past 6 years (provide postcodes, go to www.royalmail.co.uk if you need them). If there are two of you, married or not, you will need two separate applications. Send each application with a £2.00 cheque, payable to the name of that company. The information will be sent to you in about 14 days.
A useful booklet that explains what to look for and what to do if you see any problems will accompany the information you receive.
You can also request a copy of your credit file on-line. However you will be charged more for this service.
Incorrect Information on your File
If you feel that the information on file is wrong or unfair you can write to the credit agency and ask them to rectify the entry. The agency must reply within 28 days. If you feel that you are still not getting a fair hearing you can write to:
The Director General of Fair Trading
The Office of Fair Trading
LONDON EC4A 1PR
Add in your letter that you are "sending the letter under Section 159 (5) of the Consumer Credit Act 1974" and include:
a) Your full name and address
d) The nature of your complaint: what you see as being wrong, and how it affects your credit status and applications
b) Name and address of credit reference agency
c) Your reference number given by the credit reference agency
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