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BankruptC
Senior Member
1030 Posts |
 Posted - 05 August 2008 : 21:40:12
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Hi all,
Just having a bit of a wobble. Once the bankruptcy is removed from our credit file in 6 years, will we then be able to get a mortgage again? What about the question, 'Have you ever been declared bankrupt?'. Will we have to say yes to this then and how will the companies know if there's no record of it on our credit file?
Thanks,
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Trolly-Dolly
Average Member
591 Posts |
Posted - 05 August 2008 : 21:51:49
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Yes I often wonder this, as we would one day like to borrow more and move up the ladder.
So do we have to say yes to being BR. I know someone who was in prison for 5 years (I know some classy folk), but he doesnt declare it as a criminal record anymore as he says his conviction is spent and he lagally does not have to state it.
Is it the same with BRs?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 August 2008 : 08:32:33
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Hi hope you dont mind ians and DM i wondered about this too.
How can it work as like you say after it is removed then surely it is clear?
I dont know lets hope one of the experts or other members on here can answer that one, and put all our minds at rest.
Sorry for adding to your post i hope u dont mind.
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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Edited by - Needafriend on 06 August 2008 08:33:11 |
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BankruptC
Senior Member
1030 Posts |
Posted - 06 August 2008 : 10:35:46
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Hi DM and Jo,
Yeah, I'm not sure how this will work at all. Maybe I'm asking in the wrong place here, but I thought maybe one of the experts or someone who's been through BR already might have had experence of this.
Any ideas anyone?
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Helen030166
Junior Member
United Kingdom
212 Posts |
Posted - 06 August 2008 : 11:13:00
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Hi what ive been told is that after 6yrs it can still be traceable on your crdit file if someone wants to delve deeper into your credit past but your probably better off to mention it anyway but you could still get a mortgage (albeit on a slightly higher rate) My friend went BR 8 yrs ago and now she can get credit again and her and new parner are looking into buying a place together so i know its possible. :)
Thanks for your Help,Helen x |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 August 2008 : 12:22:53
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Hi all
up until recently, start of 2008, you could get a mortgage 3 years after BR when of course the BR was still on the credit file.The interest rate would be higher than the high street but nevertheless attainable. With the lending and housing markets as they are the mortgage products out there are reducing by the day so this may not be possible now.
With regard to applications in the future, most if not all lenders will be asking the question, "have you ever been BR?" to answer no when untrue may help your application but this is fraudulent. If at a later date, perhaps through financial difficulty, this were to come to light, then depending on the case this could have very real and heavy consequences.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
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BankruptC
Senior Member
1030 Posts |
Posted - 06 August 2008 : 14:03:47
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Us too!  Getting prosicuted for fraud would be the last thing we needed!
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 August 2008 : 14:20:57
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Hi again
in reference to drowningmummy's post and the person that spent 5 years at her majesty's pleasure.
The sentence may well be spent but.
I once worked for a global company based at Heathrow. Every single employee, which in the UK amounted to around 500 people, when completing their original application was asked the question:- "do you have a criminal record?".
Some of these employees had been with the company many years. The company then requested all employees agree to a CRB check at the company's expense. 90% agreed.(This was in a reasonably rough area!!!)
Anyone found to have not disclosed truthfully, and there were quite a few, was instantly dismissed as they falsified their original application. This was regardless of their position or level of success within the company.
The remaining 10% knew their future progression within the conmpany was very limited.
My point being that one way or another these things usually come back to haunt you.
Needless to say some months later the company announced redundancies saving considerable sums that would have been due to those no longer with the company.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 06 August 2008 : 22:32:21
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The same thing happened with my company John (which is also at LHR).
I honestly thought that once it was 'spent' that was it, in the past, vanished, gone up like a puff of smoke!
So now I am worried. This is why. When I was a student I had a CCJ for approx £175 overdraft that I could not afford to pay with Barclays. This was 15 years ago. I paid the money 6 months later,but have never declared it on any application for credit.
Should I pack for Holloway now?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 August 2008 : 23:08:05
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Hi D_M
what a coincidence!!
Wasn't a Japanese company by any chance???
The CCJ was paid, technically subsequent applications that specifically asked the question were iffy. But being 15 years beforehand I shouldn't worry.
I think a short stay in Holloway when you're in debt and seemingly no way out would sometimes seem quite an attractive proposition. Especially if your male!!!
Sorry, I forgot for a moment that I'm an "expert" and thus should dispense with the joviality.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 06 August 2008 : 23:26:22
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No not a Japanese company, but a British one. The checks came in post 9/11.
So hopefully I wont have to do 'bird', had me worried for a moment!
Once you are declared BR, would the OR/Creditors actually go back and look your application form for credit? Or just concentrate on the debt and the handling of the account?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 07 August 2008 : 00:28:46
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Hi
no I'm sure they don't check the original applications, but it's a thought.
Likewise how many have taken loans out in the past and invariably they want to put your reason for the loan. If borrowers had improved their kitchens, bathrooms etc as often as they claimed, they'd have lived in the best house on the estate!!!
Technically????????
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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pix1
Average Member
689 Posts |
Posted - 07 August 2008 : 15:28:03
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Ians,
If you apply for a mortgage after 6 years there will be NO record of your BR at the credit reference agencies or on the Insolvency Service website (unless you got a BRO/BRU of at least 6 years.
HOWEVER,
there WILL continue to be a record of your BR on the Gazette newspaper site forever. You can find bankruptcies from 1850 on the Gazette site!
There is a definite chance that, after 6 years, it is standard procedure for a mortgage company to check the Gazette newspaper to see if there is a record of a previous bankruptcy for a mortgage applicant. It would take a mortgage administrator 45 seconds to look it up.
If your BR was in England or Wales you can check yur own BR details from this link;;
http://www.gazettes-online.co.uk/AdvancedSearch.aspx?geotype=London
enter an appropriate date range then your surname/first name in 'With all the words' and 'petition' in 'With the exact phrase'
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harry2008
Starting Member
USA
3 Posts |
Posted - 29 September 2008 : 09:12:47
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Its a very good website.
We can share our views.
We can come up with new ideas.
=============
Harry
Foreclosed Homes |
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Topic |
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Will we ever get another mortgage??
