| Author |
 Topic  |
|
|
Tifosi1
Junior Member
208 Posts |
 Posted - 13 June 2011 : 22:57:02
|
Hello Everyone
I was bankrupt in October 2008 and discharged in July 2009. I thought that I would not be able to apply for credit until 6 years after my bankruptcy date.
We are currently looking to move into another rented property and by co-incidence I came across some online sites and discussions where people have applied for credit and mortgages after discharge and not after the 6 years.
My first question is this - can this be correct? If it is, I would look into the possibility of obtaining a mortgage rather than renting - however with little as a deposit and the bankruptcy on file I doubt I would be successful in the mortgage application.
My second question is probably the more relevant and important at this stage - having not realised until this evening that I could even obtain a credit report in the duration of my bankruptcy - how best to go forward over the next few years in building a good credit rating as foundation when I would be able to obtain a mortgage in future?
I have this evening now obtained a credit report from Equifax. It shows a court entry in 2008 and the discharge in 2009 which is good. It also shows all of the credit agreements that were included in my bankruptcy as settled - apart from 3 agreements - the 1st is a HP agreement for my car which the OR let me keep and continue paying for and the report shows this to be up to date - the 2nd is a loan which was included in the bankruptcy petition but is now showing as defaulted and not settled like the others - and the 3rd was my bank account at the time of bankruptcy which was overdrawn and is now showing as 'Not Updated'.
Is this normal or do I need to contact Equifax to get them to update them both as settled? Will the car HP payments go in my favour in building my credit rating? I have 9 payments left until it is finished and the car mine!!!! 
And lastly - my wife is showing as a Financial associate in 2006 (before we were married) even though we have never had any joint loans or mortgages. Is this normal or is there a way we can disassociate ourselves?
Many thanks for your help! |
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 June 2011 : 07:19:16
|
Hi,
I only use experian so not sure about how equifax work, but you need to contact them to tell them that the entries are wrong and they will write to the creditors for you. Or you can write to the creditors yourself.
You can disassociate yourself from husband and vice versa if you have no joint accounts, there should be something on the equifax website to do that, there is on experian.
Your HP will definitely help repair your credit, but without a good deposit, I doubt you will get a mortgage, but speak to a good broker.
You will need to log onto experian too to update the details and disassociate on there. Some people do this in another reference agency, Call Credit too.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
 |
|
|
glafy
forum expert
436 Posts |
Posted - 14 June 2011 : 09:01:04
|
Hi Tifosi1
Not sure if this link is of any use to you.
Just in case you have any problems contacting any companies.
http://forums.moneysavingexpert.com/showthread.php?t=677875
Good Luck with everything.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 June 2011 : 18:42:07
|
You need to speak to Experian, Equifax and Call Credit and see what is held.
Although your credit rating might look good, your BR will show on your record for the full six years and I will be very surprised if you can get any credit.
You are unlikely to get a mortgage at the moment and will certainly need a hefty deposit even if you can find a broker to deal with you.
You can disassociate yourself from your wife by informing the CRA companies.
As regards renting you may need to find a good deposit and/or guarantor before getting a rental property.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 14 June 2011 : 19:37:11
|
| and remember that if you are specifically asked then you will have to disclose your bankruptcy forever |
|
|
|
Tifosi1
Junior Member
208 Posts |
Posted - 14 June 2011 : 21:32:44
|
Thanks everyone,
I will look at the link provided and contact the CRA companies to try and get my record updated.
I too doubt that a mortgage is viable right now but I hope that we can find a rental property!
HOw is best to build a good credit rating over the next few years? I dont want to get into debt obviously but am conscious that if we do ever try for a mortgage the better the credit rating the better our chances will be!
Many thanks |
|
|
| |
Topic |
|
Getting it Right!
