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andyb53
Starting Member
United Kingdom
28 Posts |
 Posted - 11 February 2014 : 10:55:59
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Hi to All
I was declared BR on 25/3/2008 and discharged a year later. In a months time,I pass the 6 year point and I understand my BR falls off my credit Reports. I have since my BR kept my financial affairs in 100% order. I have a Vanquis card with a £3k limit that I clear every month. I have checked my Credit Files and none of my old Creditors add new updates or information to my files.
My question is... Will my Credit Rating significantly improve from APRIL onward? Or do I have to do anything to improve it? I realise my old Creditors will have files on me forever but with anyone new, I should be clear??
Advice please
PS: BR was the best thing I ever did. It gave me a chance to start afresh after my now ex-wife caused the problems in the first place and then left! I was left to take the BR and Mess. Husbands beware!!!
Andyb |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 February 2014 : 10:58:29
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Hi Andy,
Glad everything has worked out for you.
It should improve from April but bear in mind that some creditors may still keep it on their records for a while after that as you pointed out.
As regards new credit - you may get asked if you have ever been made bankrupt which might have a bearing on it.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 11 February 2014 : 11:47:26
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Hi andy,
You'll kind of be back to when you were a teenager, having to build it back up. The vanquis card and your bank account will be great.
Glad its all working out for you.
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 |
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pcoventry2
Junior Member
230 Posts |
Posted - 11 February 2014 : 18:20:59
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| Andy I am a year after discharge and in the same position. All due to a ex wife who just walked away. It's good to see you are out the other side fella. Your credit history until the date it drops off should help you massively. |
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 12 February 2014 : 14:24:26
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A quick note of thanks to all who replied to my question but more importantly to this site. I took peoples advice all along the way and was very luck. As we were (in theory) at the time in negative equity, I was able to sell my Beneficial interest in my house to my Brother for £1 I now have that back post BR.
Please please please people considering BR Just remember they cant have what you ain't got! so forget the "debt management leeches who take a fortune from your IVA. YOU WILL STILL BE BLACKLISTED FOR AT LEAST 6 YEARS and face paying these people hard earnt cash you can ill afford. Ok if you have loads of assets, its another matter but if not DO IT! You will not regret it. The best bit of all is telling the telephone collection people who try and try to extract money, to "Foxtrot Oscar" Even after telling them you are bankrupt, they sometimes ask " well can you afford anything?"
Andyb |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 February 2014 : 15:07:22
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Don't forget though that you may be required to pay across surplus income for three years once BR is declared and it can have a stigma long after the six years is up. It remains in the London Gazette forever.
I'd also like to point out that whilst there are some unscrupulous companies out there, there are also a lot of good ones.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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pcoventry2
Junior Member
230 Posts |
Posted - 12 February 2014 : 17:33:36
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quote:
Originally posted by Niobe
Don't forget though that you may be required to pay across surplus income for three years once BR is declared and it can have a stigma long after the six years is up. It remains in the London Gazette forever.
1. Even so it would have been 3 years ago for the guy now so not relevant.
2. it can have a stigma but only if you let it. legally you have no obligation to declare BR inside 10 years as far as I can tell. If you aren't asked you say nothing.
it is my understanding that once your BR comes off all your perfectly green credit records will push your score right up. if I am wrong then I might as well stop now because that's the understanding as to why I and others work hard to get credit as normal as we can before this point.
3. Agreed. I'm looking at stuff from 1737 as I type this - that's pretty much forever! however I wouldn't think anyone gave a crap about a printing in the LG 6-10 years ago about someone who was bankrupt.
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Edited by - pcoventry2 on 12 February 2014 17:37:23 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 February 2014 : 17:39:08
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It would actually have been four years including the 1st year nil tax. An IPA doesn't start until after that.
I agree that you don't need to declare it unless asked but an awful lot of companies ask the question these days and if they do then you have to say yes.
The BR coming off your record will be pretty much the same as an IVA coming off and your credit record will improve.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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pcoventry2
Junior Member
230 Posts |
Posted - 12 February 2014 : 18:03:31
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| I have no idea about an IVA - I guess the best thing for me to do is wait and see how it works out for the OP. I would be interested to know if he would be so kind as to update us. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 February 2014 : 18:07:26
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Credit score wise they are much the same but not everybody asks about an IVA or a DMP.
I have just applied to be power of attorney for my father and you cannot do that if you are an undischarged bankrupt or a DRO. No mention of an IVA.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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pcoventry2
Junior Member
230 Posts |
Posted - 12 February 2014 : 18:08:13
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quote:
Originally posted by andyb53
A quick note of thanks to all who replied to my question but more importantly to this site. I took peoples advice all along the way and was very luck. As we were (in theory) at the time in negative equity, I was able to sell my Beneficial interest in my house to my Brother for £1 I now have that back post BR.
Please please please people considering BR Just remember they cant have what you ain't got! so forget the "debt management leeches who take a fortune from your IVA. YOU WILL STILL BE BLACKLISTED FOR AT LEAST 6 YEARS and face paying these people hard earnt cash you can ill afford. Ok if you have loads of assets, its another matter but if not DO IT! You will not regret it. The best bit of all is telling the telephone collection people who try and try to extract money, to "Foxtrot Oscar" Even after telling them you are bankrupt, they sometimes ask " well can you afford anything?"
Andyb
i totally agree with this, I had nothing so I had nothing to lose. I am glad that I did it. I am now starting to get credit again some 9 months after discharge. people like Vanquis send you invites it seems after the 8 month mark and then you are accepted. it's good to be able to have an emergency facility again.
Don't forget Andy that also all credit trails that were amended to 25/3/2008 should also fall off. I have 2 which were changed to my discharge date and no matter how much I try I can't get them to shift the date to the right one so I will have to wait another year after Br comes off but as they are all settled I don't see it being a problem, although I would like it off but there you go. |
Edited by - pcoventry2 on 12 February 2014 18:12:21 |
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pcoventry2
Junior Member
230 Posts |
Posted - 12 February 2014 : 23:30:05
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Andy can I ask you please? When you pay off your vanquis card every month do you have to wait for the statement to be generated before you can? I have spent £26.00 and want to pay it off. it's showing as balance but when I try it says I can't pay £26.00 off as that amount is " greater than my balance"
sorry niobe for asking here, I know not of a messaging facility between members.
Thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 February 2014 : 07:09:43
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No worries.
I'm surprised they won't let you pay it off before the statement due date. Have you tried phoning them?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 13 February 2014 : 10:00:23
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Hi PCoventry2. Yup I have to wait for the statement but beware, if you do not pay off the whole amount each month you start getting Interest and "Deferred Interest" charged to the account.
One other bit of advice DO NOT USE THE 0871 number they show on the statement. It is a Premium Rate number and although only 5p per min, there is also an additional 15p connection charge so first Min is 20p! The numbers to call are........
a) 0800 023 7137 (free call)
or
b) 01634 789544 (normal BT call charge)
I hope this helps
Andy B
Andyb |
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pcoventry2
Junior Member
230 Posts |
Posted - 13 February 2014 : 14:40:38
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Thanks mate it does help!. I was using the weq4u app and my inclusive minutes but I will save these numbers in case!
I will be paying it of every month. I'm cheating in a way. I paid my cable internet bill using my card and then I am going to pay the card off using my bank account, so 2 green credit marks rather than 1!
I understand they do add interest to the first statement from the point it's produced to the point it's paid. They did set up a whole DD but I cancelled it thinking I could just add what I wanted when I wanted. I guess I will re set that up again. My letter says it's 3.39% per month so it'll be £1.03 but even worse case and I get hit with the full 59.9% it'll be £16, I can handle that once and considering I won't be paying a penny of interest after that it doesn't bother me.
Cheers again for the advice mate - and do please let us know what happens to your credit file when the BR and all pre BR credit agreements fall off. I am hoping yours will sky rocket. |
Edited by - pcoventry2 on 13 February 2014 14:43:11 |
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pcoventry2
Junior Member
230 Posts |
Posted - 04 March 2014 : 17:30:44
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hello
Just wanted to update this thread on my vanquis card in case anyone is interested.
Spent £129 on my card and when statement produced told me that minimum payment wold be £5,33. if this was all I paid next month would be £7,33.
The point is don't let the 59.99% put you off that's annual. my actual interest is 3,99%. I did of course pay my balance off in full as this is a credit building exercise
To Andy, Looking forward to hearing how the 28th goes. Please do let us know when you can see it gone from your CF
Pete
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Edited by - pcoventry2 on 04 March 2014 17:32:19 |
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Topic |
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After the 6 Year point
