Credit Reports

[pinkiefriend]

I need some advice about credit reports. I have had some bad debts (1 x CCJ and 1 loan never paid) I have had these since I was younger. I received my credit report and both were on it. It says that they will be wiped off your credit report after 6 years, does this mean that I will be able to get credit again as I'm interested in buying a house. The 6 years are up in a few months. Any help would be appreciated.

[kazzianne]

Hi Pinkie - I have had a similar problem.My ex ran up all my credit cards to the hilt etc etc but as they were in my name I was liable.I recently got a credit report too - and I have been told that after 6 years all bad debts are wiped and you have a clean slate.

[bellasasha]

its easier to go thru bankcrupcy as it is wiped off after a year...i am currently going down this route and will buy my first house next year!! good luck with whatever you do

[kazzianne]

Is that true Bella?? What about getting bank accounts after the year - do they let you?

[bellasasha]

yes they do, your credit is effectively wiped clean...its a drastic thing to go thru cos anything you own i.e car/house they will take. i sold my car before i went thru it cos i knew that in a year i would be able to have one again. i have a huge loan with the royal bank and i couldnt even be a named person on my flat cheque book, so by november 2006 i will!!! your name appears in the newspaper, but its only the financial papers for accountants and lawyers. i think its worth it but it can be hard

[whiskeysheri]

Hi pinkie, my dad went bankrupt seven years ago. You are bankrupt for three years. I'd advise doing anything rather than going bankrupt, he still can't get approved for a bank account. It sounds as though you should be okay in a few months though so good luck xxx

[pinkiefriend]

Thanks a lot guys, looking forward to clearing the slate! Good luck Kezzianne with yours, cant wait to get started and buy my first house.

[bellasasha]

it depends who you have dealing with it, in some cases you cant get credit for 3 years but your debts are wiped off after a year...my accountant is using a well known broker, the reason i went with them was so i could buy a house...it has been confirmed that by november i will be able to do this so it really depends who you go thru

[WoWo]

Good luck to you bellasasha because you have been given totally false information.

Destined to repeat the mistakes of the past I fear.

[kazzianne]

Well I think I have 3 yrs left on all the debts so I will prob just hang in there now.Ive got a bank account,cashpoint card and an Electron so I can cope with out a credit card.Dont think I'll ever dare have one again!!

[bellasasha]

nope wowo i dont think so!! it is all going very smoothly for me thanks!!

[bellasasha]

and the only mistake i made in the past was trusting my ex who put 26000 woth of debt in my name!!! so not my spending!!!!!

[peterd]

www.debtquestions.co.uk

may be useful

[bellasasha]

From the 1st April 2004 the law concerning bankruptcy has changed. The usual term for bankruptcy was previously 2-3 years. From 1st April 2004 most bankruptcies will be discharged within 12 months.

for wowo

[Ethmer]

Check peterd's link, very informative.

You are being given a lot of false advise because of semantics.

Although your bankruptcy is "discharged" within a year, that only means that the process has been completed and you are no longer "in bankruptcy".

You still have to suffer with the bankruptcy being on your credit report record for several years.

i suggest that you simply wait those few months until you can get a "clean" report. Then, apply for one or two credit cards. Make very minimal charges on them and pay them regularly. They will inturn report to the credit agencies that you have good credit and pay ontime. You will then have a more positive record for when you go to buy that house.

FYI:

Bankruptcy - Some of the Advantages and Disadvantages

What are the advantages of bankruptcy?

For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge after one year.

For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

What are the disadvantages of bankruptcy?

You lose control of your assets - this may include your house and vehicle.

You cannot obtain credit for more than �500 without permission from the lender.

Your credit is affected for many years after the annulment.

You may be publicly examined in court.

If you are considering bankruptcy and would like free advice and information on this and other options you can e-mail us or call 0800 716239.

[bellasasha]

well its worked for me, but since you only have a few months left, i would just sit it out and wait.

[Electrochem]

From what I understand the loan you never repaid will never disappear from your file.

[louisse]

i went bankrupt back in 2000 even though the bankrupsy was dischasrged after two years my adress is still blacklisted evry time the credit refrence agency is mentioned it a decline

[louisse]

hi i did not lose anything through bankrupsy you are aloud to keep things up to the value of 20,000