Dedrater

I was replying to what you said..

Credit scoring, which is case by case per company, as there is no such thing as a persoanl credit score, can not affect anyone else in the house hold/future tenants/new owners.

Dedrater

In theory no, that should never happen, as it is against the law, the financial penalitys are severe, in the millions range rather than the thousands, for example.

hodgy0_2

cool - thanks Dedrater

Dingdongler

Were you snorting cocaine when you wrote that nonsense??

Trout

iTrader: (1)

Two things that will be done as part of a credit scoring exercise will be address searches and associate searches (the latter in particular for high value/high exposure searches).

When looking for links it is relevant that your associates and family have adverse credit history.

If you live in a house where there has been a prior occupier with a CCJ which will create an alert as a possible adverse association.

If other information is impeccable it will probably be no issue - if other experience is negative then it will have an adverse effect.

Maybe we are talking cross purposes but I stand by original observation.

Coupe-Se

IF an address was used for credit scoring then I would never get credit (which I do easily)

The last owner of my house and the person they rented it to for 6 months have around 25 £5k+ debts owing, that have them still listed as living at my address.
We have had Bailiffs turn up and a quick flash of our passports and asking them to check the land registry sorts them out.

My wife has the same christian name as the previous owner who has debts over £100k but has had no credit issues for the 3 years we have lived here. All the companies we have contacted to let them know that they have an incorrect address have said that it will not impact on us as address's are no longer used for credit scoring and debts are attached to the person only.

Dedrater

Associates can only ever be financially linked (joint bank accounts etc) not ever linked to an address and there is no such thing as high value/exposure searches.

Against the law, if you work for or know a company doing this, report it. No major brand companies would ever dare do this.

As above, against the law, for instance, if my missus/son/daughter had one million CCJs between them, it would not effect my lending ability, at all, in no way possible.

Glowplug

iTrader: (8)

All very true Dedrater. I'm bankrupt, not MrsB. My record has had, and will have no effect on her credit 'rating'.

I think the only reason your address is 'associated', is to do with tracing the individuals movements. ie if you apply for any form of credit, you have to provide addresses for the last 3 or 5 years. It just makes it easier for the lenders to verify your true identity. Not to 'log' the debt against any address.

PaulC72

So what stops people borrowing as much as they can spending it and then just declaring themselves bankrupt if the affect on them is only something like a year?

Jamz3k

morality.

Dedrater

Because it takes time to build up a reasonable lending rate and the financial implications do not make it worth while.

It is said, only the successful go bankrupt, you don't get dole monkeys claiming it as they have never had the financial power to do it.

hodgy0_2

nothing, see RBS and Northern Rock

nick172sport

iTrader: (6)

no i dont do drugs tosser story is true

Gregsti01

iTrader: (1)

You will be screwed for 7 yrs after discharge

Glowplug

iTrader: (8)

Absolutly sweet FA if your that way inclined.

As Jamz says...

Plus there are also 'bankruptcy laws'. If these are broken then the judge will not grant the order.

Glowplug

iTrader: (8)

Yeah, but not as screwed as i was 8 months ago.

Mikej857

I was declared bankrupt in 2007 due to a failed business venture which I secured my house on, basically I sold my house to pay the bank back but the business was a franchise and the franchisee then plucked a figure of £120k that they then said I owed them so even though all the business loans were paid they pursued me and made me bankrupt, my business partner tried to get off lightly and gave them £40k and thought this would be the end of it on his part, anyway this went on for a couple of years as I then moved around alot and I was then finally found and summoned to an interview with the official receiver who if I'm honest was a really nice bloke who understood what had happend and knew from all his enquires I had lost pretty much everything apart from the house I currently had, I had already sold my hawkeye and was driving a ****ty fiesta that double in value when you put a £10 worth of petrol in it.

To cut a very long story short I had to get my house valued and tell them which company I had my pension with and they then sorted everything else out, they already knew who I owed money to i.e credit cards and the mortgage on my house, obviously this was a very stresful time and nearly cost me my marrage but we came out of it with us not losing the house and keeping my pension, dont ask me how but I did.

What my business partner didnt know was that the official reciever told me that if they couldnt get anything out of me then they would pursue him for it, which cheered me right up because the business failing was 99% down to him and his inability to manage a **** up in a brewery.

Now this was 3 years ago and I was discharged after 12 months so everything has been sorted for quite a while and what really pissed me off was that before this all happend I had a perfect credit rating and now I have to wait another 3 years before my bankrupcy is taken off my file.

The best thing I would suggest to anyone considering declaring themself bankrupt is to be as helpful and organised as possible when speaking with the official recievers, have all your creditors to hand and the amounts you owe each of them.

Not something I ever want to go through again

fast bloke

Thats bollollox. When you complete an application for credit it asks how long you have lived at your current address. If you tell the truth, they only reference that period of time and tie it up with your financial associates and DOB.OP - Bankruptcy will screw you for a long time. After a few years you might get a mortgage at maybe 15% if you are lucky. Expect to pay 60-70% on the credit card they give you with a £100.00 limit in 2015. If you mate is in that deep, tell him to talk to CAB. An IVA is a less crap option, but CAB will give him the best solution for his circumstances.

Trout

iTrader: (1)

CCJs are a matter of public record and have been used in geodemographic analysis until at least a year ago. So if the law has changed in the last year then fair enough.

MMT WRX

When we sold our house in Welwyn G City there was a hold up with the other sides mortgage. Down there the estate agents work very hard, pushing and keeping you informed every step of the way. Anyway we were told the buyer was having last minute problems with his mortgage because some sort of black flag was against the house he was living in (im not 100% but I think he was renting). They had approved the mortgage but this was the final check which was apparently in more depth. The guy was FD at some company and was livid. Anyway it took about 2 weeks to eventually sort out and our estate agent said this happened quite often and I think it was them that did some of the work at getting the black mark removed.
That was about 8 years ago.

twooo

iTrader: (3)

Afraid I'm another person that thinks you're wrong on the CCJ/debt/address thing Trout.

The last flat I bought was from a repossession company. The bloke that had owned it before me had CCJs all over the place, had filed for bankrupcy and had had the flat he owned taken from beneath him for failing to pay the mortgage. This never stopped me getting a credit card and loan based on said flat. In fact, my credit rating went up rather than down when I moved into it because I owned it (and so had a secured debt and tangible asset) rather than renting a place.

Leslie

I am glad I am not in his shoes. I would be terrified of being in that kind of debt. Hope he manages to find a way through it all.

Les

mrmadcap

I had problems two years ago and CAB were worse than useless, told me there was nothing they could advise regarding my predicament as i was in employment rather than on the dole claiming benefit.

badboyz666

Originally Posted by hodgy0_2
and that might be so, but do the utility companies just use that database, or do they use differing commercial ones to give themselves a competative advantage - also individual companies have this information anyway

i,e if you default on your BT bill (from an address), will that have a negative impact on the next occupier

Originally Posted by hodgy0_2
and that might be so, but do the utility companies just use that database, or do they use differing commercial ones to give themselves a competative advantage - also individual companies have this information anyway

i,e if you default on your BT bill (from an address), will that have a negative impact on the next occupier


WRONG!!! i moved into this rented house last year...phoned virgin to get broadband and tv in etc they said no because i owe £149.65! i explaines ive just moved in etc they said "there is a debt on house and if i pay THEIR debt they will go ahead and install broadband and tv i said "**** off" and am now with sky

Glowplug

iTrader: (8)

What utter tripe.

If the debts where put on the property, then at some point you could end up with no utilities at all (water, electric, gas).

You must have been speaking to someone that had absolutly no idea what they where talking about and could drop Virgin in the ****, or perhaps the previous occupants had 'tried it on' with Virgin in the past and there was a note on the account.

Dingdongler

b13 bat, if you had an industrial accident that prevented you from working weren't you paid out by some sort of insurance? Was the accident at work?

Glowplug

iTrader: (8)

No, it's a strange one mate. No ones at fault at all, not even mine. Which makes a change. (i'm not going into details on here) I even tried one of those accident claims companies, and after consideration even they could not find anyone at fault to claim from. Yes it was whilst a work.

Strangly however, i can claim Industrial Injuries from the social. But the rate they are moving at, i'll be fighting fit again before i see a penny of it.

fast bloke

Don't get me wrong - Mistakes can happen where you have trouble with previous residents credit histories. This can generally be resolved in a few days by filing a letter of disassociation with Experian and Equifax, and copying it to the people who have registered the default or CCJ. However - It can only happen in the event of a mistake. It isn't normal

fast bloke

Did you manage to sort it yourself then?

StickyMicky

This is something i started to look into, not because i was a bellend who went out and bought hookers and coke, but because the credit crunch/recession completely wiped out our trade and i had to borrow to keep the business afloat.

Its frightening how quickly it can swallow you up, i borrowed from the missus, put purchases on a credit card and generally just tried to "hold my time" until we got our busy season in the winter.

The first 6 months of 2008 we were beating all previous targets, as we had steadily done since i took over, then we crashed, not just me, but the whole group of 4/500 sites in the uk, i ended up at the end of the year with me not taking a wage for the best part of 6 months, which was a killer.

I missed tax payments, vat payments, and it just turned into a right horrible hole.

We never got our busy winter season as the illegals opened 2 sites around me, and a competitor on my street slashed his basic wash price underneath mine, as soon as this happened i passed the info on to the people involved higher up in the chain as i have no control over pricing.

Workmen turned up on my site 2 weeks later and put the price up on my basic program

So winter was utter ****ty.

At the start of this year the wash business was down as an average for the uk by 40% my valeting business was higher than this due to some immigrants setting up around the corner, charging half our price, and paying the staff 20quid a day cash in hand

I have lived the past year on next to nothing, its a good job that the missus is a lazy **** teacher otherwise we would not have been able to pay the rent, anything i have made, has went towards digging me out of the hole, the tax man now only wants 400quid from me, the credit card people seam to be happy that they are getting payments over the min amount, even though i had to miss a few and the landlord is not getting as arsey now her rent is on time.

It has been an utter nightmare, but it looks like this winter is going to make me some money this time around, the wash volumes have went from 40% down to only 5% down, the plan is to get this winter season out of the way and shut up shop and find a "proper" job.

Usual winter weather when the gritters are out and about can have me make anything up to 500 quid a day, so i think its just best to bugger off while its good, as i suspect its all going to go **** up again next year when the VAt goes up.

Not sure how i made it without being made bankrupt to be honest

Weird thing is, 2 weeks back i applied for another credit card to attempt a 0% balance transfer and they gave me one