phoenixgold

iTrader: (2)

Not wrong, That won't have anything do with credit reference agencies and credit scores. That will be Virgin's own accounting system showing the debt. They will roll the account number on to a new person living there if they can, but should eventually accept that the previous occupier has moved on.

fast bloke

Micky - The lenders are only interested in lending when they can get a 20%++++ return. I have had loads of 'good' clients turned down for credit in the past couple of years. Mortgage at 3%, personal loan at 10 or credit card at 30. They always get approved for the card. I thought I was being cynical, so I applied to Sainsburys for a 15k loan to see what happened...... declined, but they offered me a credit card with a 15k limit instead. Loan would have been 8.9%. Card was 22.9

StickyMicky

Good point, i have since locked the card away in my safe, i only applied for the thing to do a balance transfer and while the numpties agreed, they sent out a car that did not have a large enough limit on it to do the stated transfer

Then they sent me a letter saying they were having a little trouble preforming the transfer for some reason and they would be contacting me by phone to discuss it

Never had a phone call

EddScott

Quite a few in my wifes family have done this and now they've learnt that its no big issue, they will do it again and again. They have nothing and on the state so there is nothing to be taken back if they do bankrupt again.


I have to say, I too thought that if there was someone in the house currently or in the past that had CCJs/adverse credit then it would affect your credit rating.

My mother went bankrupt in the early 90s. Was a very very tought time - back then it really was a stigma and seen as a big failure etc etc. It affected her ability to become a company director many years later.

Gear Head

iTrader: (2)

Fair play to you for being careful and getting yourself out of the sticky.
People take the easy way out far too often!

StickyMicky

I would never have gotten in the sticky if i had of listened to my head and wound up the business when it crashed, my problem is that i just can not seam to quit from something until i have beaten it

I`m going to get the "busy" winter season out of the way pay back what else i currently owe and move on, had an interview for a competitor with a site that does double the volumes (win) and the job has been promised to me as soon as the current chap buggers off.

But i have also started looking for a complete change and posted my CV out to "normal" employed job positions.

JAutos

iTrader: (5)

As funny as this would be lol, i was on address a few years ago but that was changed as it was unfair on newly bought houses where the person has good credit, the address is counted in credit search but only marked doen if the name of the person with bad credit matches the address been used

stef_2010

iTrader: (3)

5 years from when the moneys lent, the last payment made ? or when its been declared 'default' ?

fivetide

iTrader: (1)

A quick aside.. if you move into a property that has a pre-payment meter double check you aren't paying off someone else's debt. These are often put in for this reason and we noticed it when we bought our house. Swift call to the power company got it all sorted although we had to change companies to get the meters taken out.

5t.

Gear Head

iTrader: (2)

Now in English please??

J4CKO

iTrader: (1)

Ok, the older generation may see it as a Stigma, dont know if at 40 that covers me but I reckon all those in younger generations that borrow sensibly and pay money back see it as a stigma, country is full of clueless feckwits who borrow too much and go bankrupt and the rest of society pay it off for them, like uninsured drivers we pay for through our premiums.

Apart from extreme hard luck I dotn think it should be an option, it annoys me if people have nice stuff that they then go bankrupt, seen it happen round here, there are loads of plastic millionaires lording it being the big I am and then come crashing down to earth, Kerry Katona being one of them.

Doesnt send out a good message does it.

kingofturds

iTrader: (1)

That's exactly how Gordon and co have run the Country for the past 12 years.

JAutos

iTrader: (5)

I hate typing fast when rushing, lol basically it used to be on address years ago, the law was changed and it is now on the person although the address is used in the credit search to find bad credit if you name doesnt match the debt on the address is doesnt go against you in any way, also beware as if you have a mortgage with ya missus you split and come off the mortgage and declare bankrupt it affects them as your still classed i finacially linked to this person. so although it doesnt go on address now it goes against your spouse etc

chocolate_o_brian

iTrader: (22)

Hmm, I've got a question. Many know I lost my old job 2 1/2 years ago and defaulted on a credit card & personal loan as I couldn't afford to pay them. Got the usual threatening letters and both were passed to solicitors. I'm paying them back now through the solicitors (as I'm full time employed on my apprenticeship) with an agreed plan of payment through myself and the CAB. How long would this prevent me from anything like small loans or car finance, other forms of credit or a decent credit rating.

I'm not looking to get myself any credit or **** myself in upto my eyeballs with more debt (as I learned the hard way before), I'm just curious.

I could habe gone bankrupt when unemployed (which would have cost upto £2,000) but didn't want to lose my house - and I have self pride so wanted to pull myself through the crappy times.

Anyone on here know? (Sorry for the hijack Nick)

nick172sport

iTrader: (6)

no problem choclate fire away

J4CKO

iTrader: (1)

COB, that is how it should be done, you borrowed it so you pay it back, ok circumstances change and that was really bad luck but nice to see you are sticking with it, the fact is though it isnt decent hard working blokes like yourself that do the bankrupt thing, not guys with modest lifestyles its the ***** that have to put on a big front, have the RR Sport, the designer gear and all the other trappings and they generally earn well but not as much as it costs to service their lifestyle.

I know some, couple of years after his bankruptcy he is back to his old tricks, driving a new Merc, swanning round like he is minted, no visible means of support other than the woman he married after dumping his first wife and kids, suspect she is bankrolling him, until it all runs out.... its like they simply cant exist in a normal life without all the nice stuff, holidays, cars and a nice house yet doesnt seem to earn any of it and looks down his nose like we are paupers, maybe I am the mug ?

fast bloke

seems the lenders are changing their views on 'old' bad credit. I had a client turned down for a mortgage this week who was declared bankrupt in 1989, and discharged in 1992. Another turned down because of a default in 1999 that wasn't settled until 2005. (It was for 8 quid to vodaphone - they don't send out letters if it was less than a tenner on a closed account, but the computer still defaulted him)

Until recently, most lenders ignored anything more than three years old. Maybe not the case any more, and with the FSA lending review next year, I think it can only get worse.

Jimpreza

My brothers friend had a good job but was financed up to his eye *****. He lost his job and decided to go bankrupt. 2 years later after retraining he is off shore earning even more than before and managed to get a 180k mortgage on a 230k house. He has recently just sold his house at a loss due to the market but managed to buy another for 300k plus. He also spent 51k on a new car but I don't know if this was cash or finance. I think it's disgraceful that after being bankrupt he could get a mortgage so soon. I just hope the law does change so banks can look back at your credit/ payment history over say the last 15 years.

Why don't we all just rack up £000's of pounds on credit card then go bankrupt?

hodgy0_2

the banks did just that, and whats good for the goose ..........

Chip

If you cant afford something either dont have it or save up for it.

An earlier post mentioned morality , some on here could do with a bit of that.

Chip

Chip

So will you be using this money from the social to repay those that you owed the money to?

Chip

Glowplug

iTrader: (8)

If that is the wish of the OR, then yes i will. I have no say in the matter.
However, last time i spoke with him, he mentioned that discharge proceedings had been initiated.
So in answer to your question. No, quite possibly not.

Glowplug

iTrader: (8)

Merry Christmas to me!!!!!

Got my discharge through this morning. I'm not bankrupt any more.

nick172sport

iTrader: (6)

glad to hear it

prodriverules

iTrader: (52)

Well done Steve

Glowplug

iTrader: (8)

Cheers lads. It's made my Christmas.

PaulC72

You best see the doctor about that, it may need some cream.

Glowplug

iTrader: (8)

Yeah, i went and got a litre of it this afternoon. Think i've od'd though, there's only about half left.

Cheers for your concern though.

jaytc2003

iTrader: (1)

the bankruptcy will stay on your credit file for a good few years though wont it?

EH52WRX

iTrader: (16)

Yes 5-6 years, and not credit for at least 6-7 years. LOL