Discussions on life after your bankruptcy discharge.

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BySonic
#30107 Hi folks

Sorry, I know this has been discussed before but I'm still confussed about (to use a 'Nilla word) about something.

After bankruptcy, are CRAs/creditors obligated to mark defaults as 'settled', or are they only obligated to mark the date the same as the bankruptcy date?

The reason I ask is, I've finally checked my credit files, and all the defaults are correctly dated, or only one week after petitioning; as they are only one week later it hardly seems worth the hassle if all they can do is change the dates, if you see what I mean?

Could someone please clarify?

Many thanks,

S x xx
By Mel_Odious
#30110 They should be marked as either settled or satisfied from the date of your BO.

V 1.1 – 15/03/05
Information Commissioner, Wycliffe House, Wilmslow, Cheshire, SK9 5AF
http://www.informationcommissioner.gov.uk
Frequently Asked Questions - Bankruptcy
Here are some of the frequently asked questions (FAQs) that
a) people who are bankrupt;
b) people have been discharged from bankruptcy; or
c) people whose bankruptcy has been annulled;
ask the Information Commissioner about the information on their credit reference
files.
a) People who are currently bankrupt ask:
1. On my credit reference file there is a default for an account which
was included in my bankruptcy. Is this right?
Yes. If an account has been included in your bankruptcy, the lender
should have marked the account in default. The default will stay on your
credit reference file for 6 years from the date of the default.
After you have been discharged from your bankruptcy you can send proof
of your discharge to all the lenders included on your Statement of Affairs.
The lenders whose debts were included in your bankruptcy should then
mark the entry on your credit reference file to show that you no longer owe
money on that account (perhaps by marking the entry as ‘satisfied’ or
‘settled’ or in some other way). However, the default will not be removed
from your credit reference file until 6 years from the date of default.
If you wish, you can ask the credit reference agency to add a statement
called a ‘Notice of Correction’ to the default entry. In your statement, you
may like to say that the entry was included in your bankruptcy. More
information about ‘Notices of Correction’ can be found in our ‘Credit
Explained’ publication which can be found on our website,
http://www.informationcommissioner.gov.uk under ‘Data Protection’ then click on
‘Your Information Rights’ and then click on ‘Credit Explained’.
V 1.1 – 15/03/05
User avatar
By litepurple
#30118 Mel, I could be wrong here. My understanding is that the default should be marked as the date of the BO. It should be marked as 'settled' or 'satisfied' as of the date of discharge. Or am I confused?
By Mel_Odious
#30123 Not 100% on that Mark. They don't actually put a date for the settled or satisfied do they? I would be concerned that being marked as settled with a date then maybe the CRAs would keep it on file for 6 years from that date.

Mel
BySonic
#30147 Thanks both.

S xxx
User avatar
By litepurple
#30191 Mel,

Thanks for clarifying it. I guess I'd spent so much time doing this that I'm getting confused.

Mark.
User avatar
By fizz
#30278 hi guys
i recived a letter from london scottish after being in contact with them about my CRFs they have said they will amend the files to show satisfied but they say the details remain on file with the agencies for 6yrs after settlement is this correct?
BySonic
#30279
fizz wrote:hi guys
i recived a letter from london scottish after being in contact with them about my CRFs they have said they will amend the files to show satisfied but they say the details remain on file with the agencies for 6yrs after settlement is this correct?


Hi fizz

I think they mean that the default will stay on the files for 6 years - but in this case it will be marked 'satisfied', so shouldn't cause you problems

S xxx