Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By Pineapple
#1881 I've recently been discharged. On a day-to-day level it doesn't make much difference - my work hasn't been affected by bankruptcy and my IPA continues until July 2007.

However, are there some things that I should be thinking of? Should I be getting a certificate of discharge from the court? If so, why? And what could/should I do to rebuild my credit history? Not that I ever want unsecured credit again, but one day I might want to get a mortgage. And I would love to have a proper debit card - my Electron card hasn't been accepted in several places that I needed to pay by card.
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By Nicky
#1882 You should send your Certificate of Discharge to the credit reference agencies so that it can be placed on your credit file. If you dont have a certificate, it might be that you could obtain one from the Court.

The Certificate of Discharge will show anyone you apply to for credit that you are no longer bankrupt, therefore, should be an advantage when it comes to lending.

As far as credit repair. It generally works on how you manage any future credit you have on your credit file. You probably still can get a mortgage, but it might be that you would be charged higher interest rates. Unless you have something on your file ie. loan, which you have kept up with the repayments for a substantial amount of time or even paid off with no defaults, this should in turn improve your credit rating. It will take time.

I know you said you dont want any unsecured loans e.t.c. but, just incase further down the line you are thinking about it, don't make too many applications, this goes against you on your credit file.
By Pineapple
#1883 Thanks, Nicky. There are three credit reference agencies, aren't there?
By Pineapple
#1885 Thanks, Nicky.

Actually, what I've got isn't called a Certificate of Discharge. It's Form 6.82 and was stamped at the court where I petitioned. Is that the right document? I vaguely remember seeing somewhere that you had to apply and pay for a certificate.
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By Nicky
#1886 Ok, yes, that gives the confirmation of the date of discharge as it was an early discharge by the sounds of it.

You need to contact the court for a formal certificate of discharge. The cost is £60 I believe :?
By Pineapple
#1887 Yes, it was an early discharge.

So would there be any benefit in paying for the certificate as opposed to just sending this form to the CRAs?
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By Nicky
#1889 I dont know to be honest. I dont know if they would accept that as confirmation of a bankruptcy discharge. You could always give the credit reference agencies a call to see if they would accept it and note onto your file that you are discharged.

If you do call them, let us know how you get on.