Bankrupcy

#2
Because you are a potential security risk - you could be open to blackmail / bribery to help you clear your debts. Not saying you would, but that's the way the Army sees it.
 
#3
just do it if it solves your problems, quality of life comes first, after all, a security risk shall be the next RP J/SNCO.

Good luck.
 
#5
yeah it's because of loans and credit cards that sort of thing. it all started when i bought a house to rent out(thinking about the future), however things went drastically wrong. i had tennants who didnt buy the rent then squatters who trashed the house. now i have rising damp and am unable to sell it.
 
#6
UMIN said:
yeah it's because of loans and credit cards that sort of thing. it all started when i bought a house to rent out(thinking about the future), however things went drastically wrong. i had tennants who didnt buy the rent then squatters who trashed the house. now i have rising damp and am unable to sell it.
If you need help with getting your money back because of charges and giving you bad credit and stopping them harrassing you go here

http://www.consumeractiongroup.co.uk/forum/

Im chasing the halifax for under £6000 :)
 
#8
Went Bankrupt in April 2003, it lasted two years then i was automaticaly discharged April 2005.

You then need to apply to & pay the court 60 quid for the Discharge Certificate which you need to send a copy of to all the Credit Reference Agencies so they may amend their records, if you dont do this they will not change their records & you will still be classed as Bankrupt which will affect you getting further credit & Bank Account's etc.

The official receiver may seize any assets you have & may take an amount from your income each month.

I found the most hassle i had was after the Bankruptcy & trying to clear the records and obtain a new Bank Account, & more recently a Mortgage..

Only do it if its the last option, as even after Discharge your name is still on the Land Registry for five years & will affect a Mortgage Application & its on your credit file for six.

Hope this may be of help
 
#11
Cant help you out on that one as i had left when i had mine, but its looked into when you sign up as a way of telling you are reliable etc.

It was a major stress release once the debt was all gone, even the judge said "I trust you will now be able to sleep well again" & he was wright..


Marky
 
#12
Markymoon,

I was discharged as bankrupt in 2005, and didn't realise I still had to get a letter and clear the records myself.

Can you give me a bit more info on that? Which credit reference agencies must I contact, and is it back to the county court that I must go for the letter?

Help would be greatly appreciated.
 
#13
Obelix said:
Markymoon,

I was discharged as bankrupt in 2005, and didn't realise I still had to get a letter and clear the records myself.

Can you give me a bit more info on that? Which credit reference agencies must I contact, and is it back to the county court that I must go for the letter?

Help would be greatly appreciated.
Yeah no worries, will put the needed info up asap mate..
 
#14
These are the three main Credit Reference Agencies used by anyone doing a Credit Check on you, including HMG.

Callcredit Plc
Customer Services Team
PO Box 491
Leeds
LS3 1WZ
0870 060 1414
www.callcredit.plc.uk

Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
0870 010 0583
www.equifax.co.uk

Experian Limited
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
0870 241 6212
www.experian.co.uk

You should have been given this info when you became discharged by The Insolvency Service, but they dont seem to be too arsed about informing you of this.

You need to contact the court you were made Bankrupt at, give them your case number and they will ask for the 60 quid and issue a form 6.77 (Certificate Of Discharge) which you then send a copy of to the above agencies with a letter explaining who you are and the circumstances.
You can also on request get a letter from the Insolvency Service stating that you are now Discharged, but most Financial Companies dont except it as proof.

Anything else about it just ask

Mark
 
#15
Did'nt realise i had to clear records either untill i needed a Bank Account, Mortgage etc, they dont tell you this, the barstewards!
 
#18
From Queen's Regulations:

J5.064.

a. An individual who has a receiving order inbankruptcymade against him or files a petition forbankruptcyor who is unable to meet his financial commitments is to report the facts immediately to his commanding officer. The commanding officer is, if necessary, to report the matter, with his recommendations, to MOD (PS2(A)) through the chain of command.

b. (Army only.) Detailed instructions on dealing with cases of civil debt, includingbankruptcy, involving serving officers and soldiers are contained in Army General and Administrative Instructions, Volume 3, Chapter 89.

This is a direct cut & paste so go to your Orderly Room amd read the paragraph!

Then speak to your Company Commander or your Welfare Officer before doing anything. This would seriously screw up your career for some trades!

The implications can last a long time, so be careful!

Litotes
 
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