With some exceptions, Bankruptcy discharge takes place automatically after 12 months in England and Wales and your details are removed from the Insolvency Register three months later. However, the Official Receiver can release people earlier, especially if their circumstances are unlikely to change e.g. pensioners, those on disability, etc.
Improving your credit rating:
- You can get a copy of your bankruptcy discharge from the Insolvency Service. Send this with a covering letter to the three credit reference agencies, as they can often take some time to record your change of status.
- Try to get an ‘impaired credit rating’ credit card from providers like Capital One, Vanquis, etc. and make a point of using it to pay for small transactions and then paying the bill in full every month. This creates a ‘0’ on your credit file (1 being a missed payment) and once you have a string of these, your credit rating will start recovering.
- Another, less known, option is to sign up to a company like Virginmedia for your internet services as they work under contract and, again, every payment records a ‘0’ on your credit file.
Feel free to call us for a confidential chat about Personal Bankruptcy on ☎ 01425 600129 (direct office number). We are also available over the weekend.