Can your credit file be reversed if you receive a windfall during insolvency that clears all debts

Discussion in 'Personal Insolvency, bankruptcy, etc' started by zxcvbnm, 10 Mar 2019.

  1. zxcvbnm

    zxcvbnm Frequent Poster

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    Last edited: 10 Mar 2019
    If declared insolvent and you receive a windfall that goes to your creditors - which in turn manages to clear all your debts, can your insolvency status be effectively deleted from your file?

    I am aware that if in bankruptcy you will be discharged early from bankruptcy in this scenario. But my question is will the insolvency be removed from your credit file whereby effectively no one will ever know it even occurred?

    Based on this appeal for tracker mortgage redress that may happen to me.

    I do know for example that CCJs in the uk if paid within 30 days are simply deleted from your credit file like it never occurred. Is there something comparable here for insolvency ?
     
    Last edited: 10 Mar 2019
  2. Brendan Burgess

    Brendan Burgess Founder

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    36,770
    Interesting one. I doubt it somehow, but I wouldn't know.

    If the loss of the tracker resulted in your insolvency, then you would have a very strong claim for big damages from the lender.

    Brendan
     
  3. noproblem

    noproblem Frequent Poster

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    1,469
    Is there a notice put in newspapers, or in some public forum, advising the public that someone is declared bankrupt? Something rings a bell about this which would mean it's out there for anyone to find out.
     
  4. zxcvbnm

    zxcvbnm Frequent Poster

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    You are listed in the insolvency register by the courts if insolvent. But presumably the courts equally have the power to delete an entry perhaps ? (In much the same way uk courts delete ccjs if cleared within 1 month of being obtained)
     
  5. Jim Stafford

    Jim Stafford Frequent Poster

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    Your credit yesterday is your credit history and cannot be changed.

    Obviously, if you then paid off all loans, then your credit report would show that.

    Jim Stafford