Viewing 10 posts - 21 through 30 (of 30 total)
  • Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I think it is 5 years

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Yep, it used to be 5 years ;-)  Veda now tells us, 'Bankruptcy Act Information is held on credit files for seven years (prior to January 1998, Bankruptcy Act Information was held for five years).'

    With 3 years until discharge, this leaves 4 years for the bankruptcy to disappeared from the credit report once discharged.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    PaulDobson wrote:
    the one that always comes back to bite us the most is rushing the choice

    Wise words there Paul.

    The issue of rushing doesn't only apply to choosing VF buyers.

    Profile photo of gags327gags327
    Participant
    @gags327
    Join Date: 2008
    Post Count: 64

    Interesting, thanks guys love the information 

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400

    Just as a note, while bankruptcy will disappear from ones credit file after 7 years, the bankruptcy will be recorded on the National Personal Insolvency Index permanently and the information can be accessed if lenders decide to go that far.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    PLC wrote:
    Just as a note, while bankruptcy will disappear from ones credit file after 7 years, the bankruptcy will be recorded on the National Personal Insolvency Index permanently and the information can be accessed if lenders decide to go that far.

    Cheers

    Tom

    And th

    e bankruptcy register is a publicly searchable database.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400

    You're correct Terry, as long as you dish out for the fee to access it. Don't get anything for nothing nowadays.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    It is amazing how a little fee can stop people going forward. I have a mate suing directors of a company who claim they have no assets. I told him to do an ASIC search to see if they hold interests in other companies but he is reluctant to spend the $30 or so.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400

    That's human nature for you.

    Likewise when I have clients looking for a loan in a hurry, but who aren't too sure about their credit history and I tell them to obtain a copy of their credit report. They would rather wait the 2 or so weeks for the free copy than pay the fee to get it straightaway. So much for the quick turnaround they request!

    Cheers

    Tom 

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Bankruptcy stays on your Credit Report for 7 years from the time you're declared bankrupt.  Considering most bankrupts are discharged after 3 years, this leaves 4 more years before in disappears from their Credit Report.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 10 posts - 21 through 30 (of 30 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.