What information is recorded about your insolvency?

Is Your Debt Consolidation Loan Really a Bankruptcy?
May 20, 2020
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May 20, 2020

Information about your insolvency is kept on a number of databases. Importantly, these databases can be accessed by various parties.

  • Firstly, all forms of bankruptcy are recorded on your credit file with credit reporting agencies.
  • However, all forms of bankruptcy are also held with the National Personal Insolvency Index (NPII). Although, recorded information on the NPII  is held longer than on your credit file.
  • Finally, lenders will look at your credit file when you apply for credit. As such, Part 9 may prevent you from getting further finance. Although, not all lenders check for long term insolvencies.

Applying for a Part 9 Debt Agreement is an act of bankruptcy. Another key point is if your creditors reject your agreement, you can apply to the court to make you bankrupt.

Image of Part 9 Debt Agreements Section of Credit file

Part 9 Debt Agreement showing no credit score