Is Your Debt Consolidation Loan Really a Bankruptcy?May 20, 2020
What other debt solutions are there?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.