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Could the bankruptcy be good for your creditworthiness?
What is the function of credit bureaus? The credit bureaus are privately owned and there are three major credit rating agents in the UK (Experian, Equifax and Callcredit). Creditors are entitled to pass on information about their debtors to these agents. It is up to the company and not the credit bureau to determine whether a company grants them loans or has them.
For how long will this information stay in your credit record? It is important how long this information stays in someone else's credit record. Typically, your payments and failures will be stored in your credit histories for up to six years. The repair of a credit worthiness in these circumstances needs of course much longer.
If someone has 7-8 years to pay back their debt, then they can be sure that their payments will stay on their credit references for another six years after they have payed them. This is because the earlier you deal with your debt, the more likely it is that the harmful information will be eliminated from your credit report.
This means that our bad payments behaviour can still be seen in our credit references for another six years after we have settled our debt. Wherever face-to-face receivership is different, in the event of your failure, your debt will be forgiven when you get your relief, which is usually after 12 month.
This is often better than taking significantly longer than 5-6 years to pay off your debt.