Insurance Policies - Disclosure Rules

[mike864]

Hi,

Well, very soon I shall hit the magic ‘6 years’ since the B/Order was made and I shall become ‘clean’ again, or will I?

Can anyone confirm whether you have to/are legally obliged to disclose that you have previously had a CCJ (spent), even after it has been removed from your credit history on Experian and the like ie: six years have passed.

The same applies to a bankruptcy order, after the six year period has elapsed.

My concern is one of ‘full disclosure’ ie: being asked the following specific question "have you ever been declared bankrupt and or received any CCJ's?"

If the above is deemed necessary then the whole concept of the ‘6 year’ clause becomes pointless, it would mean that disclosure would in effect mean forever!

Thanks.

Mike864

[des8]

Whilst Credit Agency records are expunged after 6 years you are still obliged to declare CCJs and bankruptcy if asked by your insurer.
If you have not disclosed information they have requested there could be serious consequences in the event of a claim.

[mike864]

Thanks for your reply, so as stated having the record removed after 6 years doesn't really amount to much as far as insurers are concerned, I will still be marked as a 'bad risk' & incur potentially loaded premiums.

[des8]

Like everyone else, when seeking insurance look first to the cover you want and then shop around for the price.
Some insurers will disregard a poor credit record, especially if you intend paying upfront and not monthly

FYI after your credit files have been wiped after the 6 years a record remains with The Gazette indefinitely, but the chances of that being checked are very small

[mike864]

Agreed, what my understanding was though that after the 6 years have elapsed the records are wiped & its not dissimilar to having being convicted of a crime (not that I have in any event, but the way you are treated maybe I should have done!).

My concern is one of 'non disclosure' of such events & then the insurer voiding the policy, guess it is that I shall have to disclose with the caveat that it was over 6 years ago and see how we get on.

As for getting a positive credit rating back it is nigh on impossible, I have followed all advice, acquired credit cards at criminal rates of interest (not paid any though) as soon as I could used them for fuel, food shopping etc.

No defaults on them or any other bills & my rating is pitiful. So much so I called experian years ago and queried this, the person I spoke couldn't offer any further help...useless!