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Insolvencies

Definition of 'Insolvencies'

Insolvencies include Bankruptcies, Debt Arrangements, (even the act of simply lodging a Debt Agreement proposal) and Personal Insolvency Agreements (PIA).

Insolvency is a last resort, gives you protection from pressing creditors and allows you to draw the line under past financial problems. It also flags up to lenders that at some time in the past, you have lost control of your finances in the past.

Most lenders won’t lend to anyone with a history of insolvency, despite what the law says, and whether the insolvency is current or not. The few lenders that do lend to those with a record of insolvency only extend small sums and charge huge rates of interest.

If the insolvency has been discharged or annulled, you can have the record updated by sending the appropriate court documentation to the credit reference agency.

Insolvencies are retained on your credit report for 7 years.

You're pretty much nailed when you have one of these blighting your credit rating. You just have to sit it out.

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Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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