Mislaid Plans
Posted: Sat 20 August, 2016 Filed under: 2015/16, Bankruptcy, BurgerCrawl, Day Trips, Do More, Domestic, Driving, Finances, Five Year Plan (now Ten), Food, London, Rebuilding, Solo Dining, Thoughts, Travel 3 Comments »Back at the start of the year, one of my stated aims was to put more money into savings. I’d finally finished my bankruptcy’s payment plan at the end of 2015, so the plan was that I’d put that straight into savings instead of into the payment plan.
That aim has kind-of worked, but not to the extent I intended to. Road to hell, Good intentions, and all that rot.
I looked back this week – coming to the last third of the year, I wanted to review where I was. I’ve certainly added to the savings, but it’s not been to the full extent that it could/should have been.
There’s some reasoning behind it, when I looked into it and thought about it. Primarily, it’s the first time in way too many years (certainly far preceding the bankruptcy) where I’ve had disposable income – and I can’t deny, I’ve been taking advantage of that this year.
It’s been one heck of a year, with a lot going on – as I’ve written about before – and some of that has been funded by the money that “should” have been getting funnelled into savings. I can’t – and won’t – deny it, I should have been a bit better, a bit smarter about it, but well, I haven’t.
I’m already making plans for 2017 to be much calmer, to not be going quite so barmy about having time, space and money. From January, that money *will* be going to rebuild savings.
2016 has been a mad old year, with lots going on. 2017 is going to be a good year, but a bit more relaxed, a bit more sensible. Not perfect – I’m never going to claim that – but I know what needs to be done, and I intend to be doing it.
Little Victories
Posted: Sun 13 March, 2016 Filed under: Bankruptcy, Customer Services, Domestic, Finances, Getting Organised, Rebuilding Leave a comment »Back in December, I discovered that three companies had been mis-reporting things on my credit-score – reporting finances/loans/debts that had been included in the bankruptcy as still being ‘in default’ (i.e. not paid) every month since. As a result, I wrote to all three, asking them to correct the information and sort things out.
One company- one at the allegedly ‘bad end’ of the finance industry – came back to me on the same day, agreeing that they’d got it wrong, and correcting things all the way back to 2012, the time of the bankruptcy. Happy day.
The other two – supposedly more ‘responsible’ and ‘professional’ organisations – have dawdled and faffed about with it. They’ve both failed to live up to their own complaints procedures and timescales, and generally just taken their time to get things sorted.
In the end it’s taken extra hassles, extra letters and calls, and mentions of going to the Financial Ombudsman, the Information Commissioner (for dodgy reporting of information) and the Financial Conduct Authority (FCA) And that’s the ‘professional’ companies, don’t forget.
But it’s all sorted now – my latest credit report shows that they’re now all reporting the accounts as closed/satisfied (which’ll do) but it’s taken three months to get it done.
The fix to the scores isn’t immediate – but as these things go further back in time, they fade in importance on the scores, and that will start to improve properly now. It’s been a pain in the arse to get sorted, but it’s done now, and that counts as a little victory, another improvement in the long path. And it’ll do for now.
Rebuilding and Correcting
Posted: Sat 19 December, 2015 Filed under: Bankruptcy, Customer Services, Domestic, Finances, Getting Organised, Rebuilding, Thoughts Leave a comment »As part of the whole finances-rebuilding process, I’ve recently been paying more attention to my credit score and so on, including getting reports on it via Noddle , Equifax, and Experian. (It’s worth doing all three when you’re checking these things, as some companies report to one or two of the credit scoring agencies, but not necessarily all three – which is insanely frustrating, and most people don’t know it)
Within those reports, I found that three companies were mis-reporting things – primarily that debts that had been included in the bankruptcy were still being reported every month as “Default” (i.e. late) payments, rather than acknowledging that they’d been dealt with by the bankruptcy. I have no way of knowing (although I have some suspicions) if this is ‘just’ a mistake, standard incompetence, or a tactic to keep credit-scores low for people who’ve been through bankruptcy.
We’ll find out soon enough, though. I’ve written to all three companies, giving them the necessary information and copies of certification, and requesting that they update their records. In all three cases, I’ve given them three options for declaring the debt ‘satisfied’ (which is a different status to ‘paid’, but still closes the account) :
- Update it as of this month
- Update it for this year’s records
- Update it, backdating to when the bankruptcy was discharged.
Obviously the final option is the best one – and the one generally recommended by the FCA and Insolvency Service – because once the bankruptcy is declared, all debts are nullified, and all the credit recording should reflect that with immediate effect. So I’m still trying to be reasonable and find a middle-ground by letting it be marked as ‘default’ for a further twelve months.
One company has already come back to me, taking that third option. The other two, well, they’re more ‘traditional’, so letters have had to be posted (recorded delivery, naturally) and will take time to process. In both cases, the recorded delivery gives them a finite timescale to work with – if nothing has been done in eight weeks from proven delivery, I can start to involve the Financial Ombudsman and FCA. That’s a while off yet though (obviously) and I hope things will be sorted well before then.
The thing is, none of this is essential to the rebuilding of my finances and credit-score – although it will definitely help to have these three records sorted. But the rebuilding will continue to happen, with other positive credit-score reports and transaction reports helping over time.
There’s no valid reason for the various companies to not make the changes, though. It’s a matter of correcting the information, of setting the record straight. That shouldn’t cause anyone any problems.
But I bet it does.
Confirmation
Posted: Thu 17 December, 2015 Filed under: Bankruptcy, D4D™, Domestic, Finances 2 Comments »As I wrote earlier this month, I’ve made my final payment to the Insolvency Service, following on from my bankruptcy in 2012.
Last night, I came home to a letter confirming that it’s all been received and that I’m paid up and done with that process.
That’s been a real boost. There’s still nearly three years – two and two-thirds years, to be exact – to go before it comes off my record completely, but this is the final hurdle on the way.
2015/16 – Finances
Posted: Fri 6 November, 2015 Filed under: 2015/16, Bankruptcy, Domestic, Finances, Five Year Plan (now Ten), Thoughts Leave a comment »One of the more important things for the coming year will be continuing to rebuild my finances.
The first – and, to some degree, the biggest – step comes at the end of this year, when I make my final payment of the bankruptcy period. Really, that’s the end of it – from there, it’s just the time to rebuild and make progress. And that’ll be the plan in 2016.
Once the payments are done with, I’ll be putting the same amount into a savings account instead. I’ve got used to it going out of the account, and it’ll be the start of a good process.
I’ve got some further ideas, but the basic outline will be to build the savings up over the year, and have a decent amount by the end of the year.
I have an idea about giving myself the ability to have some time off in 2017, and the initial stage/target of that will be to have amassed at least six months pay in savings – to be able to fund a break, if that’s what I still decide to do, once this year’s plan is completed.
In similar vein, I’m considering overpaying on my bills, adding in some padding on that score as well.
Of course, it’ll also depend on having stability this year work-wise. I know my current contract will come to an end, so there’ll be a time for getting a new one and seeing what happens from there.
But all told, right now at the start of this next year’s plans, I’m feeling pretty optimistic and positive about the whole thing.