Name change to rebuild life

[Dobby100]

Hi guys

 

Going to try something fairly extreme in order to rebuild my life after getting myself in quite a mess with debt. I know what i am about to do is a grey area but i am still going to give it a go. I will keep regular postings on this site so that you can all see how i get on and would appreciate any tips any of you guys have.

 

Over the last few years i got my self into alot of debt through credit cards, loans and other bits and bobs, i estimate it to be in the region of £40,000. I have no property or assets and i know that unless i do something extreme i will end up in the bankrupcy court which i don't want to go through. In the last few months i have moved from one lodgings where the debt agencys knew i was at, the only organisation that knows where i am at the moment is my bank but as i only have a basic bank account with no overdraft or anything so they haven't any reason to provide info to the credit reference agencies about me so no debt tracking companies can trace me at this new address.

 

I am about to change my name through Deed Poll and see if i can restart my life with a whole new identity. It's a bit of an experiment really but one worth a go. I will inform the passport office and the Inland revenue as well as the DVLA. I will then let my bank know of my name change and leave it 3 months so i can get statements for this period. I will then change addresses again and get myself on the electoral role and see if i am then able to change my bank and obtain a current account with debit card and cheque book which my current bank refuses me.

 

Don't get me wrong, i'm not looking to get in a mess with debt again, i just want to rebuild my life and start again.

[gni03349]

Credit records show previous names, aliases etc., and as a name change has to be done by deed poll if you want to be officially known by a new name, the new name would no doubt be linked to your original name. Of course, you can choose any name you wish, but unless changed by deed poll, it wouldn't be official.

 

Any DCA's chasing old or current debts would soon get to know.

 

If you have no assets and owe in the region of 40k, why not go the bankruptcy route? You have nothing to lose, and everything to gain (ie. wiping out 40k of debt). The only thing you would have to do is notify your bank, but as you only have a basic bank account, it "shouldn't" be an issue with them. Bankruptcy would allow you to rebuild your life, and it would be a cheaper option too.

[Dobby100]

Hi

 

Thanks for the comments.

 

The big reason why i don't want to go bankrupt is because i work in financial services so that could realy muck up chances of work etc.

 

I have looked into changing your name and all you have to do is get a template, modify with your details then have it witnessed by 2 people.

That's it. Then to get your passport and license changed you just send a copy of the signed form to them, simple.

 

The only thing i will have to do is not disclose my previous name when applying for a new bank account and to be honest my file will look as if i have no credit file at all which could go against me i guess.

[gni03349]

Fair enough for the reason you dont want to go the bankruptcy route. As for the bank, there really isn't any issue. The whole point of these basic bank accounts with no facility for any kind of borrowing (overdraft, debit card, loan etc.), is that they were effectively forced to make some provision for people with a less than good credit history. You already have a bank account, so why change?

 

Yes, it's very simple to change your name, but there "will" eventually be something on your existing credit record, or a new one, to show that your name has changed, because it's a legal process, and the details will be in the public domain.. somewhere. It might give a bit of breathing space I suppose, but it won't go away that easily, IMO.

 

Is any of the debt Statute Barred? I suppose changing your name might help that process along (ie. it might take a long time to find you, by which time, some of the debt may well have gone over the 6 year limitation period), but I'm not sure of any legal implication if a debtor tries to claim, and claims that you changed your name to avoid payment. Somebody with legal knowledge would have to answer that one.

 

Personally, I think changing your name would only give you some breathing space. It wouldn't make the problem go away completely.

 

Regards etc...

[Dobby100]

I'm not sure if any of the debt is Statue barred at the moment, to be honest i'm always too scared to enquire about my credit report etc as i know the debt trackers will find me.

Surely they would have to prove i changed my name to hide from debt on purpose?

From what i've researched there currently is no official records kept of changes of name etc. I know that if you go through the official Deed Poll route they then advertise in a newspaper in London of the change but i don't intend to do that. I have a template DIY form that is a legal way to do the change. The only people that will have the record of the change will be my current bank, the passport office, DVLA and the inland revenue. I intend to change banks within 3-6 months after the change and as they don't send details to credit reference agencies i will be untraceable to debt trackers unless i disclose to new credit providers that i was once known as my previous name.

The passport office, DVLA and the inland rev cannot by law give out these details to any debt recovery companies.

[Dobby100]

DEED POLL ON CHANGE OF NAME

THIS CHANGE OF NAME DEED made this day day of month year

BY me the undersigned new name in full of address excluding county and postcode in the County of county now or lately known as old name in full a British citizen under section 37(1) of the British Nationality Act 1981

WITNESSES AND IT IS HEREBY DECLARED as follows:-

1. I absolutely and entirely renounce relinquish and abandon the use of my said former name of old name in full and assume adopt and determine to take and use from the date hereof the name of new name in full in subsitution for my former name of old name in full,

2. I shall at all times hereafter in all records deeds documents and other writings and in all actions and proceedings as well as in all dealings and transactions and on all occasions whatsoever use and subscribe the said name of new name in full as my name in subsitution for my former name of old name in full so relinquished as aforesaid to the intent that I may hereafter be called known or distinguished not by the former name of old name in full but by new name in full only,

3. I authorise and require all persons at all times to designate describe and address me by the adopted name of new name in full.

IN WITNESS whereof I have hereunto subscribed my adopted and substituted name of new name in full and also my said former name of old name in full and have affixed my seal the day and year first above written.

SIGNED SEALED AND DELIVERED

by the above-named

new name in fullnew signature

........................................formerly known as

old name in fullold signature

........................................in the presence of

 

first witness's signature

........................................

first witness's

name and addressStick a red circle here

from a stationer's shopsecond witness's signature

........................................

second witness's

name and address

[PriorityOne]

You would be better off "losing" any old address linked to bad debt than going through the name change thing. This means never quoting them on any applications for anything ever again.

 

If you're able to do this for a number of years, then you should be clear to rebuild your credit file from scratch. If you're still at the old address with a new name however, then they will find you.

 

[PriorityOne]

The passport office, DVLA and the inland rev cannot by law give out these details to any debt recovery companies.

 

You wanna bet ? DVLA disclosed my details to an old mortgage company many years ago... If/when it happens to you, it will be very difficult to prove... and too late in the sense that they've already found you anyway.

[Dobby100]

Hi Priorityone

 

I have already left the old address that had all the bad debt linked to it and i will never quote these addresses ever again. I living at a mates house at the moment and paying him lodgings, as he has a reduction in council tax for single occupancy he hasn't put me on the electoral role.

Once i move in about 3-6 months i'll then make sure i will be on the electoral role in my new name. If when i start to apply for new bank accounts they ask the question as to why i don't appear on the radar i will just say i was in lodgings and never got around to getting myself on the electoral role.

[Dobby100]

I know what you mean about relying on DVLA etc not to disclose info or lose any discs with all your details on but by law they can't give out this info.

In the states it is different as when you apply for credit you have to give your driving license number and social security number which doesn't change when you do a name change.

Thank god that the British government isn't that quick!

[Dobby100]

Right, meeting up with a couple of mates to get the form completed and witnessed tonight.

 

Full steam ahead!!!

[PriorityOne]

I just hope you get the result that you want from this....

[Dobby100]

I know it's not going to be a quick fix but i think it will work out.

I used to work for a bank in quite a senior role and know the processes etc.

 

Don't forget i'm not looking to build up debt again, i certainly have learned my lesson there and just want a fresh start.

[MrShed]

*devils advocate hat on*

 

Why should you have this "fresh start" at the expense of all your creditors? Quite frankly, especially as a worker within the financial services, I think you should take a little more responsibility for your actions, and face up to your bad financial management.

 

*devils advocate hat off*

 

Before you all start, I am not a "troll" just fail to see why the rest of us should have higher interest rates/charges/etc to compensate for the 40 grand deadweight loss these companies are going to have if the OPs plans work.

[gizmo111]

What you are suggesting here is delibarate debt avoidance, in one of he most extreme blatant formats I have seen on this site. CAG does not , and never will condone debt avoidance, in any shape or form.

 

You are also admitting ot being part of a council tax fraud situation.

 

I am therefore closing this thread.

 

If you wish to start a thread on how to tackle your debts with the legal remedies that are available to you, then please start a thread in the appropriate forum, where you will receive support and advice.

 

http://www.consumeractiongroup.co.uk/forum/general/66282-cag-how-use-our.html

Edited June 10, 2008 by gizmo111