The Student Room Group

SRA - disclosure of financial matters

Hi,

I had a quick question regarding application for admission to SRA. I have 2 defaults which are showing on my credit report as satisfied. The amounts aren't big but obviously stay on the credit file for 6 years. I've had both of these debts for a year or so, and then got them settled. Is it something that I would need to explain in my application?

Also, since the SRA requires one to disclose any CCJ's and etc., where would I have to go to make sure none are registered against me? There isn't anything showing on my credit reports but I just wanted to double check, in case something that I've never heard off pops up halfway through the application process!

Thanks.

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If a CCJ had been made against you, you would know. Its a court judgment, there is a formal process and forms to fill in. It would also appear on your credit report.
Original post by eve_22
Hi,

I had a quick question regarding application for admission to SRA. I have 2 defaults which are showing on my credit report as satisfied. The amounts aren't big but obviously stay on the credit file for 6 years. I've had both of these debts for a year or so, and then got them settled. Is it something that I would need to explain in my application?

Also, since the SRA requires one to disclose any CCJ's and etc., where would I have to go to make sure none are registered against me? There isn't anything showing on my credit reports but I just wanted to double check, in case something that I've never heard off pops up halfway through the application process!

Thanks.


If you want to make absolutely sure you can pay for a search with Registry Trust who maintain the register of CCJs.


http://www.trustonline.org.uk/

It should have been picked up on a credit search but because students move addresses frequently it might not have done.
Reply 3
Thanks! Can I just ask again regarding the first part of my post relating to disclosure of defaults? I know these will appear on credit report which I assume I will need to submit but will I be asked for some other form of documentation to explain these?
Original post by eve_22
Thanks! Can I just ask again regarding the first part of my post relating to disclosure of defaults? I know these will appear on credit report which I assume I will need to submit but will I be asked for some other form of documentation to explain these?


The general principle is if in doubt-disclose.

The SRA are primarily interested in integrity. They won't really be bothered about the debt as it has been discharged seemingly without the need for court action. There are plenty of practising solicitors with IVAs.

The information you need to give is on the website


http://www.sra.org.uk/students/student-enrolment/character-suitability-guidance.page

Note the earlier deadline date for candidates with issues (which is only a few days away). However also note that the online registration facility doesn't seem to have opened yet! (Welcome to the looking glass world that is the Law Society of England and Wales)
Reply 5
Eve you do not need to declare these, the form only asks about CCJs. I think you just have to tick a box saying that you don't have any - no need to submit your credit report or any other douments.
Original post by emmings
Eve you do not need to declare these, the form only asks about CCJs. I think you just have to tick a box saying that you don't have any - no need to submit your credit report or any other douments.


Please ignore this.

The guidance is very clear:-


You are required to disclose any matters which may call into question your character and suitability to be a solicitor. The list below, although not exhaustive, gives examples of what you would be expected to disclose.

*
*
*
* Bankruptcy, a County Court Judgment (CCJ) or Individual Voluntary Arrangement (IVA)
*
* Any other matters which may call into question your character and suitability.


Non-disclosure of a matter later discovered by the SRA will be considered as an act of dishonesty. The SRA guidance in this context is that all applicants disclose all matters. If you are unsure whether an event constitutes a C&S matter, we recommended that you disclose it within your application. If the matter has previously been disclosed to, and considered by us, you should still disclose it if asked during any subsequent application. We remind you that you also have an ongoing obligation to disclose any matters which occur between applications immediately.
Perhaps I will follow up the last posting. It took many hours of three partners' time (mine included) to dig a trainee out of a hole where there had been non-disclosure of something that wasn't asked for on any form and which she had been told didn't need to be disclosed but which later came to light.
Reply 8
Original post by nulli tertius
Perhaps I will follow up the last posting. It took many hours of three partners' time (mine included) to dig a trainee out of a hole where there had been non-disclosure of something that wasn't asked for on any form and which she had been told didn't need to be disclosed but which later came to light.


Thank you. That's much appreciated.

I hope that these two defaults will not count against me those.

P.S. I have just completed a check via Trust Online and it confirmed that no CCJ's or Orders have been registered against me in England & Wales.
(edited 13 years ago)
Original post by eve_22
Thank you. That's much appreciated.

I hope that these two defaults will not count against me those.


They won't.
Reply 10
sorry excuse my ignorance but at what stage of the application process do you have to do this ? for VS , TC, or qualification ?
thanks
Original post by phonebooth
sorry excuse my ignorance but at what stage of the application process do you have to do this ? for VS , TC, or qualification ?
thanks


Although it has been different in the past, now it is needed prior to starting the LPC
I presume by defaults you are referring to missing a months payment on a credit card?

I'd be immensely surprised if the SRA really needed this disclosing, but I'll bow to those with greater knowledge.
Original post by hingus2000
I presume by defaults you are referring to missing a months payment on a credit card?

I'd be immensely surprised if the SRA really needed this disclosing, but I'll bow to those with greater knowledge.


I will leave it up to the OP to clarify what she meant but she referred to having the debt for a year which seems more serious than a single missed payment.
Reply 14
Original post by nulli tertius
I will leave it up to the OP to clarify what she meant but she referred to having the debt for a year which seems more serious than a single missed payment.


I assumed that she meant missed payments too, which show up as a default on your credit report on Experian/Equifax etc. The SRA guidance only refers to CCJs, bankruptcy and IVAs but perhaps a call to the SRA would help. You don't want to have to go through the rigmorale of 3 additional character references, interviews etc for a couple of missed payments.
Original post by emmings
I assumed that she meant missed payments too, which show up as a default on your credit report on Experian/Equifax etc. The SRA guidance only refers to CCJs, bankruptcy and IVAs but perhaps a call to the SRA would help. You don't want to have to go through the rigmorale of 3 additional character references, interviews etc for a couple of missed payments.


I do agree with you on that but I would suggest a confirmatory email afterwards to have a permanent record
Reply 16
I have two defaults - one on a bank acc and one on an online shopping account. Both had defaulted payments which extended for up to a year or maybe slightly less. I received letters from debt collectors but settled with them by arranging payments over period of time. Both have been settled.
(edited 13 years ago)
I think you're fine. Especially as they are not outstanding and did not get as far as CCJ's. I'd suggest CCJ's are the lower threshold of what needs disclosing. But as I said before, I'll bow to those with greater experience.
Reply 18
Thanks for the advice! Perhaps it might be best to double check with SRA, just to be sure, and then get a confirmatory email to make sure I have a record of enquiry.
Reply 19
Sorry to hijack - I didn't realise they did a credit check on you and now I'm worried. I tend to put my loan and part time job earnings into a savings account and live out of my student overdraft, so my current account has a negative balance and has done for the past few years! Will this count against me? What would the SRA consider to be 'unsuitable'?