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Yes. You took credit, agreed to the terms, used that credit, you should pay back that credit

Hi. I'm new to forums in general, and unsure if this is the right way to post a new topic but I can't see a way to start a new thread.

I'm trying to apply for a mortgage, but have been told by my mortgage advisor that because I defaulted on payments to my car finance company in 2016, no-one will lend me anything above 85% (i.e. 15% deposit required).

I have looked at my credit report, and it would appear that although I missed payments, the finance company never actually recorded a default. The reason I missed payments was silly - I cancelled a future payment because I realised that I wasn't going to be able to pay it (all on the advice of the finance company), and then the next day re-organised my payment schedule with the company. However, for some reason this didn't work, and for 6 months they were trying to contact me at my old address about it. When I realised the issue, I paid the remainder of the account off in full.

Basically, my query is - is this automatically a default, or just missed payments? What is the impact of both scenarios on my ability to borrow money? Will any lenders look at the reasons for missed payments rather than just the facts?

When the issue occurred, I was a very skint student going through a terrible life crisis. My life, and subsequently my money management, has changed dramatically since then, and I know that I could afford the mortgage repayments but need to be approved first!

Any help would be so much appreciated

Hi - thanks for your reply.

I've just this morning spoken to an in independant mortgage advisor (the other guy was linked to the agent) who said that from what I have told her, there is no reason I shouldn't get a 95% loan. However, she advised I check Experian, as currently I only have looked at my Equifax report. I have just tried to sign up with Experian, and they cannot verify my ID!? The plot thickens! Any ideas?

Thanks again!

Thanks for the tip, but I tried and because Experian can't verify my identity, I can't sign up for the MSE Credit Club