mortgage company saying i have default!!!

kerrie1083

hi,im new to this and dunno if im in the right place or not!

ive applied for an agreement in principle from nationwide for a mortgage. Before i did this i check my credit report though CREDIT EXPERT(which im told id experian?) and no defaults,only two missed payments and overall a fair credit rating.
But im mortgage adviser has now told me they are reviewing my application because they have found a default! i cannot think of anything it could be and it isnt showing on my report-they wont tell her anymore details as to who it has been issued by or when! i dont know what to do.

HELP-any advice as to where to go next?

_Andy_

Order your files online with Experian and Equifax (I can't remember which Nationwide use).

TotallyBroke

Checkmyfile looks at the three credit report companys but is not 100% accurate.
I may be totally wrong here but my understanding is, if you miss a payment then you have defaulted. You have defaulted on the agreement to pay the amount each month on a certain date.

_Andy_

No - a missed payment is a missed payment, it's not a default until the lender records it as such (wouldn't happen usually until they'd been a few missed(

Toughluck

If Nationwide have found a default, then they have found a default. They have to use the term default very cafefully as it could upset some people and have a major impact on whether the lender is prepared to lend.

As Andy said if you have had missed payments on a mobile or credit card or whatever, then that is all it is, missed payments. If you have defaulted, and this could be on a previous linked address from a few years back when you didn't know you still had the credit, then I'm afraid to say you have defaulted and it is unlikely Nationwide of all companies will take on adverse.

BREEZEBLOCK_2

Equifax was really good for me. They showed an ex partner on an old mortgage of mine even though they had never been on the mortgage. They removed it real quick, a matter of days. The only problem I had was trying to cancel before the free membership expired. I couldn't find how to do it, it was hidden in the small print somewhere on the site.

kerrie1083

ok,i have looked into what is possibly my default and found(by using another credit company) that i have had 2 months arrears in 2005 with a home shopping account but the account was settled a year later,no other problems.
Can they remove the default as the account is settled?? and i didnt even know that was classed as default and i certainly wasnt imformed!

what can i do??

thanks
:eek:

opinions4u

I think you'll be struggling because the credit file is recording an accurate record of what happened.

Call it default / missed payments or Rupert The Bear, unfortunately it states something wasn't right.

I think you're allowed to attach a written explanation of what happened, but it doesn't change the hard facts.

How the lender chooses to interpret this data is up to them. Some will view 2 missed payments (or a default) on anything in the last 6 years as a reason not to do business. Others may say as it was 3 years ago they're not worried. These will be few and far between in the current climate though.

Sorry if this is not what you want to hear.

My advice:

1) Explain to Nationwide in positive terms what happened, what you did to put it right, and why this situation can't happen again. Then see what answer they give.

2) If they respond "no", see a reputable broker for advice. Don't go round the houses to every lender asking them to carry out credit searches left right and centre, as this could damage you credit rating further.

Good luck!