I was reposessed in 1993 by C & G

christopher_h

Back in 93 I lost my flat like many people due to high interest rates. They sold the flat very cheap and chased me a few years for the outstanding debt but, it was never cleared.
I am applying now jointly as a first time buyer, but the broker has recommended C & G! as the best offer. My credit score is very good and I've had no trouble getting credit cards or loans. Do companies keep a black list that far back ? Should I tell the broker? Pleas advise urgently, thanks

AndrewSmith

Give the broker a chance to do the job properly for you and tell him about the Reposession.

A broker is only as good as the information he is given.

Rubbish in - Rubbish out.

Andy

christopher_h

Thanks Andy,

Wise words of advice, it was the right thing to do!

Cheers

Chris

TAG

I agree with the above post. You must be honest with your broker.

As far as your repossesion goes. These do stay on file for 12 years. It's the only debt that does stay with you for that long. It won't show on your credit file though. There is a seperate system for this. So if it was in 1993 then it shouldn't show now.

We had a house repo'd in 1990, much the same as yourself and the 'indemnity' insurance company came back at us years later for 25k at £25 a month or a 5k full and final settlement. We didn't pay it either it got written off.

As Andy says rubbish in, rubbish out.

Good luck

Tag

silvercar

On my mortgage application form, I was asked if I had ever had a property repossessed. I would have thought that you would have to answer honestly and it may influence the decision. (otherwise why do they ask the question?)

TAG

silvercar wrote:

On my mortgage application form, I was asked if I had ever had a property repossessed. I would have thought that you would have to answer honestly and it may influence the decision. (otherwise why do they ask the question?)

I think this is where the 12 year time scale becomes relevant.