Sub Prime Credit Thread Part III

never-in-doubt

moyilla wrote: »

Hi guys, long time no speak hope you are all well?

A quick question for you "experts" lol, if someone has an account in name only but another person is using the account & paying the bill each month as if it is their own, is there ever a time where that account can be changed into the bill payer's name?

I hope this makes sense!!!!

No, the account should only be run by the authorised account holder lol. Lets say you get a CC and let the OH use it all the time, you're actually breaking the terms of the account by giving your card and PIN out. Its a catch 22 and depends what account you refer to explicitly.

If it is a regulated product (anything banking/credit etc) then the answer is no, cannot be done. This also applies to mobile phones and the like (sky/virgin anything really)......

Just to clarify, the flip side is a lender can assign the debt to a DCA or someone else they chosse but that is the difference, a NOA (notice of assignment) is usually performed by the lender and allows them to transfer the rights of the contract to a third party. You couldn't do it for a credit account, lets say.

Hope that makes sense.... if not be specific for specific answers lol.

fairmorn308

never-in-doubt wrote: »

Really? that is wrong..... when were they addeed mate? If after 6mths then they will never be seen or used by any lender, if within 6mth they may see them but ignore the odd one as we all make mistakes.

It would affect you more if you missed 3 or 4 in a row and continually done so. We'll get this default removed first then you'll have a clear credit file mate....... thats the plan

thank you mate

am just trying to clean up my credit file for next year when i go for a mortgage thats all. I have been really really good and only done 2 search since xmas last year but got a load getting removed next month if its correct after 12 months they get removed?

never-in-doubt

fairmorn308 wrote: »

thank you mate

am just trying to clean up my credit file for next year when i go for a mortgage thats all. I have been really really good and only done 2 search since xmas last year but got a load getting removed next month if its correct after 12 months they get removed?

No worries matey - yes, searches only stay for 12mths but anything upto 6 is fine anyway and a mortgage is assessed totally different to revolving credit (cards etc) as they have security on the property and also you pay a chunk up front. So long as that dastardly default is taken off you'll be hunky-dorey mate. :beer:

Time to save for that deposit young man!

fairmorn308

need to clear my debts 1st which are around 14k at moment which is going to be a struggle to clear in 12 months

moyilla

never-in-doubt wrote: »

No, the account should only be run by the authorised account holder lol. Lets say you get a CC and let the OH use it all the time, you're actually breaking the terms of the account by giving your card and PIN out. Its a catch 22 and depends what account you refer to explicitly.

If it is a regulated product (anything banking/credit etc) then the answer is no, cannot be done. This also applies to mobile phones and the like (sky/virgin anything really)......

Just to clarify, the flip side is a lender can assign the debt to a DCA or someone else they chosse but that is the difference, a NOA (notice of assignment) is usually performed by the lender and allows them to transfer the rights of the contract to a third party. You couldn't do it for a credit account, lets say.

Hope that makes sense.... if not be specific for specific answers lol.

Thanks for your reply, it's a Next Directory account. My brother has been using it for over 2 years but it is not in his name. He has never missed a payment etc, got a good limit on it but there is no way Next would touch him with an account in his own name :eek:

It is such a shame though as he has worked hard to prove himself

never-in-doubt

fairmorn308 wrote: »

need to clear my debts 1st which are around 14k at moment which is going to be a struggle to clear in 12 months

well when the default is resigned to the depths of history apply for a loan with your bank who will almost certainly agree to it - so long as you haven't got history of messing them about and lots of charges etc.....

Some people have been known to get a loan the day they apply for the mortgage and incorporate the deposit into the loan thus the mortgage company would not see the loan and therefore not deuct the loan repayments from income meaning you can get a higher mortgage. This also means they would not save for a deposit as the loan they get is actually the deposit lol

I never said that lol, just forget I ever said it! :eek:

fairmorn308

well am banking with A+L at the moment and seem ok. been with them for about a year now. just going to work my !!! off to clear that debt but biggest problem is deposit tho

never-in-doubt

moyilla wrote: »

Thanks for your reply, it's a Next Directory account. My brother has been using it for over 2 years but it is not in his name. He has never missed a payment etc, got a good limit on it but there is no way Next would touch him with an account in his own name :eek:

It is such a shame though as he has worked hard to prove himself

Hiya

Deffo not i'm afraid, this simply cannot be done. Now, what you can do is actually have him apply for a next account online. They will then accept or decline him.

If they decline him, the message will appear 'we are sorry but cannot offer you a next account, however your customer number for cash payments is' or words to that effect. Either way, once he has done this he should appeal the decision saying that you allow him to order from your account (i.e. he comes to your house and you log in and order it, he just tells you what he wants) and also mention that as he always pays etc you should give him an account. Mention your account number in the process.

Thing is it can't hurt to ask, they will most probably say no anyway but t can't hurt in asking. If he has defaults then forget the above as Next will not entertain it.

Whatever you do don't get in trouble by saying he uses the account lol, it is a breach of conditions for you to let others log-in to your account etc and they may close your account down....

never-in-doubt

fairmorn308 wrote: »

well am banking with A+L at the moment and seem ok. been with them for about a year now. just going to work my !!! off to clear that debt but biggest problem is deposit tho

Ok, well wait until after the default goes then go for the A&L Zero card - this will give you a chance to see how good your credit rating (internally) is with Santander (if they approve you then its good, if its a decline then forget the loan)......

Just running their credit card, even if you do not want one - get one - will show that you are a good risk and will raise your internal score which can override an external search decline.

For instance, my score when I applied to HSBC for their credit card was 74 which more than met their target and also qualified me for a guaranteed loan of £20k, but after 2mths of having the card my score as at friday was 812 so you see the difference. I can have overdrafts to the value of £5k and a loan of £25k plus my CC limit has approved amount of £7500. They will not give me that of course, due to the adverse data registered against me.

My point is that the internal scoring used by banks can be a godsend so get saving and using small credit things with your main bank - even get a small overdraft and use it rarely maybe for a day - just to show you're good for the risk. It all helps.

(p.s. the behaviour score for HSBC can be seen when you go in branch and ask to look at your balances on screen).... they dont just give it out willy-nilly. It goes from 0 - Bad to 100 - Excellent)

fairmorn308

whats the chance of them giving me the ZERO card? with the amount of debt i have already