My situation and how the bank has crushed me

clutton_2

spike - may i applaud you for your astonishingly mature response to a wide variety of different opinions on your situation - well done..


can you contact the bank and explain about the bank account mis-understanding - if the bank can explain this - the credit rating companies (experian and equifax) may be willing to revise your credit rating

JayZed

Two separate issues here. Should you buy a place? I agree with others on this thread, I think you'll be better off renting for now. £16K is not a lot to live on, especially once the baby comes, and you really could struggle if you take on a mortgage.

As for the credit rating, it's definitely worth talking to the bank to see if you can get that removed. I would suggest that you take advice from the CAB or someone similar about how best to approach it. You may not be able to do anything about it, but it's certainly worth trying.

ViolaLass

I'm a bit confused on several points.

1. The mortgage you were offered is more like 4 times your own salary, not six times. It's a small point but it worries me that you didn't work it out more accurately.

2. If you were offered a mortgage by Natwest then what exactly is the problem? Not saying you should buy, but you've been offered the means to do so if you want to and 3-4 times salary is pretty standard. Where exactly is your credit score hurting you?

3. Don't bad points on a credit score not count after a while? I missed a couple of payments on my credit card a few years ago. After a year I checked my score again and they no longer showed - it only showed things up to 12 months old. In that case, anything you did at the age of 17 shouldn't still be affecting you now that you're 20 (and I fail to see exactly how it is affecting you too).

4. I would certainly pay off any debts you have first especially since you already have the money to do so.

LeeSouthEast

I may be off-base with this, but don't you have to be 18 to receive credit? How can they black-mark someone who isn't entitled to credit?

Running_Horse

spike2012 wrote: »

For me, renting is paying someone elses mortgage

Renting is paying rent for a place to live. Simples.

barnaby-bear

LeeSouthEast wrote: »

I may be off-base with this, but don't you have to be 18 to receive credit? How can they black-mark someone who isn't entitled to credit?

I was thinking this - I thought banks weren't allowed to give under 18s credit.....

ViolaLass

Shame there's no reply from the OP. There are several points here that seem a little odd, to say the least.

gmgmgm

barnaby-bear wrote: »

I was thinking this - I thought banks weren't allowed to give under 18s credit.....

He's not 17. His sig says he is 20.

Still, I'd take a huge step back (maybe 10) and plan to rent for the next 5 years.

worried_jim

If you can get the council house no matter how dire the area, your quality of life will be infinitely better than a mug like me with a mortgage and home repairs to worry about. I loose my job I loose my home. Council house- you loose your job you get housing benefit and keep the roof over your head. If could get a council house anywhere I'd sell up and go bankrupt today. Easy street here I come! Good luck with the birth !

spike2012

barnaby-bear wrote: »

I was thinking this - I thought banks weren't allowed to give under 18s credit.....

I said this and they said that it wasn't credit, it was charges for going into an "unauthorised overdraft"

ViolaLass wrote: »

Shame there's no reply from the OP. There are several points here that seem a little odd, to say the least.

Odd? How so, I've tried to explain the situation as best as I could, and as I have other things to sort out I'm not online every night.

gmgmgm wrote: »

He's not 17. His sig says he is 20.

Still, I'd take a huge step back (maybe 10) and plan to rent for the next 5 years.

This is true, the charges were years ago, yet they have only affected me this much now.