about problems with credit for mortgage

gemma_sims

Hi
can anyone offer me advice please, I have recently had to stop work due to ill health and have accrued debt that the best thing is to consolidate, I have applied for a mortgage via lloyds through the cheltenham and gloucester (I have had a mortgage off this bank for years and years no problems), they have decided that they cant offer us one because i had a problem with O2 earlier this year with a dispute about ending my contract 3 month early. I thought at the time they would honour a cancellation becuase of my changed circumstance, follwing a lot of mail I had to pay and they have put me down for late payments, now the bank say that after 30 years of dealing with them and never having suffered any problems with debt and non payment that they cant offer us this mortgage. even though the lady had told us we could have at least 150,000 prior to this which we didnt need! we just need 32000, anyway she then said said she cant understand it nor help us after leaving us hanging on for a month with promises we should be ok...anyway the upshot is we really need to get this extra mortgage to help us manage it would reduce our monthly outgoings so much we are barely managing to pay everything at the moment. would it be worth my while trying to get a mortgage off anyone else? am I better getting a mortgage advisor involved? I would really appreciate a point in the right direction, thanks so much...Gemma

Wutang_2

gemma_sims wrote: »

Hi
can anyone offer me advice please, I have recently had to stop work due to ill health and have accrued debt that the best thing is to consolidate, I have applied for a mortgage via lloyds through the cheltenham and gloucester (I have had a mortgage off this bank for years and years no problems), they have decided that they cant offer us one because i had a problem with O2 earlier this year with a dispute about ending my contract 3 month early. I thought at the time they would honour a cancellation becuase of my changed circumstance, follwing a lot of mail I had to pay and they have put me down for late payments, now the bank say that after 30 years of dealing with them and never having suffered any problems with debt and non payment that they cant offer us this mortgage. even though the lady had told us we could have at least 150,000 prior to this which we didnt need! we just need 32000, anyway she then said said she cant understand it nor help us after leaving us hanging on for a month with promises we should be ok...anyway the upshot is we really need to get this extra mortgage to help us manage it would reduce our monthly outgoings so much we are barely managing to pay everything at the moment. would it be worth my while trying to get a mortgage off anyone else? am I better getting a mortgage advisor involved? I would really appreciate a point in the right direction, thanks so much...Gemma

If your credit rating had been bashed about as a result of O2 then its unlikely you are going to get the credit report improved too quickly...

Rather than whacking all your debt on to a further secured debt (eg your mortgage), try to find ways to pay it off (DFW might help) and also get your credit back in order.

Only oher option would be to get O2 to amend details on your credit reports...

gemmacantan1

I never actually got to consolidate mine because of a couple of late payments they declined my application with 3 different companies 3 times! You have to be really careful. Consider talking to citizens advice they actually were quite helpful in my situation unfortunately it was too late for me and I now have 5 defaults that have 2 1/2 years left before they disappear! I buried my head in the sand for far to long and suffered the consquences. Unfortunately 02 will probably take ages to get back to you. Check your credit report! If its just a couple of late payments within 6 months to a year it can usually repair itself if you make payments on time!

Good Luck