Mortgage Worries

herbiesjp

julia78 wrote: »

I don't have a great credit rating due to outstanding credit card bills etc which came to light over a bad divorce but ideally I would like to clear everything. I haven't spoken to many advisors as I am afraid of being laughed at!

Do you have a n up to date copy of your credit file?

Are there defaults, CCJs, IVA, Trust Deeds?

Or is it just the amount of outstanding credit that makes you think you do not have a great credit rating?

julia78

I have failed to pay credit cards, even the minimum within the past 2 yrs and always seem to be chasing my tail. If I could just wipe these and pay my mortgage I would be fine. Fortunately, I have never failed any mortgage repayments or loan repayments but the credit cards have fallen down. I know this makes no difference having always paid the mortgage and loan but I am well aware that my credit rating is in poor shape and paying these makes no odds... I really don't know what to do and am really frantic with worry!!

herbiesjp

Well you need to get an up to date copy of your credit file as otherwise no one will know your exact situation and be in a position to help and give some guidance.

julia78

I have gone onto Experian and done a search... it shows one default in red and two which have late payments but its actually not as bad as I thought it would be. I do not want to pay £5.95 for a scoring and am hoping that it isn't too high so therefore I can get out of paying for it...

herbiesjp

Don't pay for the score, as it means nothing.

The important score, is the one you get with an actual lender.

julia78

So should I not go ahead and get an actual "score"? Does this mean s nothing or is it really important? I actually don't feel so bad now and I have looked at the house prices in the area although they are all 2007, none recently and they range from £103,000 to £119,000. Do you think with that, I surely must be able to somehow combine my mortgage, loan and credit cards into one mortgage payment realistically?

happybroker

you getting a score done is pointless as it will give you no indication of what a lender will tink.

It's the more detailed content of your credit profile that a good broker will need to be able to help you and to be able to recommend the most suitable course of action.

happybroker

mortgage_help wrote: »

I feel the same as you. I need to try & get a BTL mortgage to help me clear my debts but don't know where to go for help.

the same pretty much goes for this one too, get a copy of your credit file and take it to a good whole of market broker, at least then you will know if it is going to be possible and, if it is, wether this would be your best course of action.

blueberrypie

julia78 wrote: »

I don't have a great credit rating due to outstanding credit card bills etc which came to light over a bad divorce but ideally I would like to clear everything. I haven't spoken to many advisors as I am afraid of being laughed at!

You've had some good advice from mortgage advisors above. Ignore the posters who suggested bankruptcy.

I just wanted to reassure you that a decent mortgage advisor will not laugh at you or embarrass you, and will keep your information confidential. They are used to dealing with people in all sorts of financial situations, and will give you useful information about what options are open to you, and do their best to help you find the most suitable way to deal with your financial problems. Talk to an advisor, being completely honest, and find out where you stand - even if it's not a good position, it's nearly always less stressful than worrying about the unknown.

As has been said, don't pay the credit record companies for a "score" - it doesn't mean anything because all lenders do is take the information on your record and calculate their own score, and they all do it in different ways. Just get a copy of your report and give it to an advisor.

VIGILANT22

julia78 wrote: »

I don't have a great credit rating due to outstanding credit card bills etc which came to light over a bad divorce but ideally I would like to clear everything. I haven't spoken to many advisors as I am afraid of being laughed at!

Julia.....The biggest percentage of people seeing advisors at the moment are in the exact same situation as you...That's why they go to see an advisor....

Think of it this way...If you need to lose weight you go to Weight Watchers, you don't lose weight first!!....:)

So people with challenging finances see an advisor for help/guidance/advice/support etc...that is their job...

Remember a problem shared is a problem halved...good luck