Terrible News - I feel sick

zarazara

Hard as seems its probably a blessing in disguise. Better not to have the loan at all than move and be unable to meet payments.

cox377

Look on the bright side of things. You've got a great salary and your wife is on the up to.

It could be a lot worse.

J

Housebuyer958

Okay - rather than starting another thread (:o) I;ve carried this on and wanted to know if my way of thinking is correct from you experts out there (PS The new mortgage man hasn't given me any definate yes or no yet - but as far as I'm concerned its dead)

So - my credit report says that at my CURRENT address for just over three years everything is a-okay. At my previous address I have 4 defaults from about 2005-6 which I have always paid off every month for about the last 8-9 years. The default dates say 2005-2006 but the updated dates say 30/04/2010.

Now the way I see it is that the reason why I got my AIP all okay is because the bank checks my current address and everything seems fine, when they do a more thorough search (even keeping it to 3 years) it picks up the defaults because THE UPDATED DATE IS CURRENT.

Could my logic be correct? Does anyone know what might have happened based on the above differently?

Also, before you say it, the outstanding debts equal about 8K and I can't use my deposit to pay them off as my Dad catagorically will not lend me money to pay off debts. He is completely old skool and his opinon is "tell the to go F themselves", which will all know would mean that I would be marked for 6-10 years (however, if I had done that orginally instead of trying to clear them I'd actually be okay now!)

Does anyone know that if I was to actually clear all my debts and my credit reports showed "satisfied" or "settled" would that immidiately turn my credit report from bad to good?

Sorry lot of questions, but I need a lot of answers right now:(

GEEGEE8

It would be satified/settled, but the defaults would still show. I know because I went bankrupt, and mine are settled now but obviously still show the defaults.

facingthefuture

I think you may have received a blessing in disguise.
OK, why not rent in the area you want?Please before you say no- read house price crash forum, it's an eye opener...and yes they reckon it's gonna fall further.
Take another breath and read it, get your wife to read it too...you may come out on top...
http://www.housepricecrash.co.uk/forum/

jennikitten

Don't forget there's only so much *you* can do. The banks aren't lending anything to anyone right now...if you can get anything from them you're lucky.

Housebuyer958

Read that houseprice thing - it seems a bit excessive to say that houseprices will fall another 30-40%. That would mean that everyone would be is massive negative equity and house prices would be back to what they were in the early eighties................but then I'm no expert.

I did think about the renting thing, I even thought offering my sellers that I would rent it to them on the basis that as soon as I could get a mortgage I'd do a private sale with them. I know that most people would be needing the house money to buy the next house but I think these guys have got plenty of money (he actually owns another two house in the next road!) so maybe he'll agree. Anyone know if that is a possibility?

Mind you, if he knew about house prices like that forum says, he'd want to sell now i'd imagine

Housebuyer958

GEEGEE8 wrote: »

It would be satified/settled, but the defaults would still show. I know because I went bankrupt, and mine are settled now but obviously still show the defaults.

So if I settled today, would the default show for 6 years from today, or six years from the default date?

beecher2

Why the desperation to buy now? I really don't get the panic. Save up, settle your debts and rent in the meantime, waiting til your partner has a job. Go onto the Debt Free Wannabee forum for help in cutting back on expenditure in order to through everything at this debt.

If I was selling and someone put an offer in but then retracted it saying they'd rent until they could get a mortgage I'd refuse. I can't see why they'd accept this.

BoGoF

Housebuyer958 wrote: »

So if I settled today, would the default show for 6 years from today, or six years from the default date?

From my own credit file they stay on for 6 years after they were settled/satisfied.