Terrible News - I feel sick

Wutang_2

ILW wrote: »

You never mentioned that before, is this a wind up?

I think this is the moment of clarity!!

fermi

Housebuyer958 wrote: »

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?

No. Your logic is wrong.

Defaults stay on your credit reference files for 6 years from the original default date.

Since these are dated 2005/6, then they are rightly showing up on your credit report (once the addresses have been properly linked).

Has nothing whatsoever to do with the "last updated date". That is just the last time the creditor updated the outstanding balances and status codes.

After 6 years, so in 2011/12, these accounts and defaults will disappear from your credit reports.

Kimitatsu

Housebuyer958 wrote: »

Hi all

Thanks for the words of comfort - unfortunately renting isn't really an option as I moved in with the in-laws to save money and also help them financially. They were all up for us buying somewhere but I can't really go and rent somewhere and pay someone else rent when I could be paying it to them.

The kids will just have to make do, going to statiscally the worst school in the town I live in , where the ofsted reports says that 76% of the children that attend the school have English as a SECOND language. Suppose that's their futures up in smoke.

I've decided I'm going to ask my Dad for a 5 year loan of £10,000 and just pay everything off (at the moment I'm paying £100 p/m on a DMP and if I keep doing that the debts I owe will be cleared in 2021(!). If I ask my Dad I'll be debt free straight away and only owe him money for 5 years for just £60 per month more.

I should be able to buy somewhere just as my kids are grown up and missed out on their entire childhood.

Instead of working hard, paying my bills, taxes and contributing positively to society - I should have just scrounged of the state and been put in a nice council house for about £200 per month like so many other people I know.

This country really is a joke.

Can I just say breathe and stop! I have read all of your posts and you seem to be lurching from one crisis to another!!

Firstly if you are on a DMP that is why you cannot get a mortgage - you need to think about how to sort those out before you go and borrow a whole heap more money for the "perfect" house. Interest rates WILL rise so if you are talking about a tracker then your mortgage will rise as well as everything else.

Your wife will (hopefully) soon be working but that isnt a given, many nurses find it difficult to find work, so it may be that you need to move somewhere else anyway - why not wait for her to have a job and associated salary before making that decision?

Lastly school - have you been to look around the school? Ofstead reports are all very well but they really dont give you the feel of the school. If you really dont like it then put your preferred school first and be prepared to appeal for a place, we did and mapped our appeal to the every child matters policy, we were offered places

RAS

Housebuyer958 wrote: »

my family wants a garden of there own, my kids want to go to a particular secondary school that I need to be in the catchment area for, I'd like to make improvements to house that just doesn't benefit someone else.

An I live in an area which makes no sense when it comes to the cost of living - it would cost me more to rent somewhere round here then it would to pay a mortgage. Also, I currently live in my mother in law's house with her living in a converted apartment downstairs and I am just f**ing sick of it - i'm not too fussed about how much money I make or lose on the property, I just want a better life.

Breathe and breathe again because your completely unthinking and panicked behaviour is getting you into more and more trouble.

If you are doing a DMP, you need to concentrate on sorting that out as a priority.

As you have recent defaults (much more recent than would be suggested by the length of your DMP), you have no chance of getting a mortgage in the current climate.

If you told the mortage company you had £40K as a deposit and they have then learned you intend to borrow £40K from your father, you will not get a mortgage in the current climate.

Housebuyer958 wrote: »

When I originally spoke to the broker we were talking about getting a mortgage in December. My wife is a student nurse but will be in a full time job by then so I told him I was on £50 per year and she would be on about £18K.
But everything moved quicker and as she is still a student that is why I have had to adjust the salaries to input. After going though all the paperwork I have it works out that I am on about 42K inc bonus and she gets a bursery of 7K per year.

If you have put in two applications for mortgages quoting different incomes for yourself and your wife, then it will have been picked up by National Hunter.

Housebuyer958 wrote: »

PS - Also, have just been told that by the first broker that his "contact" at Halifax has told him that I am on some kind of list of Adverse Credit Risks that can never be cleared?

This means that you probably have a CIFAS fraud warning flag on your credit record now.

And frankly, if you do not know if you earn £42K including bonuses or £50K, you have not got a handle on your finances.

Come over to the DFW forum and put up a proper SOA and let's see what can be done to sort out your debts.

Housebuyer958

RAS wrote: »

Come over to the DFW forum and put up a proper SOA and let's see what can be done to sort out your debts.

Sorry - I don't know what the abbriviations mean.

Anyway, let me tell me the current situation. I'm calm now - but thank you all for your advice.

I am pretty settled with the idea that this not going to happen now. I went to see a customer today who had two children with cerebal palsey and it just put everything in perspective. So.....am breathing.

As for all the dramatics of Fraud lists, etc I don't think anything like that is happening, I just think the the AIP did a soft search and then the proper search linked the addresses and declined it.

Have had some advice from a friend of my mother in law who is a mortgage broker (yes I know - thanks mum for letting me know now!). He says that the DPM etc doesn't appear on any lists - all I am doing is getting someone to organise my creditors instead of doing it myself.

He has looked into some options for lenders who deal with sub-prime mortgages and has given me the name of one that he thinks could help but as I said - I'm not holding my breath and if it comes off then great.

They offer 80%LTV and they accept bad credit as long as no defaults/CCJs that are less the 24 months old.

That is all my defaults apart from one that is registered on 10th June 2008 - so he has said we can approch them in July and is confident that we could get the mortgage. PS He doesn't get any fees only commsission and I did explain that unless he is 90% sure it will work I don't want to know

So we'll see - I have explained the situation to the sellers and they have said that although they have to put the house back on the market they will happily still deal with me if I can get everything done in time (which to be fair is very possible as there is now 6 people in the chain)


So fingers crossed - in the meantime I'm going to try and get a couple of the debts settled with a couple of grand I've got.

RobertoMoir

You seem determined to lurch from one crisis to another without stopping for breath.

Sort your current debt problems out. Let things stabilise.Then start thinking about what to do next. This might sound bad because you don't want to wait longer than you have to for this "dream house" but unless you do, I think your dream will turn into a nightmare.

ILW

I would suggest getting the DMP paid off first. Cannot see you getting a mortgage with it still going.

RAS

Debt free wannabee , where you posted yesterday about debt managment.

Please get all your credit records and check with CIFAS before you do anythign else.

Also - he gets no fees only commision - whave you any idea how many £1000s of commmision he might make.

As a general rule it is considered better to pay a fee and ask the broker to remit the commision, as it is cheaper. So you are being blinded by this again.

Please stop this and take time out to learn about the market before you dive in to another mess.

Senior_Paper_Monitor

Your mortgage broker friend of mum's is correct in that DMP is not necessarily listed on your credit reports in itself, but has omitted to tell you that any arrangement with a creditor included on the reporting system (credit cards etc) will be in most cases !

There are experienced people on here offering you very valid advice - I strongly suggest you listen to them and approach your financial and home owning plans carefully and one step at a time over an achieveable timescale.

Castleman

RobertoMoir wrote: »

You seem determined to lurch from one crisis to another without stopping for breath.

Sort your current debt problems out. Let things stabilise.Then start thinking about what to do next. This might sound bad because you don't want to wait longer than you have to for this "dream house" but unless you do, I think your dream will turn into a nightmare.

The best post on this thread.