Chance of getting default removed??

Options
Hi Guys

Wondered if you could help me!? Ive recently applied for a mortgage but had it declined due to the fact I have on my credit file, the default was with capital one from 5 years ago for £800 which has been settled. I am aware they usually stay on your record for 6 years so I have wrote to them to see if anything can be done, just wondered if anyone knew what my chances of this are?

Thanks

Comments

  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
    Options
    BSkaaning wrote: »
    Hi Guys

    Wondered if you could help me!? Ive recently applied for a mortgage but had it declined due to the fact I have on my credit file, the default was with capital one from 5 years ago for £800 which has been settled. I am aware they usually stay on your record for 6 years so I have wrote to them to see if anything can be done, just wondered if anyone knew what my chances of this are?

    Thanks

    It's unlikely.

    If you'd offered full settlement of the debt only in exchange for them removing all record of the default they may very well have taken you up on the offer back along but seeing as it's (long?) settled there's no incentive for them to do so.

    Just have to grin and bear I'm afraid - or if you have a plethora of positive history and this is the only nasty it might be worth considering speaking to an impartial advisor as there will be some mortgage lenders that won't consider a five year old sub £1,000 default settled long ago to be much of an issue amidst an otherwise gleaming credit file ;)
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • BSkaaning
    BSkaaning Posts: 7 Forumite
    Options
    Thank you! I've sent the letter off so just have to see what they say! We had a mortgage advisor who told us we had more or less no chance with a non high street lender as they would want 25% deposit and we only have 15%! We went to HSBC as we both bank with them! Arrrggghhh this is sooo stressful! The mortgage is for £66,000! How are we ever supposed to get on the property ladder!!
  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
    Options
    Don't stress - HSBC are very strict. At the same time HSBC turned my mother down for a standard current account with no overdraft, RBS gave ger a full current account, £500 OD, 2x credit cards totalling £5,600, and even approved her for a mortgage with an outstanding default on her credit file. She didn't take them up on the offer of a mortgage though as the APR hadn't caught up with the base rate reduction at the time.

    Depends who you look at applying with, your mortgage advisor should know that ;)
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • BSkaaning
    BSkaaning Posts: 7 Forumite
    Options
    Halifax had originally approved us for a mortgage but because his sa302 forms come back 2k less than we thought they declined it and wouldnt re-look at it so we went to hsbc, do u think it would be a good idea to try another bank if we get the knock back or is there no point, do they all go on the same principles?
  • BSkaaning
    BSkaaning Posts: 7 Forumite
    Options
    P.S-When did this happen with your mum? Was it during the recession?
  • Fruit_and_Nut_Case
    Options
    BSkaaning wrote: »
    How are we ever supposed to get on the property ladder!!
    That sounds familiar. I remember thinking the same thing myself over 40 years ago. It all worked out in the end and we're now mortgage-free home-owners.
    Are you for real? - Glass Half Empty??
    :coffee:
  • wimeball
    Options
    Hi, not been on here for a while so my apologies if this is in the wrong place.
    I have just noticed that Cap one has issued a default on my Credit File on the 6th April 2009. When I asked why they state that it is because I am on a long term payment plan.
    I have not had any default notice from them, they state that in April 09 there was no payment made, they further state that the balance did go down by £50, I can prove that payment was made as I pay through my bank by DD.
    Is this legal, what are the next steps please.
    Thanks
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards