Ex- Credit Analyst - Throw your Credit & Underwriting Q's at me.

dollytinsle

Mike_St_Helens wrote:

Howdy !

It wont really affect your rating, the good things though are that they will be satisfied, so sub-prime lenders will be happier to lend. Also the sooner they are satisfied the sooner they drop off your credit file.

The loan.. Hmm, 20k paid../ Ill bet the figure is above what you borrowed still.. Sorry ! Is it unsecured or secured on your property ?

Mike thanks so much for all the help you give. I have been paying £650 pound a month for almost 3 years on a secured loan. Do you think I will have to pay back more than i borrowed? Is there not a new rule stating that loan companies can only charge a resonable amount?

Once again thanks mike you are a true gent.

Mike_St_Helens

dollytinsle wrote:

Mike thanks so much for all the help you give. I have been paying £650 pound a month for almost 3 years on a secured loan. Do you think I will have to pay back more than i borrowed? Is there not a new rule stating that loan companies can only charge a resonable amount?

Once again thanks mike you are a true gent.

Aww Thanks.. No its not so much a new rule, there have been a few highlighted cases recently where people have borrowed say £20k in the 80's early 90's, fell in to arrears and now they still owe £100k +

You should ask them for a settlement fig though. There is the 'rule of 78' that is applied to settlement figs, where by law there has to be an interest rebate, but i dont know if thats on secured credit... I think its 2/3 months interest on the balance.. but that can be a few bob !

kevin_M

thanks for that mike.

the default is realy from around 2000(student days)but 2003 thats when it was sold to the DCA and its them who put on the default.. busy trying to get it removed. tryed direct with equifax they contacted the DCA who says its correct.
So having to go direct with the DCA asking for a copy of the CCA or something...

Mike_St_Helens

kevin_M wrote:

thanks for that mike.

the default is realy from around 2000(student days)but 2003 thats when it was sold to the DCA and its them who put on the default.. busy trying to get it removed. tryed direct with equifax they contacted the DCA who says its correct.
So having to go direct with the DCA asking for a copy of the CCA or something...

It should be backdated from the date of the actual default of the account...

kevin_M

yea mike it should be backdated but some DCA's will just not do the right thing when asked. So going to have to make them . Atlest try to.

dings

Hi Mike - just spotted this very informative thread of yours, and thought I'd give you a try.

I have a loan with Egg that I took out earlier this year (March) for £12k (current settlement figure £11.6k). Now I didn't borrow as much as I probably should have, and since had some expensive items to pay - heating system, honeymoon, big car services (twice - grrr!!)... anyway, i have overdraft and cc amounts again, and want to top-up my loan with Egg by around a similar amount.

I have a good credit history, no payments missed ever on anything. Salary £33k.

Affordability is no worry to me, however I'm slightly concerned that given the amount and the proximity to the original loan, they may refuse.

Your thoughts would be appreciated... not read through all posts on this thread, so apologies if you've responded to something similar before.

Cheers Dings

utoh_lala

This is the first time posted so I think I have done this wrong !
Anyhow please forgive me if I have!

My partner divorced in 2002, we lived in the same house that his wife and he had for a brief period before moving to a property together. However before we moved he tried to get some credit and had problems due to the debt his wife had had. We did receive a debt letter for her while we were living together and contacted the company with a forwarding address (which we had at that time)

Out of the blue we have received a debt letter for a student loan for his ex and we have lived in the new house for 2.5 years.

1. Is it normal that they can track down an ex husband for the debt and not the debtor?
2. We have contacted the debt company and advised no connection to the ex - do we need to do anything more? We do not know a new forwarding address.
3. Will this have an effect on his/our credit rating?
4. Is there anything else we should do?

Your expertise is appreciated.

Many thanks.

JennyW_2

Hi Mike. Can I ask a question please.......

My husband and I have always had good credit rating, no defaults, pay our bills etc, however I just applied for some goods through a catalogue company and got refused. I have applied for a copy of my file but am really miffed. The letter from the cat. company didn't give a reason. The only thing I can think of is that we moved home 5 weeks ago - would this affect it? (previous address was for 5 years) If so, it's a bit unfair isn't it? I mean, people have to move house but it doesn't mean they are bad creditors.......

Tatter_2

Hi Mike
I defulted on my orange phone bill due to not having enough cash coming in. I recived a settlement agreement through their collections agent which I paid in March 2005 and thought nothing more. I checked my credit file in August to find that this item is still there unpaid!! I contacted the Credit Expert Monitering Service who inturn contacted orange. I have now recived a letter from Credit Expert Monitering Service who say Orange deny that I have paid and the amount should remain on my file. I have also contacted the collections company but have failed to recive a reply. The only proof I have of payment is on my bank statement as they failed to send me a recipt.
Can you please help?

Many Thanks
Tatter

dings

Just upping this for Mike