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

dollytinsle

Mike_St_Helens wrote:

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 !

Hi mike,
Well I got my settlement figure i borrowed £55,000 3 years ago and after paying £23400 (650 a month) I owe £54,000. This is a secured loan. The other loan was unsecured and for £10000 I have paid £6984 of this and the settlement figure is £9074. Does this sound legal to you. Is there anything I can do - as unfortunately the settlement figure is a lot higher that I thought so now i cant repay it......

CLAPTON

how long were the original loans for?

frugglewump

Mike_St_Helens wrote:

.. Where on earth has the word frugal come from.. its probably insulting !

From Latin
frugalis - (or in adjective frugi) - useful

wihch then evolved to "profitable" and from there to "economical"

newlywed

thanks for your advice previously.

Another question for you...
Is it at all possible that my credit rating has been tainted by the fact that I have moved in with OH and I am his 2nd Mrs living at that same address (even though some years gap) and the 1st ran off leaving debts and defaults??

Would they assume I'm the same Mrs even though I'm different initials, different age and have no financial links with OH??

dollytinsle

CLAPTON wrote:

how long were the original loans for?

25 year secured and 10 years unsecured. Thanks

TBeckett100

mikey, if i told orange i moved and they didnt update the debt collection agency and a default appeared, can I get the default removed?

JonStegsy

When i was in uni i owed £990 on my overdraft and £700 on my credit card in 2001, I didn't pay and it went over to dept collectors. I moved out of student accomodation and never heard anything from them, the debts didn't appear on my credit report. But in January this year they contacted me and i payed the debts off full with one payment, the debts now appear on my credit report as defaulted but settled. Will the defaulted accounts appear on my record until 2007(6 years when account was defaulted) or 2012(6 years when account was settled)

Snaggles

JonStegsy wrote:

When i was in uni i owed £990 on my overdraft and £700 on my credit card in 2001, I didn't pay and it went over to dept collectors. I moved out of student accomodation and never heard anything from them, the debts didn't appear on my credit report. But in January this year they contacted me and i payed the debts off full with one payment, the debts now appear on my credit report as defaulted but settled. Will the defaulted accounts appear on my record until 2007(6 years when account was defaulted) or 2012(6 years when account was settled)

Hello! The credit reference agency will hold information for 6 years from the date the account was settled - so 6 years from now I'm afraid.

INDIANNA73

Hi Mike,

Hope you can help. My brother has been searching for a loan and has applied to a few companies. He was not happy with some of the interest rates and carried on applying. He is now being refused as he has too many searches on his credit file from applying for these loans. He has now been told that he must wait 6 months before re-appyling. Is there any way around this? The only solution we came up with was for him to accept one of the loans with a higher interest rate and then in 6 months time re-apply to one of the companies with a lower rate and use that loan to pay off the original one, but we are worried that he may not be accepted for the second application as he will already have a loan. Hope this makes sense to you.

Snaggles

JennyW wrote:

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.......

Hi Jenny

Yes, the recent house move could be exactly why you were declined - I presume you might not be on the electoral roll at your new address yet, and this can have a big impact. Also, your credit history might not have 'caught up' with you yet. Give it a little while, get on the electoral roll at the earliest opportunity, make sure you have let your bank/credit card company etc know your new address, you should then find things will sort themselves out.

It sounds like the catalogue company have purely credit scored you, and made their decision on this basis - some lenders do this, some assess you judgementally (ie they would look at the overall picture of you and your finances in order to assess the risk of lending you money) and may ask for (for example) 3 months bank statements to confirm your income & outgoings. They can also do a credit search at your previous address. So you will not be in this position forever, don't worry.

(Mike, please feel free to add anything I've missed !!)