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

LauraFlora

Hiya,
I applied for a loan y'day in Halifax and was refused as I have a default from last year, the lady was lovely and explained how i can appeal the decision blah blah blah, provide evidence that default is settled and was for a small ammount, what the loan is for (to pay off vias and o'd with halifax) and explain how much it will save you per month. So I trotted home and wrote a letter with a copy of my experian report showing default all settled and closed and took it back to halifax for them to fax off.
I wrote on the letter all the lady had said to explain, been banking with for you 8 an a half years, wanted to pay off said visa and overdraft and have no objections to the visa or overdraft being closed blah blah blah... Got talking to another lady in halifax, and said to her 'whats my chances...', and the lovely ladys words??
'Not a hope in hell' Just wanted an opinion really, am a bit gutted as have wasted a credit search! She said to apply elsewhere but obv with this bloomin default and now that credit search Im a bit confused as to what to do! Just sat waiting to hear from underwriters, if Halifax say no, is it worthwhile applying elsewhere?? Im bummed cause the default was for such a small amount, Im soooooo angry with myself!!! :rotfl:
Is it going to be a case of computer says noooo???
Thanks for your advice in advance,
Laura x

Mike_St_Helens

LauraFlora wrote:

Hiya,
I applied for a loan y'day in Halifax and was refused as I have a default from last year, the lady was lovely and explained how i can appeal the decision blah blah blah, provide evidence that default is settled and was for a small ammount, what the loan is for (to pay off vias and o'd with halifax) and explain how much it will save you per month. So I trotted home and wrote a letter with a copy of my experian report showing default all settled and closed and took it back to halifax for them to fax off.
I wrote on the letter all the lady had said to explain, been banking with for you 8 an a half years, wanted to pay off said visa and overdraft and have no objections to the visa or overdraft being closed blah blah blah... Got talking to another lady in halifax, and said to her 'whats my chances...', and the lovely ladys words??
'Not a hope in hell' Just wanted an opinion really, am a bit gutted as have wasted a credit search! She said to apply elsewhere but obv with this bloomin default and now that credit search Im a bit confused as to what to do! Just sat waiting to hear from underwriters, if Halifax say no, is it worthwhile applying elsewhere?? Im bummed cause the default was for such a small amount, Im soooooo angry with myself!!! :rotfl:
Is it going to be a case of computer says noooo???
Thanks for your advice in advance,
Laura x

Hiya... It really depends on the lender to be honest, some will allow a small satisfied default, some wont.

If its a decent amount, chances are that youll find it difficult anywhere getting the loan on the high street. By decent I reakon around £500+.

SunderlandBlackCat

Mike_St_Helens wrote:

Hi there,

From what you indicate, your profile seems ood.

As you know each lender is entitled to have their own rules, so being overcomitted with one lender, doesnt mean another will think the same. What is your 'debt to income' ie: amount you owe/earn ?

I do personally think lenders are tightening the belt mind, credit isnt as easy to get as it were 18 months ago. Probably my fault

Thanks Mike

Debt= Mortgage at approximately 19000 & Virgin CC at £4300, Net Income=1200 per month minimum.

I've just worked out it would actually be cheaper for me to transfer to an &More at 3.9% with no fee than a 0% card with 2% transfer fee so I might as well apply for that & see how it goes.

lumbo_2

Hi mike,
I,m having problems with a credit card.I defaulted on it a few times as I didn,t have the money,and now my minimum payment is 1550(which I can,t do)However I have paid them what I can,£150 in november,£80 in december,£80 in january,and now I have paid £2oo,also in january,totalling,£270 altogether in january.However,they say I need to still pay £200 this month to stop my debt being transferred to another bank,or agency(I don,t know what that would entail?)But I,m going to struggle to do this.I believe that if I pay £2oo I am covering my interest and decreasing the money I owe,even if it is just by ten pound a month.If I am willing to pay,and I am paying them(just over the interest amount),can they insist that I have to double it or else?I can Pay every month now and have offered a direct debit,but they still ask for the extra payment first.Please,can you advise me?Thankyou.

bunnybunny_2

Hi,
Just saw your e-mail and wondering if you can give me any light at the end of the tunnel.
I have 3 defaults on a natwest account, this was 1 account in my name, 1 joint account with my husband. We could not pay and got into a pickle with charge's ( Now started to claim back) it went into a loan and tht made it worse. It then went to court but no ccj's as it was attached to the house voluntary and still paid a small amount off per month.
We have sold the house and settled the debt, but I now have 3 defaults on my history and cant get credit on a mars bar.
Any help or advise would be fab
Ever hopefull
Bunnybunn

zipwen1

hi mike,
we will be getting a mortgage soon of £120,000 the thing is we have a few credit card debts which we were thinking of adding onto our personal loan so we only have one payment to deal with and we have been told by a few people that for a few months after we take out the mortgage it will be hard to get extra money. is this true

jooles18

hi can you please tell me the best way to repair my credit. i only had two companies against me and they are both paid off over a year ago. i was told i should write to the company and ask them to remove me from it. is this the best way
thanks
julie
:j

jackie_w

Hello There,

Im hoping I post this right(ive never posted to an existing thread before, so please forgive me if I do this wrong).

DH and I are thinking of moving home later this year. Hubbie is self employed and has been since Nov 05 & thankfully is doing very well. Before that, he was employed, but was also self employed on a part time basis to build up his client base, and buy himself equipment.
As he hasnt been full time self employment for 2 years, will he still get a mortgage. I dont work so I dont have any income. The deposit we would be hoping to put down on a new house would be approx £70,000, and the house value would be no more than £250,000.

Also, way back in 2001, I got a mobile phone contract from O2, but, I changed my mind about it within the 14 day cooling off period, so I returned everything to them, never heard anything else from them. Then at the beginnig of 2002, I received a letter from debt collectors for £16!!! Called them, they explained that O2 had asked them to contact me. I duly paid the debt collectors, called O2, they realised their mistake, and refunded me the money. So far so good.
Recently, I decided to get a copy of my credit file from Equifax, My credit rating/score is fine/average (about 2001/02 I used to pay stuff late, didnt realise it affected my credit, but, now, everything is paid on time), anyway, there is a default against me from O2 for this £16. I have contacted them, but, they say as I dont have any paperwork with account numbers etc, they cant help me.

Will this go against me when I apply for a mortgage. Also, if Ive applied for a copy of my credit file from Equifax, should I also apply for the Experian one too?

Many thanks for your help (if you get this, I hope ive done this right.

Jackie

sallyx

Mike
Just wondering how much you can help me on some questions with Hp agreement?

Ok I spoke to a very helpful man at the national debtline this morning about Hp agreement and this is what i understand
Basically I have paid over 1/3rd of the balance so now that means the lender will have to get CCJ to repossess the car. Under Section 99 of the consumers credit act I am within my rights to hand the car back at any point and no defaults or CCJ's will be recorded. If I enter into DMP or try to pay reduced payments the Lender will go through courts to reposses and I will get default and CCJ on my record.

If you decide to terminate your agreement voluntarily and hand back the goods to the creditor, you should only have to pay up to half of the total amount payable under the agreement, minus sums that you have paid and sums that are due. Sums that you have paid include any deposit plus the instalments that you have paid; sums due are any arrears/missed payments due at the time of termination.

INFORMATION
The one half or 50% figure is stated on the agreement in the box headed 'Termination: Your Rights'.

You will then also owe any arrears/missed payments plus damages if you have failed to take reasonable care of the goods (over and above normal wear and tear). The creditor might argue that there will be an extra charge for damage or unusual wear and tear. It is important to look at any charges to see if they are reasonable.

Here are the figures I would be interested if you could tell me if I have worked it out right.

50% of amount repayable - £8225.80
sums paid - £5547.20
Deposit - £2117.06

No arrears on account so that leaves me liable for me to pay £561.54
Obviously they may claim there is additional wear and tear?
Does this look right?? If this is the case then I shall be writing my letter this afternoon and another debt not to have to worry about!

Thanks mike

tontopav

Mike

Have you heard of https://www.annualcreditreport.co.uk. Is it OK