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

baronis2uk

my friend had to declare herself bankrupt due to the huge charges the bank gave her on nautorised od's etc. so she got into a financil mess........now we hear int he news these charges are unlawful....so where does she stand on declaring herself bankrupt because of the mess she got into.i mean forgive me if im wrong but surely shouldnt a judge have told her that the money she owed was unlawful penalty charges and therfor she could claim it al back? perhaps she wouldnt have had to declare bankruptcy had she known all this???? advice needed please! p.s forgot to mention she is a single mum and on benefits.

Mike_St_Helens

Ive had a few drinks for now.. But just seen that this thread has resurfaced. I promise Ill answer tomorrow.

Mike

Ruthby

hi, does anyone have any advice on how to re-build credit rating when you're a discharged bankrupt? I still have three and a half years to go before the six year period is up but want to start mending my credit profile. I have tried applying for a high interest credit card with Capital One but no joy, I actually wrote to them but they didn't respond. Any advice appreciated.

Thanks

R

mishmash

Ooh just found this thread.

I have 3 defaults on my credit history, I have the 3 reports and they show;

1 default on a Natwest Credit card, this was transferred to a very aggressive debt recovery agency, I paid up in full ( thanks to the royal bank of mother) when the agency phoned me and threatened to take me to court and get a CCJ, I have since learnt that I should have been able to fill out an earnings shedule and pay them off in installments. Anyway I have just asked for my charges on this as I intend to claim it back.

1 Default to Tesco Credit card, I am now paying this off with another collection agency, I was told it had to be cleared within 12 months, so have been paying £300 per month. Again since learnt this not true but nearly finished paying now. Again asked for charges to reclaim.

I also have a default which I do not appear to be being chased for, I unfortunately got a car on credit from Carcraft, just after I had baby. The salespeople blinded me with figures and I ended up signing up to an insurance thing I could not affford. I cancelled the insurance and then got a letter saying I owed the finance company over £800. I had not realised this was the case. I had a Newborn baby with me that I needed to breastfeed, they kept me waiting for hours. I eventually signed the papers just to get out. I know, big mistake and I have learnt my lesson. These people have only written a couple of times, I have heard nothing since. I think I will try and contact them to begin making payments, as I don't want to get into any more trouble.

The other thing that I have is lots of very late payments to a catolouge.

Is there anything I can do to improve this situation, can I get the defaults removed when they are payed?

The reason I need to make it better is that we desperately need a bigger house, I got into trouble a couple of years ago ( on mat leave) hence the defaults. I am now in a new better paid job, I have over £100.000 in my house to put down as a deposit, but I'm worried with my history I will be turned down.

Any advice??

bobcat80

Hello Mike, I cannot get a positive answer to this question. If during a loan period without any PPI I die could the RBS push for repayment from my wife or estate. The loan is in my name only, and I live in a council house with no saving and just a rusty car. They have said to me they can, and someone as to pay it back.
Whats your say on this
cheers bob

lonely_2

I am going down the route of a debt management plan, as I owe money to several creditors and I cannot afford to make the minimum monthly payments in a realistic timescale without the interest being frozen. I am a bit confused because with IVA, people say that any notice of this will drop off your file after six years from the date of inception. But if you default on a credit card or loan, how long does this stay on your file? My greatest fear is that I will have defaults with several companies for the five years of the Debt Management Plan, then they will stay on my file for a further six years after that! Is this really the case? How does your credit score repair itself after a debt management plan?

SirSaverOBE

Can you help? I don't know if this is the right board BUT I am just getting into making money from QuidCo and have carefully selected two or three online betting sites to get easy cashback for registering and/or depositing up to £10. Now then, they state that they reserve the right to run credit checks.

If they do this, how do mortgage lenders view such a search on your credit report? Is it harmful to you if you are considering applying for a mortgage in the near future?

SirSaverOBE

Can you help? I don't know if this is the right board BUT I am just getting into making money from QuidCo and have carefully selected two or three online betting sites to get easy cashback for registering and/or depositing up to £10. Now then, they state that they reserve the right to run credit checks.

If they do this, how do mortgage lenders view such a search on your credit report? Is it harmful to you if you are considering applying for a mortgage in the near future?

Aj_eye

Hi Mike,

Here's one for you...

As you can see from my signature., I owe over £8000 on a CC, now assuming I remain in work I'll be able to afford to pay this (over the next 2 years).

But my question is as I am self employed (and the money I earn isn't regular) can I call up the CC company and come to some arrangement where they'll write off some of the debt if I agree to pay it off in a shorter time period.

What are the chances of this being successfull and how much do you think they will write off?

cheers
AJ_eye

gaelicgirl

Hi, I have two CCJ's, and have been told by Equifax that they will disappear off my credit file in Dec this year - should I pay them back or shall I just bide my time and let them go off my file?? Please advise, not sure what is best as I don't know how to go about these things!!)