Post Office have refunded valuation fee - guess they've turned me down

riverboat2001

Passed through the agreement in principle okay.
Fill out full application form, and though all would be okay.

I haven't heard from them yet, but they have refunded my valuation fee.

I can only think they have turned me down.

I will phone them when the re-open tomorrow.

But in the meantime does anybody have any views on this?


Cheers

poppy10_2

Wait, let me check...




It's less than 12 hours until their office reopens - what's the hurry?

riverboat2001

Yep, they turned us down, despite us both scoring 999 on Experian.

They said it was because of a bank loan taken out in 2002 and defaulted on about a year later.
The oustanding balance was £450 and we have made regular payments on it without missing any for the last five years.

The only reason i didn't pay it off was that it was interest free and they didn't offer any incentives to pay it off in a lump sum.
Didn't think £20 per month with a 70k joint income was such a big deal. but obviously it is.

We have an appointment with a mortgage broker next week to see if our house purchase can be salvaged.

PS amount oustanding paid in full today
And Post Office said we can re-apply in THREE years lol

firstaspect

riverboat2001 wrote: »

Yep, they turned us down, despite us both scoring 999 on Experian.

They said it was because of a bank loan taken out in 2002 and defaulted on about a year later.
The oustanding balance was £450 and we have made regular payments on it without missing any for the last five years.

The only reason i didn't pay it off was that it was interest free and they didn't offer any incentives to pay it off in a lump sum.
Didn't think £20 per month with a 70k joint income was such a big deal. but obviously it is.

We have an appointment with a mortgage broker next week to see if our house purchase can be salvaged.

PS amount oustanding paid in full today
And Post Office said we can re-apply in THREE years lol

It's not the £20 a month, it's the fact that you defaulted on a loan. They don't want to take the risk that you will do the same with the mortgage. Lenders are very strict at the moment on only lending to people they think they can guarantee will keep up the repayments.

riverboat2001

yes, but it was defaulted on over seven years ago, but has been paid every month without fail.

I'm not arguing with you, i'm just peeved that the years we have spent getting ourselves into what we thought was a great position seems to have been wasted.

bryanb

riverboat2001 wrote: »

The only reason i didn't pay it off was that it was interest free and they didn't offer any incentives to pay it off in a lump sum.l

I guess you've discovered what the real incentive was.

TMoose

riverboat2001 wrote: »

yes, but it was defaulted on over seven years ago, but has been paid every month without fail.

I'm not arguing with you, i'm just peeved that the years we have spent getting ourselves into what we thought was a great position seems to have been wasted.

If it was defaulted on 7yrs ago, the default should have dropped off your credit report by now. I suggest getting a copy of your credit report and reviewing.

Moose

riverboat2001

TMoose wrote: »

If it was defaulted on 7yrs ago, the default should have dropped off your credit report by now. I suggest getting a copy of your credit report and reviewing.

Moose

I've done that, all it shows is the amount outstanding (cleared today) and that i have not missed a payment in the last 36 months. It is listed as a "credit sale fixed term"

About 10 years ago i met my partner...long story short we ended up with loads of debt and ccj's - The whole works.
But have now cleared everything

opinions4u

riverboat2001 wrote: »

Yep, they turned us down, despite us both scoring 999 on Experian.

When are people up and down this fine nation going to recognise that this score is at best only an indicative guide to credit worthiness and at worst completely pointless.

This company is not the one lending you money. Every lender assesses credit risk in different ways, based on their own experiences and marketing strategies.

999. The lender doesn't care, so why should the borrower think it's important?