Need a loan - unsure of my credit ability?

Leemc2009

Hi all

I'm Lee, 23, I need a £5000 loan to finish off some home improvements.

I have bank account with Santander and I earn over £20k.

I have a mortgage and various other financial commitments but have never missed a payment, defaulted or been bankrupt etc.

I checked my experian and noticed 6 defaults and a number of missed payments.. looking into this further they are all in my fathers name for his own things, also included were 63 searches over the last 12 months!!

We technically live at the same address.. (I live in a sizable annexe built 2 years ago) and its a shared mortgage, so me + father + mother.

I was going to go straight to Santander for a loan, I've had 2 loans with them before and paid both off with no missed payments, however I'm worried about being turned down.

Any ideas? I didnt pay the £5.95 for the credit score after I saw the other things.

Thanks

Lee

Svenena

If you have a joint mortgage, you are unfortunately financially linked, so your parents' details will show on your report and have an impact on your chances of getting finance. With all those things on there, I don't think you'll get anything (certainly nothing mainstream). You need to have a word with your dad, and get him to sort things out. Defaults will stay on the report for six years though Searches drop off after 12 months, but it sounds like they are the least of your worries. He must be having serious financial difficulties.

Svenena

By the way, there is never any point in paying for the credit score, as it's made up by the credit agency and not used by financial institutions, who have their own scoring systems depending on the product you're going for.

Leemc2009

Svenena wrote: »

but it sounds like they are the least of your worries. He must be having serious financial difficulties.

Nope..

After visiting Penalty Charges forum, he was made aware that credit cards pre-2001 were un-enforcable. So a huge saving there but downside is that it destroys your credit file until they have been removed.

Tiddlywinks

Leemc2009 wrote: »

Nope..

After visiting Penalty Charges forum, he was made aware that credit cards pre-2001 were un-enforcable. So a huge saving there but downside is that it destroys your credit file until they have been removed.

Really? Cards pre 2001 unenforceable? Hmmm, I think you have hold of the wrong end of that particular stick.

Good luck in getting those defaults removed.

Svenena

In that case, hold off applying for any credit until the defaults are gone.

Leemc2009

Tiddlywinks wrote: »

Really? Cards pre 2001 unenforceable? Hmmm, I think you have hold of the wrong end of that particular stick.

Good luck in getting those defaults removed.

Its already saved over £10000.. but thanks for your helpful post.

Leemc2009

Svenena wrote: »

In that case, hold off applying for any credit until the defaults are gone.

It would appear that this will have to be the case.. I dont want to apply for credit to be turned down.

Thanks

Hax

Your father's details should NOT show in your credit report. It is true that when a lender searches your report, if you have any financial links, then their report will be searched too. However, all you will know is that the linked person has made an application and with who that application has been made.

Being unenforceable doesn't mean that the debt no longer exists - just that you can't be chased for it through the courts. The money is still outstanding and owed to the companies.

It might have "saved" your father £10,000 - but it's costing the rest of us who pay back what we owe with increased interest rates. Cheers for that!

Oh - there's very little chance of you getting a loan whilst your father has defaults against him and you have a financial association.

Apples2

Leemc2009 wrote: »

Its already saved over £10000.

It's also cost you any chance of a £5K loan.

Who on earth is going to want to lend money to that group of financially linked people??