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Bad Credit History destroying me
SouthwestOne
Posts: 4 Newbie
Hi All,
I am currently renting a property which is costing me £525 a month.
I have seen a property and had an offer accepted.
Here is the problem.
On my Equifax report i have seen that there are quite a few late payments on my accounts over the past year. this was due to a car accident which caused me to only recieve half wages. I did speak to all my accounts and inform them of this.
The main account which has destroyed me is Abbey Loan. The Direct Debit was cancelled and there were problems setting it up again (mainly i had 3 dd forms sent out and returned to them which they never recieved) subsequently due to the shift work i do i forgot and was unable to pay on the specified date.
I cleared all my debts on the 15th of may, called Barclaycard and Abbey Loan last week to ask them to update my Equifax report to now read settled. Barclaycard did fair play and it was showing the following day. Abbey Loan was a different kettle of fish. It updated twice in 2 days, firstly to show 6 payments late, secondly to show i was now in default. I have contacted them and asked them what is going on and they now say i have to wait until the 13th June for it to update again.
My Mortgage Broker has said this must be showing settled before anything can move along.
I have a £51k deposit on a £124,500 house.
Can anyone suggest anything or a specific lender to approach otherwise i think the property will be put back on the market.
Many thanks
SW1
I am currently renting a property which is costing me £525 a month.
I have seen a property and had an offer accepted.
Here is the problem.
On my Equifax report i have seen that there are quite a few late payments on my accounts over the past year. this was due to a car accident which caused me to only recieve half wages. I did speak to all my accounts and inform them of this.
The main account which has destroyed me is Abbey Loan. The Direct Debit was cancelled and there were problems setting it up again (mainly i had 3 dd forms sent out and returned to them which they never recieved) subsequently due to the shift work i do i forgot and was unable to pay on the specified date.
I cleared all my debts on the 15th of may, called Barclaycard and Abbey Loan last week to ask them to update my Equifax report to now read settled. Barclaycard did fair play and it was showing the following day. Abbey Loan was a different kettle of fish. It updated twice in 2 days, firstly to show 6 payments late, secondly to show i was now in default. I have contacted them and asked them what is going on and they now say i have to wait until the 13th June for it to update again.
My Mortgage Broker has said this must be showing settled before anything can move along.
I have a £51k deposit on a £124,500 house.
Can anyone suggest anything or a specific lender to approach otherwise i think the property will be put back on the market.
Many thanks
SW1
0
Comments
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Sorry to hear you are having a rough time. As no one else has responded to you I can only advise either asking your present broker if there is any other way around this, or approach a specialist -charcoal mortgages used to be good and dealt with bad credit etc -not saying that's the route you have to go down just that they may be well informed in these matters. It may well be the case that you have to wait until it is shown as settled on the 13th. It's another week and nothing or no one will be able to wave a wand any earlier than that. Sincerely hope it is sorted for you. Best of luck. There is talk on these forums of people getting mortgages when they still have ccj's on their files, albeit settled debts, so there are lenders willing to help, but I don't know any more than that.0
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Thanks for replying fellwalker,
As it stands everything has come together nicely. My credit history has improved sufficently that i have managed to get a high street lender to give me the mortgage i required! Woo hoo!0 -
Well done - nice to see good news!Give yourself a Chistmas bonus £14 a week!
Total so far £280
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