Credit record improvements

jomo1972

Can anyone help with this?

About 2005-2006 I had lots of problems with debt. The bulk of it is paid off now or settled in one way or another. I have one CCJ from 2008 that is being repaid at an agreed amount and it is almost entirely under control. The books balance which is great.

Is there any way of improving your credit file? I don't want to borrow more money. I just want to remove some defaults. I understand that I was in default and they have a perfect right to add defaults. But one of them has added a default about 5 years after the time of the default which makes the whole thing look as though it was a much more sustained period of financial mismanagement than it actually was.

All that happened was that I was dependent on a source of income that wasn't paying regularly. I left within a few months but it took me time to sort it out.

Any thoughts?

edinburgher

Can't advise on whether or not they're allowed to add defaults so far after the event.

Re. the source of income and the reason you have problems - might like to add a notice of correction to explain this, a brief note setting out the circumstances by which you defaulted?

That said, as you have a CCJ from 2008 you will have an impaired credit report until 2014 anyway.

jomo1972

Oh yes, I do have an impaired credit rating.

I'm not bothered about that really as I don't need to borrow money.

But I want to join the TA and debt is causing a real problem. Its so frustrating because I've done deals with all of my creditors and most of them are paid off. The CCJ payment is easily met and otherwise things are under control.

edinburgher

But I want to join the TA and debt is causing a real problem

Is that in case someone tries to blackmail you?

jomo1972

Yes, I think thats probably their concern. Or possibly bribery.

I did declare it to them so there is nothing they don't know about and, in fact, I don't need money to repay debt because its all being paid off a rate that i can comfortably afford.

edinburgher

Realistically you'd want to have all your debts satisfied/paid off and then speak to the recruiters again, I suppose. If you're still actively paying off the debts you can explain that you can afford them etc. and that it doesn't cause you any hardship (maybe consider showing them a budget).

That said, it's possible they'll still be cautious of you, as a CCJ/DMP isn't 'normal' debt in the sense that you've failed to manage the initial sources of credit.

jomo1972

Trouble is that I don't have that long to get on with it.

I'm 38 now and the upper age limit is 42. I suppose that does give me time to get it done but not long.

edinburgher

Can you pay it faster? Get a p-t job, sell stuff on eBay, cut back on entertainments and non-essential spending. Sounds like the CCJ is a deal breaker. Maybe consider my suggestion re. explaining your circumstances more fully to the TA, but if they won't budge, you need to pay back the CCJ faster.

jomo1972

I could pay the CCJ off. I wonder if thats their issue? They haven't said really. They just said that my financial affairs were such that I was denied security clearance.

I have some defaults that were added in 2006-2007 mostly. But the CCJ was 2008.

I do have a recent default but that was only for about £300 and if it came to it I could pay that off.

edinburgher

I wonder if thats their issue? They haven't said really. They just said that my financial affairs were such that I was denied security clearance.

I obviously can't speak for them, but the fact that you've failed to manage your finances in the past raises the possibility that you might do so in the future, which might lead to you being compromised (i.e. blackmailed, bribed). It sounds fairly standard.

I do have a recent default but that was only for about £300 and if it came to it I could pay that off.

How recent?

jomo1972

2011. It was a dispute over liability.