how do you get bad stuff off credit file re mortgage

Kev09

Hi

I have a pretty good credit file apart from a couple of nasties which are dragging it down I am scared are going to stop from getting a mortgage/loan - how can i get them off? any advice

1) Jokers called Robinson way - bought a debt from a property I let out, I bought place in 2006 and its been tenanted pretty much the entire time, I got some letters off these guys in Jan there asking for £300 for this flat for some old debt.

They cant tell me much about it but at some stage a tenant changed the elec and gas back into my name and bumped scottish gas for the money before they moved out. It is on my file as 2008 default to robinson way, but they can only tell me this is the date they acquired the debt so its before this.

I obvoiusly told then where to go for the money - they have given up chasing it but are ignoring my requests to remove it from credit file, and eqifax and experian say they need robinson way to ok the removal.

2) Student loans company - 1996-99 loans, fell out with them, they kept losing or denying they receive correspondance, then done some deffering, moved house but pretty much been ignoring them for years now, bad i know:A! owe them £2000 (mostly charges) sitting on experian (not equifax?) as a defualt! if i start talking to them and even pay all this will this bad info stay.

any advice ??

maninthestreet

How about paying off your student loan debt????

Kev09

Student loan debt is about 8k ! it would hurt, but if its wiped out completely does the fact that it had been sitting in default for years come off my credit file?

holly_hobby

Kev09 wrote: »

I have a pretty good credit file apart from a couple of nasties which are dragging it down I am scared are going to stop from getting a mortgage/loan - how can i get them off? any advice

Only the OC or the current owner can instruct the CRA to remove them - althogh the CRA does have a duty of care to ensure that all info recorded is accurate.

Kev09 wrote: »

1) Jokers called Robinson way - bought a debt from a property I let out, I bought place in 2006 and its been tenanted pretty much the entire time, I got some letters off these guys in Jan there asking for £300 for this flat for some old debt.

They cant tell me much about it but at some stage a tenant changed the elec and gas back into my name and bumped scottish gas for the money before they moved out. It is on my file as 2008 default to robinson way, but they can only tell me this is the date they acquired the debt so its before this.

I obvoiusly told then where to go for the money - they have given up chasing it but are ignoring my requests to remove it from credit file, and eqifax and experian say they need robinson way to ok the removal.

As stated above to have any dara amended/adverse data removed the CRAs require the permission of the OC or owner.

You have ignored the debt and it has been passed to Robinson Way who are a debt collection agency (DCAo).

You say you dispute the debt as being yours, and claim that the accounts were fraudulently put into you name by the tenant.

Rather than ignoring this, you need to raise this as a dispute with the DCA and OC (advising them of the fraudulent use), and also advise the CRA of the same, who should mark the account as "currently disputed". This does not mean it will be removed by the CRA, but that any body performing a credit check, whilst seeing this account is subject to a DN, MUST also consider the fact it its dispute - whereby they will probably ask you for further detials.

In the meantime, you have the OC investigate your complaint. Just telling a DCA to go away, won't cut it, you need to robustly present your basis of dispute and why you feel the alleged debt is not justified.

Kev09 wrote: »

2) Student loans company - 1996-99 loans, fell out with them, they kept losing or denying they receive correspondance, then done some deffering, moved house but pretty much been ignoring them for years now, bad i know:A! owe them £2000 (mostly charges) sitting on experian (not equifax?) as a defualt! if i start talking to them and even pay all this will this bad info stay.

Yes - a DN will remain on your account for 6 yrs post registration.
whether its satisifed or not.

However, if satisfied the OC/Assignee will mark the account accordingly, which is a better position to seek a mortgage than having an unsatisfied DN on your CR.

As you say most of the 2k is charges, why not see if you can negotiate a reduced full and final settlement off the 2k with the OC/Assignee.

Before the credit crunch there were high st lenders who effectively ignored dns over 3 yrs old - but I think that this days are now gone, and I am no longer in mge placement so can't tell you of current DN criteria (although an active adviser on here should be able to) - but a satisfied DN/CCJ is always going to help your cause rather than leaving it unpaid/satisfiedl

If you wish a lender to consider you & historical DN in todays market, I would suggest a pretty decent deposit circa 25% - plus the assistance of a whole of market broker, who should be able to advise which lenders are still in the market for DNs (whether they need to be satisfied to be cosidered) & the most attractive product from their current portfolio.

Hope this helps

Holly

Thrugelmir

Kev09 wrote: »

1)I obvoiusly told then where to go for the money
2) but pretty much been ignoring them for years now

any advice ??

This is precisely what an underwriter will see in the cold light of day.

Ask yourself a question. Would I lend money to this person?

Kev09

Thrugelmir wrote: »

This is precisely what an underwriter will see in the cold light of day.

Ask yourself a question. Would I lend money to this person?

You obvoiusly missed the point of my post I was asking for advice on how to have a nice shiney credit file as these drones, banks underwriters etc are all pretty thick and wont give me a mortgage

I know I have made some mistakes, they dished out 5 mortgages to me in previous years though all being paid nicely on time.

HSBC offered me 100 grand to let them factor out my debt just last week for one of my companies, not a good deal! 15k a year for the service, got met with a swift no, THE BANKS DONT GET NEAR MY COMPANIES - which they are desperate to lend me fortune too as they have no debt - but if i attempt to borrow from them I would get hammered for tax when i tried to pay myself big whopping dividends. So im scr*wed there.

The fact I dont have credit cards etc and never checked my credit file in 10 years may suggest that I actually think its very expensive to borrow so you should be where possible self financing (obviously its a luxury).

I would like to buy a house outright completely, but my wife is too impatient so I am going to be clearing the mortgage very very fast, these fools wont clock that though.

The 2 little things on my credit score will let it down and they will be coming off just a matter of whats the best way.

Thrugelmir

Kev09 wrote: »

You obvoiusly missed the point of my post I was asking for advice on how to have a nice shiney credit file as these drones, banks underwriters etc are all pretty thick and wont give me a mortgage

Not at all. Referring to underwriters as "thick" reinforces my point.

If you are so successful running your multiple companies why not just clear your debt.

Kev09

Thrugelmir wrote: »

Not at all. Referring to underwriters as "thick" reinforces my point.

If you are so successful running your multiple companies why not just clear your debt.

Apologies if you are an underwriter, but there has been some acquisations levelled at credit agencies etc along that they are equally as incompetent as the banks.

The banks which we all know have sucked in so much public money that they are no losing public sector workers their jobs.

Their judgement is rightfully to be questioned or I have missed the past few years.

When it comes to the debt I am prepared to clear it, Im only clearing the SLC one though, the Robinson way one is tantamount to stealing in my opinion and they already know they aren't gettting it since they have ceased pursuit of said tiny little debt.

Without being too long winded I am prepared to clear SLC one but I don't think that will remove the fact that it was in default will it?

Thrugelmir

Kev09 wrote: »

Apologies if you are an underwriter, but there has been some acquisations levelled at credit agencies etc along that they are equally as incompetent as the banks.

Not an underwriter. Though have many many many years working in finance. So have a wardrobe full of tee shirts.

Whilst banks may have had loose lending policies (set at board level) in the past. Underwriters will merely enforce the current policy as set. So no question of being incompetent. Just more stringent.

Banks are rolling back the days to when banks had managers not sales people. Was only 15-20 years ago lending practice was so much different. Something that people will need to adjust to. As complaining isn't going to make one iota of difference.

Conduct of personal finances is increasingly going to impact or determine what people find they can or cannot do.

So its a take it or leave it situation. Banks can choose their customers these days. No longer are they fighting for mortgage business.

holly_hobby

Clearing (satisfying) a DN, will not remove it from your CR (notwithstanding the 6 yr drop off poin) - it will simply show as satisfied, so will still have an impact on any application you make.

As discussed in my initial post - having a satisfied DN is somewhat better than leaving it unsatisfied - which will influence an underwriters decision, as will the amount & no of defaults, together with a plausible explanation (if requested) as to why a default notice was issued on the account in the first place.

Whilst I appreciate that you may be successfully running profitable businesses and an experienced business owner, an underwriter will look at how you manage your financial commitments, in an attempt to establish your attitude to debt and their perceived exposure in lending to you (or any individual). As you would probably do yourself when giving a customer/client a credit account.

So we understand why an UW will negatively consider any defaulted credit agreements - you are to satisfy your os student debt, however the lender may still be a little tetchy if they feel its only been satisfied in an attempt to secure a mortgage i.e not from any real personal desire to remedy a blemished credit record.

Moving onto the Robinson Way situation, its a disputed debt, so just not paying or addressing it will not make it disappear - you need to have this registered with CRAs as a disputed debt, so that when you apply to a lender and you tell them the basis of its recording i.e fraudulent account by ex tenant, and that you are contesting it, the UW may be in a better position to utilise their mandate in agreeing to lend.

IMHO (and FS experience) - you need a lender who doesn't credit score and underwrites on an individual basis (or approach one who does with a low LTV), obviously a whole of market broker will be able to assist, as they should know who in the market is flexible, I do know that Ipswich BS don't credit score, individually underwrite - and also accept direct business - is it worth sounding it out with them ? (IBS link for youre ref -http://www.ibs.co.uk/mortgages )

Goes without saying that the larger the deposit, and less exposure by the lender, the more flexability may be shown with regards to their lending mandate, if IBS don't suit try your broker and his contact lender reps (BDMs).

Hope this helps ....

Holly

DVardysShadow

Re the default, most of it has already been said. But there is a procedural point. The lender must issues a default notice with a fair opportunity to put things straight before putting the default on the credit record. And there is a time limit for actually entering the default. This forum does not have the expertise on this, but the DebtFree Wannabe forum will be able to advise more accurately.