how do you get bad stuff off credit file re mortgage

holly_hobby

The actual issue of Default Notice, is not it itself the registration of a default.

A default is only registered against the debtor, after the terms of remedy as noted in the DN have expired un actioned/resolved.




To be clear, a valid DN must ..

• Clearly state full account details (acc no & debtor)
• Who has breached the terms of the credit agreement agreement
• What breach of contract has taken place
• What action is required to remedy the breach
• What action will be taken by the creditor if the breach is not satisifed
• And by what date remedy must take place, to avoid the registration of a default against the account (which must be 14 clear days form the date of issue of the DN (ex bank holidays), the 14 days allowing for time for service (ie receipt by post).
• Registration of a default must occur within a reasonable time post of the act occuring - anything os of 6 mths may be contested AFAIK.

Not sure where we are going with this ....... ?

There are other technial issues re the notice itself which I won't expand into at this point, but hope this helps highlight most salient points re the correct issue of a DN, and subsequent lawful registraton of a default.

Holly

Kev09

Thrugelmir wrote: »

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.

Thruglemuir I did pretty much guess you worked in finance from your tone, also we are in complete agreement here as I said you are completely missing my point time and time again.

I totally agree with you 100% hence I am trying to think like a bank or an underwriter therefore I am not even going to attempt to borrow money with these defaults on it just now,as the banks as I understand can lend to however they want to, they dont have to give anyone a mortgage (regardless of any opinions that some are essentailly now in the public sector).

I labelled the term drones at underwriters -you then say that in defence of "underwriters" that they will merely enforce the current policy.

I like many other people had alot of shares in banks and RBS'S demise cost me a fortune, had they known what they were doing alot of people would be better off.

I think it is an absolute terrible system that is operated and proved to be terrible by past and or current events. It is therefore the only system available therefore I must utilise this or as holly stated find a bank that uses common sense underwritring, i.e. I have been buying shares in companies this week (I did not borrow to invest!) which have dividend yields up at 6-7% ill have to sell all these at a time when I wont get the benefit because the banks will want a 50% deposit, a bank wouldnt take the fact I have stocks into account - It appears on no credit file!!!!! - it deemed too risky an investment.

holly_hobby

Kev, underwriters do have their own mandate (i.e scope of discretionary decision) traditionally under 75% LTV, the more senior they are the larger the mandate.

Obviously the lower the LTV, the less exposure to the lender, and the more flexible an UW may be when considering an application. (of course there are rigid lending paramaters that must be met regardless of LTV, but they certainly don't work from a set script regardless). Of course post credit crunch, the scope of flexability has restricted somewhat to that enjoyed before the meltdown.

Over 75% (which was the old MIG kick in level), an UWs hands are tied somewhat as to accepting only those apps that do strictly meet standard criteria. I am currently out of mge placement, and that is why I have also suggested a good lowish LTV, and seeking the assistance of a broker (or current adviser on the board), whom is familiar with todays market, and can utilise their lender contacts to try and place the business, with your satisfied & contested defaults.

Your own bankers may also be an idea, as if you have maintained a good relationship with them, they may be more accomodating with the adverse you currently have (as I say 6 yr anniversary they "drop off" - so you can decide if its worth waiting for this occurance (check with CRAs they have come off), before you jump into applying for a mortgage.

As a quick note (and without offence intended) ... I do appreciate what you are trying to say with your investments etc, but from a lenders point of view you have invested (considered in the provision of fin planning as a luxury and not an essential), whilst not satisfying your os defaulted credit agreement(s), which may not be considered the most responsible way of handling your finances in the eyes of the UW - so I may not make a big point of your portfolio when presenting/submitting your app.

Anyway, you have some good points to go forward with ... and I wish you well whichever route you choose to take ..

Hope this helps

Holly

RecoveringAlcoholic

Did you manage to get the CCJ removed?

https://forums.moneysavingexpert.com/discussion/1587967

Thrugelmir

Kev09 wrote: »

I like many other people had alot of shares in banks and RBS'S demise cost me a fortune, had they known what they were doing alot of people would be better off.

Not the point at issue. If you had paid the debts you owe rather than invest shares then your credit report would be clear.

You can complain on this forum endlessly but it won't change anything. As in the same way you run your business others run theirs.

Kev09

RecoveringAlcoholic wrote: »

Did you manage to get the CCJ removed?

https://forums.moneysavingexpert.com/discussion/1587967

Hi

I wrote to the court and obtained a copy of the CCJ, then sent it to registry trust with copies of utility bills for my own address, showing that I didn't live there and didn't know of the summons and or invoices and then got a letter of satisfaction from property factor (who incidentally has been forced to reduce their charges as they were found to be ripping everyone off).

Registry trust agreed with me that I didn't get sufficient notice of ccj was unfair and should be removed. I could get it back to court but whats the point - the factors have the message now anyway and at least all the other residents are on their case for over billing and charging for work not complete.

Kev09

Your own bankers may also be an idea, as if you have maintained a good relationship with them, they may be more accomodating with the adverse you currently have (as I say 6 yr anniversary they "drop off" - so you can decide if its worth waiting for this occurance (check with CRAs they have come off), before you jump into applying for a mortgage.


Holly[/QUOTE]


Unfortunately I am a product of the banks own making - use the post office for services - do everything online - haven't spoke to a business bank manager in 8 years.

I will however have way over 25% deposit, I am considering just saving up the money and buying outright as i could do this before the drop off however the taxman will want alot if I start to take big dividends.

My current score is 327 which is too low, even with a 50% deposit these rob way things are in red on the equifax print out, experian has both slc and rob way on it but my score is way higher.

One thing i have learned is dont leave it 10 years to check your credit score, even if you do think you'll never need credit you might.

Kev09

Thrugelmir wrote: »

Not the point at issue. If you had paid the debts you owe rather than invest shares then your credit report would be clear.

You can complain on this forum endlessly but it won't change anything. As in the same way you run your business others run theirs.

A mistrust and negative opinion of banks I am entitled too as it is their greed which has caused a global recession. Througout my businesses I have about 30 full time or part time employees, no-one would come bailing me out if I got into trouble. They would all be out a job. I re-invest continually and don't live in fancy house or drive the range rover, these bankers did this on our taxpayers money. :rotfl:

The SLC default I could control and they annoyed me, rolling charges in when it was them who lost the forms etc. I just started binning their stuff a mistake i know :A. It was only very recently they started reporting any student debt to credit agencies :T so I wasn't too worried about it :mad:. Poor defence i know.

opinions4u

Kev09 wrote: »

A mistrust and negative opinion of banks I am entitled too as it is their greed which has caused a global recession. Througout my businesses I have about 30 full time or part time employees, no-one would come bailing me out if I got into trouble. They would all be out a job. I re-invest continually and don't live in fancy house or drive the range rover, these bankers did this on our taxpayers money.

You miss a key point though. The owners of the banks, the shareholders, lost 98%+ of the value of their holdings. Nobody bailed those shareholders out in the same way that nobody will bail you out.

holly_hobby

Kev09 wrote: »

Unfortunately I am a product of the banks own making - use the post office for services - do everything online - haven't spoke to a business bank manager in 8 years. .

So you hold your business banking accounts with the PO too ??

Kev09 wrote: »

I will however have way over 25% deposit, I am considering just saving up the money and buying outright as i could do this before the drop off however the taxman will want alot if I start to take big dividends..

Not as much as taking it as salary, as divs have a lower tax point than PAYE and no NICs to pay.

You will of course also need to submit last 2 yrs certified accounts in support of your mge app. (as you won't qualify for any fast track uw with the adverse you hold - inc it now appears also a satisfied CCJ).

Kev09 wrote: »

One thing i have learned is dont leave it 10 years to check your credit score, even if you do think you'll never need credit you might.

As stated earlier, adverse only stays on for 6 yrs, so any current registrations happened in the last 6 yr period. If you are saying they are older than this, then you need to contact CRAs to have the records removed as they have expired.

Hope this helps

Holly