how do you get bad stuff off credit file re mortgage

Kev09 · 11 September 2011 at 4:11PM

holly_hobby wrote: »

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

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).

Hope this helps

Holly

holly thanks for advice, no i dont hold a business banks account with the post office, it is with a well known bank, i have 8 years of certified accounts for main business, every year the company is in profit and holds no debt. That has to go in my favour - the ccj is completely removed from credit file not just marked as satisified as the court and registry trust agreed it should not stand as if you are going to turn up at a court date so should at least know when it is.

I already take a salary up to personal allowance then pay myself the remainder in dividend, however you still pay income tax, the trade off is are better served keeping the money in your business buying things to help you grow etc, because if you make lots of money you just pay big corp tax or pay yourselves lots pay big income tax - someone has to pay for all the bankers xmas bonuses!!!!!

Kev09 · 11 September 2011 at 4:26PM

opinions4u wrote: »

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.

I lost heavily as i had banking shares. I feel sorry for the shareholders they were treated with contempt. My point was all my staff would be out a job if made reckless stupid business decisions and my companies would be liquidated, just unfortunate they were "too big to fail".

This monopoly position is whats wrong, if treated my customers like banks etc do, they wouldn't buy anything from me and my company would go bust. These people have an enviable business position as there is so little choice but their decisions are clouded by greed.

I have worked in finance they are all pretty dim and overpaid in my opinion. We actually had a chance there to change the system - we didnt as the people with the political power are too close and/or too scared to try and re-invent an economy far too reliant on financial services.

holly_hobby · 11 September 2011 at 4:36PM

Ok ... so in fact you do have a relationship with a bank .....

But from your comments, it appears you draw low salary and dividends - to keep taxable income to a minimum. (I have my own FS Ltd Co so naturally understand the principles explained).

Without going into the figs, obv any mge applied for (should you elect to go this route, rather than use personal capital as you discussed in an earlier post), will be supported by your certified ltd accounts, illustrating your salary & drawings, which shall have to be sufficient to service the required borrowings.

Holly

holly_hobby · 11 September 2011 at 4:48PM

Kev09 wrote: »

My point was all my staff would be out a job if made reckless stupid business decisions and my companies would be liquidated, just unfortunate they were "too big to fail".

This monopoly position is whats wrong, if treated my customers like banks etc do, they wouldn't buy anything from me and my company would go bust. These people have an enviable business position as there is so little choice but their decisions are clouded by greed.

I have worked in finance they are all pretty dim and overpaid in my opinion. We actually had a chance there to change the system - we didnt as the people with the political power are too close and/or too scared to try and re-invent an economy far too reliant on financial services.

Its not that they are "too big to fail" - rather that the implications and ramifications of a bank collapsing would be too far reaching, and undermine the whole financial structure and economy of not only this country but all those reliant, to be allowed to happen (hence why we have seen so many recent bail outs).

It was actually the run we saw on Northern Rock - which essentially caused their collapse (notwithstanding that the cause of issue was their mortgage book & business model operated). Indeed, if a bank were allowed to fail in the UK, all banks would be exposed to the domino effect of depositers swiftly withdrawing their capital from fear of loss (notwithstanding the recent improvements to FSCS) - and the banks left with no operating capital and failure. Which is why IMHO BOE will always be forced to act as "lender of last resort" ,for any providers finding themselves in trouble.

Hopefully with industry tighter controls and lessons learned from the recent meltdown, one hopes this situation happening again would be avoided ... but never say never ..

You say that the banks judgements are clouded by greed - but their sole purpose as a business (as with your own), is to generate profit, which will also support sufficient dividend paid outs to shareholders to keep them happy (such as those you say you held yourself in the banking sector).

We digress ... lets stick to the matter in hand and your post of "how do you get bad stuff off your credit file", with assistance on how best to approach a lender - which I think we have achieved.

I wish you well with your purchase & hope the input by posters on this thread has assisted you.

Holly

Kev09 · 11 September 2011 at 5:03PM

holly_hobby wrote: »

Its not that they are "too big to fail" - rather that the implications and ramifications of a bank collapsing would be too far reaching, and undermine the whole financial structure and economy of not only this country but all those reliant, to be allowed to happen (hence why we have seen so many recent bail outs).

It was actually the run we saw on Northern Rock - which essentially caused their collapse (notwithstanding that the cause of issue was their mortgage book & business model operted). Indeed, if a bank were allowed to fail in the UK, all banks would be exposed to the domino effect of depositers swiftly withdrawing their capital from fear of loss (notwithstanding the recent improvements to FSCS)
H

Yes i understand why we needed to bail them out. Just think its a dreadfull situation that should have triggered thier break up.

Kev09 · 11 September 2011 at 5:07PM

holly_hobby wrote: »

I wish you well with your purchase & hope the input by posters on this thread has assisted you.

Holly

Holly your advice has been very good and not a least bit judgemental and fingering wagging like others involved in the financial industry

holly_hobby · 11 September 2011 at 5:15PM

I'm glad to have helped ... I do try to never be judgemental in any assistance I give, and will always try in someway to give positive and proactive advice/guidance to the OP.

Good luck

H