past defults when looking for first mortgage

JustW

Hello,

Im just trying to gather as much information as i can for my first mortgage.

I have spoken to an advisor but have a question that arrose from information found after i spoke to him.

I completed a equifax credit report and the only bad point was a defulted account with o2 around 5 years ago. Would i be able to pay this off to clear my credit report?

or is there another way of clearning it other then writing to them to ask, as i know im responsible for it. from what i remember i paid the account off with a debt agency but im not certain.

thank you

W

ACG

If youve paid the debt, the default should show as satisfied.

Have you had any other credit since then? If not then a lender only has that to go off...which isnt great.
My gf is in a similar position (although slightly worse), i spent ages trying to get her a mortgage but because shes only had a loan as credit in her life, which she defaulted on and nothing since, nobody will touch her.

You need to prove you can handle credit responsibly, as it happens a phone bill for £50 isnt too bad, but if thats all they have to base it on its a bit difficult for them. You need to speak to your broker and let him/her know so theyre not wasting their time looking for something you cant have.

JustW

thank you for your reply,


Since then i have had other phone contracts, a loan (this could be around the same sort of time), credit for a laptop (paid off) and i have a credit card now that i use and pay off in full each month.

I used to be pretty bad with money, but now i have had clean credit for a few years, i still find it hard to get credit (particularly a decent credit card) so havent tried for a while. I cant remember if i paid the bill off, would this be something i could check with o2?

The broker meeting was just an innitial meeting to see what position im in, he is not looking for a mortgage yet. we just discussed what repayments would be ect.

ACG

Yes you should get the default showing as satisfied.

You should be telling your broker. Some lenders wont touch you if you have a default, so he could be wasting his/her time

JustW

I have spoken to o2 and have also checked my credit report again, The defult was last updated in 28/03/10

but the account was opened 06/02/06

i have seen that defults are not kept on your file after 6 years, would this be from the start date, or the last update?

thanks

Thrugelmir

6 years from the date default is first registered.

JustW

so that should "Time out" around November.

That should give me enough time to keep building my deposit and try to track down who the money should go to (o2 said all my accounts with them are upto date, but could be with a phone shop).

I will keep reading on here.

Thank you all for the information given.

p.b.cav

Hello

I am in a situation where having terminated my O2 contract in March 2011 and paid all the bills by DD until them, I realised they have default my account on £9 .

I never cancelled the DD.
I was never contacted by email, letter or phone (kept same number).

And I only realised of this issue when trying to remortgage my property and lenders don't approve credit on my because of this. I checked my credit file and O2's issue is the only bad credit episode.

Contacted O2 but they say they will not do anything to remove the default (paid now) from my credit file.

THINK TWICE BEFORE ENTERING INTO A CONTRACT WITH O2.

They don't case about the damage they can do to their clients, and leave us so unprotected that they can damage our credit file and our lives.

ANY SUGGESTION would be appreciated .

Many thanks to all in advance.