Help with Defaulted Loan / Credit Card Needed

FrancisFamily

Hi,

I'm hoping that somebody can offer me some advice as to what I should do.

I suffered from a gambling addiction that lead to me spending 10 months in residential rehab five years ago. Since then I have had the occasional relapse, but have now turned my life around, working hard I have also got married and have two stepchildren.

My aim with my wife is to get try and part rent part buy a house - we are fed up of paying £700pm rent and would rather buy if possible. I have got two old debts that I defaulted on a number of years ago, one is a Capital One Loan £5,300 o/s (being managed by iQor) and the other is an Egg Credit Card £1,400 o/s (managed by CapQuest).

For the last four or five years, I have been paying between £10 & £25 to each company on a monthly basis.

Strangely, neither show on my Experian credit report and I have a score of 981, yet the creditcard shows on my Equifax report with a default date of 2007. If I view a report on Noddle it shows both of the debts.

Can anybody make a suggestion as to what I should do? Do I need to clear the debts before I apply for a mortgage, or will the fact that Experian give me a good score mean some people will consider me a suitable risk?

We are trying to save for a deposit at the moment, and obviously paying the token amounts each month is helping with the savings, but am I wasting my time on the basis that I wouldn't be elidgable for a mortgage anyway?

Any advice would be very greatfully received.

Thank you, Dan.

greenbrucelee

Banks use more credit reference agencies than just experian, there's equifax too and another one which I am not sure what they are called.

You should get a full credit report which the infomation on all the agencies can be obtained from your bank and you send them each £2 if I remember correctly and they will tell you where you stand credit wise.

You can still have debts and get a mortgage but if they are serious debts then you will have problems.

If you need major help with your debts you should consider a debt management plan either done on your own with the creditors agreement or contact a free debt help company such as cccs or payplan.

You have posted this in the dro/iva board and it does not sound like a dro or an iva would be beneficial to you.

FrancisFamily

Thanks, I have checked Equifax, who have got the defaulted creditcard, default date 05/07/07, but dont include the loan a all.
Noddle.co.uk (part of callcredit) do quote the both the creditcard and a loan, which I defaulted on 31/05/06. So as you can imagine their rating is only 1 out of 5.
Sorry if I have posted this in the wrong section, which would you recommend?

Thanks, Dan

greenbrucelee

The debt free wannabe section would be where you should have posted.

But as to your issue I would have thought that you may have an issue obtaining a mortgage but ask on the section I mention and post a Statement of affairs or SOA as it's known and the members on there may advise you go onto a dmp or some other action to help you.