Help with Defaulted Loan / Credit Card Needed

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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.

Comments

  • greenbrucelee
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    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
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    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
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    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.
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