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Credit Report - Settled AND defaulted!
Oeillade
Posts: 185 Forumite
I checked my credit report with Equifax as I was turned down for a mortgage as I had "adverse credit". I was suprised as I haven't any debt and have paid everything off.
There was a loan my ex partner coerced me into signing and then he left whilst I was on maternity leave. He refused to pay the mortgage or the loan and I got some help with the mortgage from my mum so I was able to catch up the couple of months I was behind. I started paying the loan when I went back to work and got all the arrears paid off as well as all the charges. I sold our jointly owned house (he didn't contribute to the deposit and didn't get any money) and the loan was paid off.
I now want to buy again and provide a secure home for my daughter but can't get a mortgage because the loan is showing as both defaulted and settled!
How can this happen? Either the loan is defaulted or it is settled! What can I do to get my credit report sorted?
Thanks
There was a loan my ex partner coerced me into signing and then he left whilst I was on maternity leave. He refused to pay the mortgage or the loan and I got some help with the mortgage from my mum so I was able to catch up the couple of months I was behind. I started paying the loan when I went back to work and got all the arrears paid off as well as all the charges. I sold our jointly owned house (he didn't contribute to the deposit and didn't get any money) and the loan was paid off.
I now want to buy again and provide a secure home for my daughter but can't get a mortgage because the loan is showing as both defaulted and settled!
How can this happen? Either the loan is defaulted or it is settled! What can I do to get my credit report sorted?
Thanks
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Comments
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The loan was DEFAULTED because you didn't comply with the terms - you didn't make the correct payments.
The loan was paid off - it was the SETTLED.
The record is correct.
The Default will disappear 6 years after the date that the Default started.
As the loan was in your name, there isn't much you can do about it, unless you want to go to the Police and make an allegation of a crime of some sort against your ex in relation to the loan, but it's probably too late for this and in any case you voluntarily paid the loan off.
If your ex is then convicted, you might be able to get the Default removed.
What is the date of the Default?British Ex-pat in British Columbia!0 -
Once a loan is defaulted this will show even after loan paid off. Cannot see you getting the default removed as it is correct, even though you have now settled the account.TOTAL 44 weeks lose. 6st 9.5lb :T0
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What was the date of the default?
How much was it?
What's the likely loan to value of your new mortgage?I was able to catch up the couple of months I was behind
You also appear to have had mortgage arrears. How many payments behind and how long ago? When was the account brought up to date?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »What was the date of the default?
How much was it?
What's the likely loan to value of your new mortgage?
You also appear to have had mortgage arrears. How many payments behind and how long ago? When was the account brought up to date?
Mortgage, one month behind in May and June 2008.
Loan, default for 6k Jan 2009. Settled April 2011. However, I started paying it back plus extra towards missed payments in September 2008
Wanted to borrow 75k, 10k of my own money and get 50% share of shared ownership house.
Thanks0 -
It doesn't even show I caught up with payments, just default and then nothing til settled!0
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