this is a little complicated ?

andilong

I hope someone can give a little advice on what to do here, I have not slept for a couple of days searching for the answer ?

ok firstly a little background, last year i was studying an OU course and had a loan to pay for funding through OUSBA, for a couple of reasons missed a few payments and then they said if i did not pay it off i was going to court and that i had defaulted on my account.
After backwards and forwards phone conversations and letters i then received a letter from OUSBA stating "We have not added a default to your credit file" to my relief this all seemed ok.

Now the house next door to my OH's parents is coming up for sale the owners have given us first refusal and OH's parents are kindly going to donate a deposit of up to £18k ( the max they can afford to give us) the house has been valued at £180k which we are hoping to offer nearer £170k. so with additional expenses the 18k will be just enough for a 10% deposit and other fees.

I recently got copies of all my credit files and guess what a default from ousba showing on my experian file, dated last december, and in our recent spring clean the original letter they sent stating there would be no default has dissapeared :eek:

i have tried contacting ousba, they simply claim they do not keep copies of every letter they have sent.

so can anyone advise of my options ?

am i likely to get a mortgage with this default on my file the debt was settled as soon as they threatened to take me to court but the default is still there ?

Can we get a mortgage in my OH's name only and use my salary as additional income for her mortgage to prevent us been declined ?

Is their anyway of proving that ousba have said there was no default on the file and then putting a default on my file as some kind of illegal act?

I am really at a loss what to do, the other halfs parents are gifting the money based on this property only so the option of a large deposit like this wont come round again for us so its this house or conitnue renting our council flat?

Dave_Ham

If the default stays, you will not get a mortgage at 90% LTV

Your options:

There will be an address on your Experian first or second page for their team at OUSBA to deal with credit file enquiries - send them a recorded letter including their letter stating it would not register

Put the mortgage in your OH name only, subject to many variables the most significant being income

Do not buy the house

Option 1 jumps out, but this can take a lot of time so get cracking straight away...

andilong

Dave_Ham wrote: »

send them a recorded letter including their letter stating it would not register

Thanks for the reply dave, as mentioned though i no longer have a copy of the letter, so this is not really an option.

Our salaries are 24k for me and 23.5k for my other half ? affordability i dont really see as the issue the only problem is this damn default !:mad:

Dave_Ham

Sorry must have mis-read about letter.

You will absolutely not get a mortgage at 90% with a default from December.

I do not like to be that sweeping or hard but better you hear now than further down the line when emotionally more involved..

Sorry it is not more positive news..

andilong

tbh Dave this is what i was expecting and have been telling the other half the same since i got the credit file a couple of days ago !

she was the one who thought it might have been possible for it to be entirely in her name, with her income. With my income acting as additional guranteed income so effectively giving her an income of 47.5k per annum ?

i was not sure if this would be possible but i suspected 10 years ago maybe but probably not now.

looks like we will be staying where we are or going off to rent privately somewhere.:(

Dave_Ham

Unless you could put a parent on with OH, although there are additional considerations here also..

I wish you luck whatever you decide..

MuffinTops

Is the default listed as "satisfied" on your credit rating now that it's been paid?

andilong

So Things may be looking up....

finally got in touch with ousba credit department who confirmed they had sent the letter :j

They also said that the default had been applied in error and would be removed (blaming the way their system interacts with experian)

i requested a letter confirming this, which she said would take some time however could get an email to me at some point today, detailing the error and the fact the default would be removed.

This is much better than i was expecting, however i wont get too excited until i receive confirmation from them via email.

So with this in mind am i likely now to get a mortgage with my other half for £153k with a combined salary of 47.5k no abnormal credit for 90% LTV and a deposit of 17k?

also when do you think the best time to speak to a broker would be (how long before this gets taken off my file?)

fingers crossed all goes without hitch and ousba are true to their word

andilong

MuffinTops wrote: »

Is the default listed as "satisfied" on your credit rating now that it's been paid?

yes the default is satisfied, however hopefully will be removed entirely

The_J

It's looking much more positive but it could take up to 3 months for the credit report to be fixed.

GMS

andilong wrote: »

yes the default is satisfied, however hopefully will be removed entirely

If they have admitted it was put on in error then you really need to ensure they remove it completely. Marking it as satisfied will look better than it not being but will probably not be enough for what you need at this time.