CF clean up - not so easily done

shopgirl771

ok so long story made short-ish.
want to get OHs credit file cleaned up so we can get a mortgage as ive inherited some money. i dont earn enough to get a mortgage alone. he was in DMP. has been advised by nationaldebtline to stop payments and to offer F&F (using inheritance).
weve cleared some debts and are negotiating others but some we are at stale mates with and have invited these creditors to take him to court (at the advice of nationaldebtline).

however in doing this its become apparent that cleaning up his credit file could take years at this rate and if they dont take court action then the defaults will just sit on his file hindering our ability to get a mortgage.

any advice?

ITtim

Hi, we have the same situation, I can't offer a great deal of advice but as far as your mortgage is concerned our FA said we should be able to find one two years after the last default. Although it wouldn't be at a cometetive interest rate.

As for cleaning the file, i'm attempting the same thing on my wifes, its worth going through any paperwork they've sent in the past, see if there are default notices and the wording of some of the stuff.

dancingfairy

I believe defaults etc will stay on your file for 6years. I believe this means that even if you pay off the debts now and get them marked as satisifed then the lenders will still see all the old defualts and will see that it is a fairly recent development.
I'm not sure you can do much to short cut the process. I think the best course of action is to settle the debts if possible (it's gotta be better to show them as settled then have them hanging on as still not paid), keep everything up to date and clean from now on and wait for time to improve things.
You can make sure that all addresses are correct and that you are on the electoral role and that if you have a mobile phone etc that that is kept up to date. Also if any credit is not being used I'd either start using a card and pay it off in full every month to show you can be trusted or write and ask to cancel it so it is not showing as available credit on your file. Apart from that I'd keep pushing for settlements.
Best of Luck
df

heartbreak_star

How about you get the mortgage and have him put on the deeds? I think it's what my OH wants to do - my credit rating is awful and he just remortgaged anyway, so I've said after I've been there a year if we're still happy we can have a document drawn up saying I'm on the deeds and pay x amount to him towards the house expenses. A solicitor friend said this is perfectly do-able and gives me the same rights as if I was on the mortgage. HTH!

HBS x

Hovel_lady

heartbreak_star wrote: »

How about you get the mortgage and have him put on the deeds? I think it's what my OH wants to do - my credit rating is awful and he just remortgaged anyway, so I've said after I've been there a year if we're still happy we can have a document drawn up saying I'm on the deeds and pay x amount to him towards the house expenses. A solicitor friend said this is perfectly do-able and gives me the same rights as if I was on the mortgage. HTH!

HBS x

As far as I know you can't be on the deeds unless you are named on the mortgage.
The mortgage company couldn't reprocess the house with somebody else on the deeds not connected with the debt.
Unless it's changed recently, if you buy a property with a mortgage anyone over 18 living there who isn't on the mortgage has to sign a document agreeing to leave if the house is reprocessed.

heartbreak_star

I know he was looking into a way to do it - the council have me down as a lodger but he wants me to have some security in the house, I wonder if the solicitor is on about a different document. Time to look further into it!

HBS x