Should we apply again?

rizel23

The_J wrote: »

You earn nothing, you want to live in a !!!! 120k house, you've managed to save 13k in a minimum of 6 years of working. You think a holiday is something magical. You are a zero. A total failure. No wonder you were attracted to government where you can hide away and make nothing of your life. No wonder you think you are billy big !!!!!!!! taking on a bank for a measly 2 grand. Just an odious individual and everything that is wrong with this take take take country.

The fact you see your government pension as something to look forward to is typical of your ignorance. I haven't got the time, nor you the intellectual capacity, to make you understand the argument.

I presume your attempting to get this thread closed, please return to watching your shares, your advise, if you can call it that is of zero interest to me, you know nothing on .gov pensions, it offers me tax relief, critical illness/death cover for a mere 6.5 % percentage wage contribution to which is almost matched by my employer, as a 'financial advisor' please tell me where i can get that from privately? Exactly.

Again your lack of intelligence to ask how and for how long we have been saving is beyond me, for reference its 2.5 years of saving and from other income (non guaranteed hence not mentioned income) .

rizel23

Thrugelmir wrote: »

Then you totally misunderstand how lenders credit scoring systems work. "Perfect payments" have minimal value to a lender as its the very least that they would expect.

Lenders take datasets from the credit agencies and apply their own algorithms depending on the product you are applying for. This determines your suitability for a given product. Over the past 6 months the tightening of underwriting criteria has been severe. As yet there's no sign of a let-up.

Thank you for your constructive input. I have checked my credit files and there in pretty good nick (bar the obvious), worst comes to worst its only 3 years till status barred comes into effect anyhow, like i said if we get a mortgage before fine, if not we can afford to wait.

Is there anything i should also be addressing on my credit file in the mean time? I have closed two other dormant credit card accounts upto 4K and in the process of closing a overdraft account at 2K, i hear points for reducing available credit and again against as it higher s your debt to credit ratio?

The_J

My company provides 75% income protection to our employees as a benefit in kind and requires no contribution to the pension to achieve this. You can have any illness (like back pain or stress, not a specific list of critical illnesses) and qualify for this payout that will continue until you return to work or retire. It is far superior to what you have.

Life and critical illness cover would probably cost about £30 a month for someone of your age. Of course, as a employee with a pension you will always get a death in service benefit of around 4x salary so in reality, all you are getting over a normal person is the critical illness cover which some people don't really rate at all (e.g. Martin Lewis of this very site).

And finally, tax relief on a pension. You don't say, that is absolutely unique :rotfl:

PS. Now that I have burst that particular bubble, please don't make your union strike for more. My bins need collecting.

GMS

rizel23 wrote: »

Thank you for your constructive input. I have checked my credit files and there in pretty good nick (bar the obvious), worst comes to worst its only 3 years till status barred comes into effect anyhow, like i said if we get a mortgage before fine, if not we can afford to wait.

Is there anything i should also be addressing on my credit file in the mean time? I have closed two other dormant credit card accounts upto 4K and in the process of closing a overdraft account at 2K, i hear points for reducing available credit and again against as it higher s your debt to credit ratio?

3 defualts on your file will outweigh any 'good' credit. Please please do not assume you have a 'good' credit rating because that is what Experian/Equifax say you are. Your rating is awful with arrears and defaults on it.

Until such time Experian/Equifax become lenders and offer mortgages ignore what they say. Do not pay for the score, merely check the data held is correct.

You will not get 90% as it stands. Ipswich will also declien once they begin to accept applications again. The fact that they are not taking new business either shows they are busy and can cherry pick the best cases, or that they are low on funds and will be even more picky.

No lender will take your explanation of the legal argument with any sympathy. The fact that arrears occured for a genuine reason is acceptable to some specialust lenders but not at 90%, and not with the attitude towards repaying the debts you seem to have.

Continue to save as much as you can in order to boost deposit. Further down the line you may have access to lenders. Be very very careful with what you are doing. £2,000 will soon be eaten up.

You may need to find a lender who has an arrangment fee of £1995 instead of a £995 prime lender (for instance) There goes a grand of what you saved. Rate may be 7% instead of 4.5% prime. Again likely to cost you the grand you saved.

Net result is a gain of zero at best.

For the rest of your lifetime I pretty much guarantee it will cost you more than the money you are going to save many times over.

rizel23

The_J wrote: »

My company provides 75% income protection to our employees as a benefit in kind and requires no contribution to the pension to achieve this. You can have any illness (like musculoskeletal problems or stress, not a specific list of critical illnesses) and qualify for this payout that will continue until you return to work or retire. It is far superior to what you have.

Life and critical illness cover would probably cost about £30 a month for someone of your age. Of course, as a employee with a pension you will always get a death in service benefit of around 4x salary so in reality, all you are getting over a normal person is the critical illness cover which some people don't really rate at all (e.g. Martin Lewis of this very site).

And finally, tax relief on a pension. You don't say, that is absolutely unique :rotfl:

So if i was, god forbid, working for you you'd match my current 6.5% pension contribution?

GMS

The_J wrote: »

My company provides 75% income protection to our employees as a benefit in kind and requires no contribution to the pension to achieve this. You can have any illness (like back pain or stress, not a specific list of critical illnesses) and qualify for this payout that will continue until you return to work or retire..

Any vacancies in your place The J?!

rizel23

GMS wrote: »

3 defualts on your file will outweigh any 'good' credit. Please please do not assume you have a 'good' credit rating because that is what Experian/Equifax say you are. Your rating is awful with arrears and defaults on it.

Until such time Experian/Equifax become lenders and offer mortgages ignore what they say. Do not pay for the score, merely check the data held is correct.

You will not get 90% as it stands. Ipswich will also declien once they begin to accept applications again. The fact that they are not taking new business either shows they are busy and can cherry pick the best cases, or that they are low on funds and will be even more picky.

No lender will take your explanation of the legal argument with any sympathy. The fact that arrears occured for a genuine reason is acceptable to some specialust lenders but not at 90%, and not with the attitude towards repaying the debts you seem to have.

Continue to save as much as you can in order to boost deposit. Further down the line you may have access to lenders. Be very very careful with what you are doing. £2,000 will soon be eaten up.

You may need to find a lender who has an arrangment fee of £1995 instead of a £995 prime lender (for instance) There goes a grand of what you saved. Rate may be 7% instead of 4.5% prime. Again likely to cost you the grand you saved.

Net result is a gain of zero at best.

For the rest of your lifetime I pretty much guarantee it will cost you more than the money you are going to save many times over.

Thanks for the advise, but you do realise after 6 years any debt (other than Bankruptcy and IVA) falls of your credit file leaving no effect from the date of last payment or default date, so in my case 3 years, so will have zero impact on me in 3 years what ever the situation in the mean time.

Again if i was avoiding the alleged debt i'd expect to be hounded, but i have a strong legal argument that the defaults should not be listed and will be following them through to the end, i think there is a clear difference.

marathonic

rizel23 wrote: »

Thanks for the advise, but you do realise after 6 years any debt (other than Bankruptcy and IVA) falls of your credit file leaving no effect from the date of last payment or default date, so in my case 3 years, so will have zero impact on me in 3 years what ever the situation in the mean time.

Again if i was avoiding the alleged debt i'd expect to be hounded, but i have a strong legal argument that the defaults should not be listed and will be following them through to the end, i think there is a clear difference.

I think you should apply to all lenders simultaneously this week. At least then, they'll have a copy of your credit report and will know not to lend to you in 6 or 60 years.....

The_J

GMS wrote: »

Any vacancies in your place The J?!

Not at the moment but you'd hate the boss anyway. He's a massive tool :rotfl:

rizel23 wrote: »

So if i was, god forbid, working for you you'd match my current 6.5% pension contribution?

Not that much of a percentage but we pay a lot more than your salary, regular bonuses and invest the money in superior funds.

But you'd never be working for me because you have the worst attitude towards money I've ever seen and I don't think our private and corporate clients would take to you at all.

At least you're coming round to your credit rating being destroyed. I will say as useful advice I wouldn't give up.

rizel23

The_J wrote: »

Not at the moment but you'd hate the boss anyway. He's a massive tool :rotfl:



Not that much of a percentage but we pay a lot more than your salary, regular bonuses and invest the money in superior funds.

But you'd never be working for me because you have the worst attitude towards money I've ever seen and I don't think our private and corporate clients would take to you at all.

At least you're coming round to your credit rating being destroyed. I will say as useful advice I wouldn't give up.

So I was correct, thanks, it can't be matched.

I'm perfectly happy with my current job, i love working within the government, and as my attention to detail has been spotted I will be receiving my second promotion at the end of June, I have zero interest in earning mega bucks.

I have enjoyed 'most' peoples comments so far and learnt a great deal and look forward to updating everyone in due course.