Please Help - Mortgage Query

Cantthinkstraight2012

Good day all,

First time poster, long time lurker.

I have been saving with my partner for the past 4/5 years for a deposit on a house. We are almost there now and were planning on booking an appointment with a broker next month.

I have just checked my credit report today and noticed that Virgin Media have registered a default against me for £128 as of 1st of July 2012.

The date of the default is 24th April 2007 but is actually also showing as a settled balance. (which is it was on the 21st June 2007).

I have taken a lot of care to repair the damage caused by my financial mismanagement in the past and this has just made my head spin completely.

Why have they waited so long to register the default as now it looks to me as if I have a default in the last month when in actual fact this is over 5 years ago ( I am not disputing the default by the way).

How will this effect our mortgage application? It has been a long slog saving the £20k required for a deposit and also renting and now it looks as if this default date could scupper our plans completely.

Any advice at all please? Would really appreciate it.

Dave_Ham

This is not necessarily a deal-breaker - try not to panic...

What purchase price and deposit do you have in total?

Cantthinkstraight2012

Hi Dave,

Thank you for the quick reply.

We are looking at the £160k mark. I earn £30k and my partner earns £26k plus I have a company car with the extras and a £5k bonus so was hoping affordability would be OK, obviously my major concern now is this popping up on Experian.

I can't understand why VM have registered a default now after 5 years, which makes it look like a recent default?

Regards

kingstreet

What shows on the files from the two other CRAs?

If you haven't checked yet, get them. The £2 ones are fine - no daft scores needed!

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

Dave_Ham

Apologies, out with client. Kings is spot on, see if they have been recorded on the other 2 - this may provide alternative solutions.

It sounds as if an address has been merged and would take a stab in the dark that the Virgin Media was at a different address and recently been updated.

The fact it shows the original date brings other lenders into play, although this will be a broker case I would suggest...

Cantthinkstraight2012

Hi Dave/King,

Thank you for the replies.

Due to the state of my anxiety after seeing the default registered on Experian, I paid up and checked both of the other main CRA's.

Incredibly, this default does not show on either.

Also on Experian it states 'the default will be removed after 6 years from the defaulted date'. As stated below the defaulted date was 24th April 2007, but the updated date is 1st of July. Does that now mean I should wait until April 2013 (which is far from ideal after the plans we have made) for it to drop off?

Thanks again

HARSA

Yep will come off at the end of April next year. I have said this before and some people here wanted to hang me but I never learn do I?

You can always apply with mortgage providers who only searches Equifax as you are okay there. Do a search on forum on 'what companies uses what credit reference agencies'

Cantthinkstraight2012 wrote: »

Hi Dave/King,

Thank you for the replies.

Due to the state of my anxiety after seeing the default registered on Experian, I paid up and checked both of the other main CRA's.

Incredibly, this default does not show on either.

Also on Experian it states 'the default will be removed after 6 years from the defaulted date'. As stated below the defaulted date was 24th April 2007, but the updated date is 1st of July. Does that now mean I should wait until April 2013 (which is far from ideal after the plans we have made) for it to drop off?

Thanks again