Mortgage - Poor credit

Thrugelmir

anyadvicegreatly wrote: »

Thank you very much, I will get all my reports and hopefully work something out from there, never thought having some money for a deposit would be so depressing!

Rescheduling debt may seem an ideal option in order to reduce outgoings and freeze interest.

The downside is that the same finance houses control the mortgage purse strings. So logically play hard ball in response. Irrspective of circumstances they have no interest in lending thousands of pounds to a customer who has previously lost them money.

Clearing debts as promptly as possible has to be the first objective.

filbrit

kingstreet wrote: »

While you have an ongoing debt management plan, this will be very difficult, if not impossible.

Could you give an indication of what that £75k will equate to in percentage terms? ie what loan to value are you looking for?

The underlying credit issues showing on your file will also be an issue. Once you've missed three payments or part-paid three times, the account goes into default and this remains on your credit file for six years from the date of registration.

So, what adverse credit entries do you have, when were they registered, how much for and what was the reason?

If you haven't already done so, get a copy of your statutory credit file from all three CRAs so you can see the data on each one. Put them in front of a broker for a proper analysis of your situation.

Where can you check on a credit report if there is a default in your credit report file? Is it AR/AP same as a default?

thanks

kingstreet

In the details of the account, it will say default date. If there's a date there, it's a default. There will also be an amount in the default balance box.

AP markers aren't a default, they are AP markers, although they can be just as damaging if your application is weak/risky.