Red alerts with two loans! Need to be back in the green!! Please help

matttye

natandash wrote: »

Will the 3-4 months of changing her agreement make a dent in her good credit though?

Yes, but you'll need to check the credit files to know to what extent.

happy_bunny_2

natandash wrote: »

mattye - I cant thank you enough soo helpful! I realise im screwed !! However i need to ask about my girlfriend because at the moment im keeping my fingers crossed that there is a chance to save her credit file....she has been making all of her payments ok then she ran out of savings(don't ask!!)...anyway she then struggled to make the £360 odd repayments she needed to make! She did what i did and offered them a token payment of £5 a month...shes been doing this for either 3 or 4 months now. However i think that between us we could come up with a better payment. so......

.Is she going to have bad credit for 6 years now because shes altered her payment for a few months? (the case has not gone to a debt collection agency yet).

. If we can strike a deal with them lets say for argument sake for £200 a month and they accept...does that still count as a default? Or if she keeps to that deal for lets say a year will she have good credit?....

My thinking is that if she has good credit she can get the mortgage ....what do you think?

Get your GF to check her credit file.

Can you look to rent until your defaults drop off?

If you get married, you can get a cheap forces house

natandash

Ok great ill get her to check then if you don't mind get back to you??

happy_bunny_2

natandash wrote: »

Ok great ill get her to check then if you don't mind get back to you??

Sure, someone will be here

Use noddle, its free and a good place to start.

Worth taking a nose at yours too to see what the damage is.

Candyapple

Worth pointing out also that you mentioned about your girlfriend offering to pay say £200 as opposed to the full monthly payment of £360, this will still go down as an arrangement to pay on her file as it is less than the agreed monthly amount and this will stay on her file for the next 6 years. Some people even consider this to be as bad as a default. Agreements to pay are often done on a 6 month basis and then the bank/loan company will review the situation again. If you still can't meet the payments then more than likely they'll just end up defaulting the account anyway.

The likelihood is that these 3-4 months of missed payments will drastically affect her chances of getting a mainstream mortgage lender as most of them require you to have a squeaky clean file and I've even read stories on other forums and here of people being declined due to a couple of missed payments 1-2 years ago. If you have a large enough deposit then that should hopefully work in your favour, but still, I would say neither you or your girlfriend would pass a credit check for a mortgage from a mainstream lender. Someone else suggested subprime mortgage lenders, that would be your best option in my opinion.

Good luck with the pregnancy

Caroline_a

Question for you, OP - do you have savings for a deposit, and also enough money to pay solicitor's, moving, surveyor's fees? You will need quite a sizable chunk of cash for this...