'Partially Satisfied' please help

ejc81

DMP1 wrote: »

Could someone please tell me if they will still drop off from date of default and how lenders would view such accounts baring in mind I have letters stating that the debts will no longer be pursued?

Thank you in advance

Just to add, DO NOT EVER dispose of these letters!! In 3 years time some silly debt collection agency could try & pursue you for the difference between what you owed & what you've paid. Believe me I've been there. File them for the future. You may well need them

DMP1

Guys thank you so much for your helpful feedback!

Just one more question

As I have now settled these debts and the last one falls off my credit file in June next year, will they harm my chances of getting a mortgage in early 2015?

As they are settled and are not on my file and are not visible to lenders will I be in a better position?

Many thanks

IDoDoodles

DMP1 wrote: »

Guys thank you so much for your helpful feedback!

Just one more question

As I have now settled these debts and the last one falls off my credit file in June next year, will they harm my chances of getting a mortgage in early 2015?

As they are settled and are not on my file and are not visible to lenders will I be in a better position?

Many thanks

As the accounts will not be on your file by that point at all, their nonexistence will neither harm nor enhance your chances at getting the mortgage amount and rate you're seeking.

Each lender has varying criteria that they will be looking for, and they're unlikely to disclose any specifics.

Just make sure that, at the point of applying for a mortgage,

• you are on the electoral roll
• you have no late payments or defaults (most importantly in the more recent years. Some lenders will still lend with late payments or defaults in the last 6 years shown on your file, but you're unlikely to get the good rates),
• you have built up as decent as possible a history of meeting your existing financial obligations,
• you don't have an unnecessarily high/high in ratio to your income level of credit existing (either available or already in use - a tricky one, and someone might have better information regarding this one),
• and that you have checked all 3 credit agencies for any incorrect or missing information beforehand. Please remember to ignore credit scores though, as they mean absolutely diddly-squat.

As long as you stay on the straight and narrow, you're doing everything you can possible to increase your chances. These accounts in question in any case won't have any extra bearing.

matttye

DMP1 wrote: »

Guys thank you so much for your helpful feedback!

Just one more question

As I have now settled these debts and the last one falls off my credit file in June next year, will they harm my chances of getting a mortgage in early 2015?

As they are settled and are not on my file and are not visible to lenders will I be in a better position?

Many thanks

The mortgage co won't even know the accounts existed, unless you tell them.

DMP1

Thanks once again guys


Do I have to tell them that I have had 3 past defaulted accounts that have fallen off my file due to 6 years past?

Is it a legal obligation to tell them?

I don't have any other debts other than these old ones and I earn a solid £1,600 a month so I was hoping after they fell off I would at least have a shot at a mortgage

I don't have any overdrafts, am on the electoral roll as well

matttye

If they ask, I think you'll either have to tell them or tell them you don't want to answer, which is a giveaway anyway. I'm not saying you would, but you can't lie under any circumstances as that would be mortgage fraud.

If they don't ask, I don't think there's any obligation to tell them.

matttye

I should just say...I don't think 6+ year old defaults would bother too many lenders anyway. Not if your recent history has been good.

Just remember as well that you'll always stand a better chance with a higher deposit.