Real life examples debt recovery

happybunny86

Hi,
I'm not sure if I'm posting this in the right place but wanted to get a bit of advice. I've just come off my debt management plan - I have a final payment to pay off next month and its clear. I do have another debt of ~£1,500 which I'm also paying off and expect this to be gone by May next year. I've been burying my head in the sand about that debt unfortunately and didn't roll in to the plan.
I applied for a new basic bank account yesterday with another bank other than mine as my current bank is the cooperative and their customer service isn't that good and they don't have a branch in the city I work in. I was turned down for the basic bank account which was a new low for me.
I'm going to read through all the advice on this forum now as to how to clean up my credit rating. My boyfriend and I would love to buy our own house in the next two years but I really don't know if i'm going to be able to get my credit rating in a good enough state to be able to do this.
I'd love any additional advice on cleaning it up and to hear of any real life example of if its possible to get a mortgage in that time.
Thanks in advance

Tixy

Hi

You really need to start by getting copies of your credit files to see what shows on them now.

Once you know that you'll be better placed to work out your chances of getting a mortgage in a couple of years and people here can advise you on what may help in the meantime.

Starting point you need to see if your accounts have defaults what the date of the default is per your file, and to check if any accounts are not showing as defaulted.

Miss_Marple_2

Now that you have finished your DMP - save, save, save !

The larger the deposit, the more adverse credit is overlooked ( I know it's not that simple, but a large deposit does get you a lot further and a better rate).

Post on the Mortgage boards here, they are all very helpful and there are lots of brokers posting on there who can tell you what your chances are when the time comes

happybunny86

Tixy wrote: »

Hi

You really need to start by getting copies of your credit files to see what shows on them now.

Once you know that you'll be better placed to work out your chances of getting a mortgage in a couple of years and people here can advise you on what may help in the meantime.

Starting point you need to see if your accounts have defaults what the date of the default is per your file, and to check if any accounts are not showing as defaulted.

Hi Tixy,

Thanks for the advice. Which do you think is the best credit referencing agency to get a report from. I've got one from Noddle. There's something on there which has been paid but says its not and another one I want to dispute so will go back on that too. The rest seem pretty accurate but I don't think they have all my debts. Do I need to go to all the credit agencies and look at the score on all of them? Didn't know if that's worth the cost?

Many thanks,

Leanne

Tixy

You don't need to pay for a score from them.

I would say it is worth getting a copy of your report from each agency at the end of the DMP - I think it is worth £4 (£2 each for the statutory report from experian and equifax, noddle as you know is free).

If some of your debts were defaulted on your credit files more than 6 years ago then they wouldn't (shouldn't) appear on any of your files.

Experian_company_representative

I'm surprised that they carried out a credit check for a basic account. I think these just usually involve an ID check. Maybe worth just checking with them that they didn't put you forward for a higher spec account.

James