DEFAULT/Mortgage help

Penguinpaul

Hi all

My name is Paul from Manchester. This is my first time on the forum.

I have 5 defaults dating back from December 2009 to April 2010. My credit since has been good. I am currently looking to buy a house but I am having trouble. Are there any lenders that may take a softer approach to granting a mortage in the current economic climate?

Also the defaults I have are due to a "debt soloution" company who failed to pay by my creditors on time/at all, although I was paying them. I believe the company went bust shortly after my defaults.

1) Is there anyway I can get these defaults removed considering the circumstances?

If not;

2) Would a 'Notice of a correction' on each default be worth doing, if so what should I include?

Thanks in advance
Paul

Tixy

Hi and welcome to the forum

If you did default on the debt repayments then you won't be able to get them removed.

Did you ultimately repay these debts and do the defaults show as satisfied/ i.e no balance outstanding on your credit file?

I don't think a notice of correction would help. Presumably you used a 'debt solution' company because you were unable to afford to repay the original contracted amounts.

In terms of a mortgage I would suggest speaking to an independant mortgage broker with a copy of your credit file and they are probably best placed to be able to suggest lenders potentially willing to consider your application (assuming the defaults are satisfied and you have a reasonable sized deposit).

You may want to consider editing your first post to remove your surname.

Penguinpaul

Thank you

All defaults are settled, either with £0 or with a balance remaining since they accepted an offer.

On MSE website they advise too much available can be bad for credit applications, does this apply to mortagages? Does this also include overdafts. I have £4500 in unused overdrafts over 3 accounts. Would it be advantagous to close some/all of these?

Thanks
Paul

Tixy

The way your credit file is interpreted for a mortgage application is very different than for consumer credit.
I would think it is unlikely having that level of available credit in overdrafts would be detrimental to a mortgage application.