Mortgage turned down

jay459

Ive just been declined by the nationwide. Was looking an 80,000 mortgage with 25k deposit and 20k annual salary....

I have 3 default payments on my credit file and a credit score of 783...

I am on the electoral register and nothing else appears to be a complication apart from the default payments....

These are my debts

Vodafone £158, Account updated to 08/09/2013
Started 07/10/2008
Default date 03/04/2009

Lowell Debt recovery £679 Account updated to 14/08/2011
Started 28/07/2007
Default date 13/05/2008

Studio £102 Account updated to 13/03/2011
Started 12/08/2008
Default date 06/04/2009

What are the important dates as each debt has 3 different dates, I think that after 6 years these will disappear so it is this year if Im correct that they will be gone...

I also have had a credit card the past 6 months that I just use for general things and pay off full balance every month...

Hoping to get a mortgage, so any advice is most welcome...

Thrugelmir

Where's the deposit coming from? Savings, gift?

Tixy

6 years from the default date - then they will drop off your file (6years and a couple of weeks from equifax)

Are those balance the default balances or current balances? are they all fully paid?

With 3 defaults on file then your choice of mortgage lender will be limited - a mortgage broker may be able to help find a subprime lend.

jay459

The deposit is 15k of my own is savings and 10k gift, does this matter where the money is coming from..??

I haven't made any payments, so they are the full default payments. Lowell are chasing me constantly for the big one but haven't heard a peep from vodafone and studio...

Ive contacted vodafone and they can't find any record of me so I have no idea how to pay it off...

I will be contacting studio this week and will hopefully get better luck...

These default payments are way inflated imo. I presume that I can offer significantly less and get them to put in writing that the debt is full and finally settled.

I want to get these debts settled asap as I have heard these debt agency and resell the debt and you will have another 6 years to wait, is that true....

Anyone know why vodafone cannot track me down, how am I supposed to pay the debt then...?

Thrugelmir

jay459 wrote: »

The deposit is 15k of my own is savings and 10k gift, does this matter where the money is coming from..??

In certain instances yes it does. Lack of own savings with adverse credit history can influence decisions.

meer53

If you have 15k of savings, why not just pay off your debts ? They're hardly huge amounts are they ?

Vodafone

jay459 wrote: »

...

Ive contacted vodafone and they can't find any record of me so I have no idea how to pay it off...

Anyone know why vodafone cannot track me down, how am I supposed to pay the debt then...?

Hi jay459,

I'm sure I can help you with this.

To enable me to do so, could you email me with your details via the link in our profile here?

All you need to do is copy and paste the link into your web browser and it'll take you to the Contact us form on our website. To make sure it reaches me could you also quote the code WRT135 - MSE in the subject line?

Once sent you'll receive an automated reply with a reference number. So I can make sure I've got it could you update the thread with this and I'll get back to you as soon as possible?

Kind regards,

Lee

Web Relations

Vodafone UK

JKSandy

Even settled they are still going to show as defaults, it may be worth while waiting until next May/June, when they no longer show, so that you get a reasonable mortgage rate.

I suspect you will only get a high interest one with those defaults on file.

Either way paying them off is better than unpaid.

jay459

Thanks all for your help...!

Lee, my reference number is #6074580

Is there anything else I can do to build up credit rating, i know you guys say my credit score means nothing and lenders use their own criteria. What will they be looking at and how can I make myself appear to be a safe risk free loan....

Vodafone

jay459 wrote: »

Thanks all for your help...!

Lee, my reference number is #6074580

Is there anything else I can do to build up credit rating, i know you guys say my credit score means nothing and lenders use their own criteria. What will they be looking at and how can I make myself appear to be a safe risk free loan....

Hi jay459,

Thanks for coming back to me.

I've received your email and will get back to you as soon as I can.

Kind regards,

Lee

Web Relations

Vodafone UK

yazzypower

jay, if u pay off these debts now they will show as satisfied and will stay on for a further six years from the date u settle them. lenders will be able to see your past dealings with these companies so don't listen do some of these people telling you to pay off debt.

I am not saying don't pay but wait till the default comes off your credit files and then if u want contact company and pay on the condition that no further information to be shared with the CRA. it would of only been beneficial for u to pay off the debt earlier when u defaulted not after 5 years when defaults are about to come off. And regarding company's buying the debt and then defaulting u again and registering with CRA is old wife's tales.