Arragement to pay

Tessa2004

Hi everyone,

I do apologise as this is the first time on here (even though I have read lots of good and useful information on here before) and this might seem like a very obviously stupid question.

Firstly, my partner and I are just in the process of buying the house we live in off her parents. We have been to a mortgage advisor and have been looking at mortgages. Now in 2008 I entered into a Debt Management Scheme to clear my debts (in hindsight I should have just kept paying loans off). I was naive and did not fully understand the inpact this would have....or rather it was not explained fully by the provider. After a year I cleared off the DMS and continued to pay off all my debt.

Now all the defaults are off my credit report apart from a lloyds loan (who I also bank with) which has 1 late payment and an arrangement to pay on the report (Nov2008). I paid that loan off 2 months later (Jan2009), but as I understand that will affect my credit score until Jan/Feb 2015, is this right.

Then main question I have is that we were rejected with a soft search mortgage company and therefore have not tried the High Street lenders, so how long should I wait to apply for a mortgage. My electoral roll has only just been put onto this address, would this greatly effect my chances?

That is the only 2 things on my report from Equifax and I am rated as Good, with a 'score of 463', even though I know this does not mean much.

Any help would be appreciated

[Deleted User]

Probably better to post this on the mortgages board. You may also want to use a broker (not a bank or estate agent advisor) if you're not already.

fermi

Tessa2004 wrote: »

Now all the defaults are off my credit report apart from a lloyds loan (who I also bank with) which has 1 late payment and an arrangement to pay on the report (Nov2008). I paid that loan off 2 months later (Jan2009), but as I understand that will affect my credit score until Jan/Feb 2015, is this right.

Correct. The account and the previous few months adverse history will drop off 6 years from the settlement date.

With Experian and Callcredit they shoudl be gone 6 years to the date. With Equifax, can take a few weeks to a month afterwards to drop off, so beware that.