first time buyer with bad credit needs advice

kingstreet

Yes. If they were registered in 2006 they should have fallen off your credit file six years to the date after they were registered.

That means they should have ceased to be visible in 2012.

Have you spoken to the CRA concerned to establish why they are still there?

morgageclueless

My understanding is that they will be on there six years after they are paid(last month)

Is this not correct? Can I get them to remove them from my file straight away because the debt is so old?

Thanks

kingstreet

No. It's six years from the date of default, not from the date of satisfaction.

Contact the Credit Reference Agency and ask why they are still visible as they shouldn't be...

morgageclueless

Apologies for that one, I've checked the file and it was oct 09, expires oct 15

The other debts are Feb 10 and April 09, expire Feb 16 and April 15

Does this mean I have to wait till feb 16 b4 I can get a morgage?

kingstreet

Not necessarily. It means you have to find a lender willing to lend in your area which will accept your credit history now, or will accept you when one, two or all the defaults have fallen off your credit file.

The key to reducing this time may be a larger deposit.

Some lenders will accept historic adverse, more than three years old, under £x etc. I don't know who will lend in NI, so you need to get more broker opinions there.

greatone

As suggested by other members you need to speak to an Independent mortgage broker who knows your local market as soon as possible. Especially if you dont want to lose out on the property.

Good luck

lonestarfan

morgageclueless wrote: »

I was moving house each year and just forgot about the debts-

I paid them all last month and now they are on there as fs or fully settled.

Do I have to wait a year now before I try to apply for a morgage?

I'm interested as to what the payment method is for mobile phone contracts for the student you were then as I only use PAYG. So was it that payments are collected by the company by you taking a bill to a bank and paying it by bank giro credit and not by direct debit?
I'm wondering how can you forget about mobile phone bills even when moving house. Weren't you still using the phone?
I'm asking bacause it's something I need to make sure my student nephew does not do and will ask him to regularly check his credit file as I was going to sign him up for cash back.

amnblog

Don't let your nephew have a pay monthly phone. PAYG only.

morgageclueless

He's right, contract phones are evil!

I had a 3 phone for a couple of years on contract, and when I wanted to end the contract, they said I had to pay till the end of the yearly contract- I had assumed after a year it became a rolling monthly contract, so I binned the sim and gave the phone to a friend. I was wrong, and it's cost me a mortgage.

The other was a phone contract when I was working and it was £50 a month, I was self employed an used it for business- when the credit crunch it and the work dried up I tried to explain my situation to 02 but the weren't having it. I binned the phone and went to Australia for a year.

I will only ever use payg or monthly rolling contract sims and buy my own phones now- best way.

amnblog

... and did O2 register a default on your credit file?