Can we apply for a mortgage with HSBC if I never repaid ....

sarah9999

Hi
Ok so about 10 years ago I had a loan with HSBC and didn't pay it back, lost my job etc and just ignored the letters. I know wasn't the right thing to do but that's what happened.

Now can myself and my partner apply for a mortgage with HSBC??? I have checked my credit report and there is nothing showing on there. I now have a very good rating.

But will they no about the loan still? And will it go against me?

Thanks in advance.

Alter_ego

It would make more sense to apply elsewhere.
I wouldn't try to open an HSBC account either!

DpchMd

It's highly likely that HSBC will review their own records in addition to your credit file.

Thrugelmir

Lenders do retain their black list of customers.

jamesd

Expect HSBC to refuse to do business with you on the grounds that you they have no desire to give you a chance to do it again. This is not likely to apply to only mortgages, you can expect it to apply to all credit products and even current accounts with no credit facility.

If you ever in your life want to do business with them again you might consider whether you can readily afford to repay the money now and whether you think it's worth doing. No guarantees that this will cause them to be willing to do business with you again but it is the best you can do to increase the chance.

andyfromotley

Hmmmn quite interesting this one. HSBC are of course subject to the Data Protection Act. In light of the fact that this information could be deemed no longer relevant it could be argued that they should hold no information on you whatsoever. They can't just hold data forever even if you owe em money.

However i would just use someone else!

Senior_Paper_Monitor

To prevent someone robbing you before from robbing you again (no offence meant to OP) would be perfectly acceptable reason under DPA to keep data for as long as they deem necessary - as is any indication that the institution could be liable to future misselling (or similar) claim (hence we are advised to maintain for any financial services product/advice for life).

andyfromotley

Senior_Paper_Monitor wrote: »

To prevent someone robbing you before from robbing you again (no offence meant to OP) would be perfectly acceptable reason under DPA to keep data for as long as they deem necessary - as is any indication that the institution could be liable to future misselling (or similar) claim (hence we are advised to maintain for any financial services product/advice for life).

Well having read the ICO guidelines it really isn't that clear cut. Sorry you may want it to be but it isn't. He didn't rob anyone, he defaulted on a debt.

Senior_Paper_Monitor

Humour ? But a justification worded somewhat more reverently would, in my opinion, meet the requirements for the justification of maintained data as long they wish to commercially (and I have read both the guidelines and most of the act regularly).


Moving back to the OP's question - the fact remains that banks retain default information for long periods of time and check applications against them. Reapplying there would not appear the OP's most sensible option.

sarah9999

Thanks for the reply everyone for the advice. Quick question is there anyway of checking??

Senior_Paper_Monitor

Just one - put in an application and see what happens !


That's not a recommendation by the way !