Mortgage defaul on credit file

bm1666

Way back in 2007 I took on a large self-cert mortgage on a new build house to provide a nice home for my then partner and her children. We were running two businesses between us one in catering the other in tech. Long story short; the businesses both collapsed in the crash and she scarpered leaving me with a huge mortgage on a new house with little equity. I was unable to maintain payments so when I went into arrears the mortgage was taken over by Webb Resolutions who I believe paid GMAC around 30p on the £1. They immediately repossessed the house and sold it off cheaply. Now I have a £97,000 default on my credit history. I have no way of paying this off as my earnings are limited and as a double whammy I am unable to borrow money to build a business. I have offered them token payments but the reuse saying they will not accept anything less than £50,000. I probably should have gone bankrupt at the time but decide not to, a decision I now regret as that would have been cleared now. I understand mortgage defaults stay on file for 12 years? Is there any way I can get or persuade them to remove this default notice from my records? There is no way (short of a lottery win) I will ever be able to pay this sum back. With a clean credit rating I can rebuild my life again. Can anyone advise on what I can do please?

Westminster

Sorry I can't give you the news you are looking for - but I very much suspect that you have no chance whatsoever of having this (apparently very much factually correct) information removed from your CRA files.

Its probably best to forget about joining the rush to own a home.

starM

I thought all defaults are kept on file for 6 years. I am pretty sure they will not remove the default. The default has correctly been applied to your credit report.

Ring Experian and ask them how long Mortgage default will stay on your credit report.

Thrugelmir

When was the default notice registered?