Bank statement showing payments to sol

Altereg0

Hi all

I am wondering if 3 payments i make on my bank statement to pay off old debt will go against me when my bank statement is reviewed.

After i canceled an IVA around 8 years ago after 2 years because they were not paying off the debt but paying themselves. I entered into 3 separate agreements to pay back what was owed with the debt management firms acting on behalf of the banks. I do these by standing orders/direct debit between £5-£10 per month.

Assuming that these entities are well known and easily spotted on my bank statement. Will they hurt an application for a mortgage? These payments i have made for over 4 years now and have not had any contact whatsoever from them.

Nothing else on my spending is alarming so i am just worried about these only.

Any advise would be appreciated

Thank you

[Deleted User]

If you can afford a mortgage, what on earth are you doing paying a fiver a month on old debts? I'd have increased those by a large amount months ago.., so the debt payments don't even appear on current statements.

Robin9

How much is there left to pay on these old debts?

csgohan4

your credit history doesn't look good, really depends on the finer detail on what your trying to achieve, what is your income and the budget of house price range your looking at.

Altereg0

I have never missed a payment on anything as far as i can remember,. certainly as far back as 8 years. My credit score is moderate. My finances has only recently changed and so now looking to get a property. An idea one came up that i do not want to pass up. I could have paid more off on those but i just forgot about them as not been in contact with them for around 5 years.

I can easily afford the mortgage i want. and income around £25.5k property is low in value, under 80k.
These also do not show on a credit report.
I think combined the old debts could be around £3k.

Thank you

glentoran99

Altereg0 wrote: »

I have never missed a payment on anything as far as i can remember,. certainly as far back as 8 years. My credit score is moderate. My finances has only recently changed and so now looking to get a property. An idea one came up that i do not want to pass up. I could have paid more off on those but i just forgot about them as not been in contact with them for around 5 years.

I can easily afford the mortgage i want. and income around £25.5k property is low in value, under 80k.
These also do not show on a credit report.
I think combined the old debts could be around £3k.

Thank you

Your missing payments every month, you aren't paying the contractual amount, Pay off your debts, then look for a mortgage

LandyAndy

Altereg0 wrote: »

. I entered into 3 separate agreements to pay back what was owed with the debt management firms acting on behalf of the banks. I do these by standing orders/direct debit between £5-£10 per month.

glentoran99 wrote: »

Your'e missing payments every month, you aren't paying the contractual amount, Pay off your debts, then look for a mortgage

How do you arrive at that?


However, I do agree that simply paying off the remaining debt first is the sensible way to go when it is such a small amount.

Altereg0

Not missed any payments as i said above. They agreed to the small amounts. I intend to pay them off sooner now within next 3 months but I cannot wait on this mortgage as i want to proceed with it. So what will the lender think about these payments?

Thank you

glentoran99

LandyAndy wrote: »

How do you arrive at that?


However, I do agree that simply paying off the remaining debt first is the sensible way to go when it is such a small amount.

Because he has defaulted and they have been sold to DCA, and is paying £5-£10 a month that isn't the contractual amount on the debt, he has broken the contract

glentoran99

Altereg0 wrote: »

Not missed any payments as i said above. They agreed to the small amounts. I intend to pay them off sooner now within next 3 months but I cannot wait on this mortgage as i want to proceed with it. So what will the lender think about these payments?

Thank you

The lender will likely want to know what they are, and will take a dim few of them


1) Paying off so little if you can clearly afford more
2) Defaulting in the first place


You are essentially still in a DMP so I wouldn't expect a high street lender to give you a mortgage or pay normal interest rates

LandyAndy

glentoran99 wrote: »

Because he has defaulted and they have been sold to DCA, and is paying £5-£10 a month that isn't the contractual amount on the debt, he has broken the contract

He is paying the amount agreed with the creditor.


What is the relevance of any amount he may have previously agreed with an ex creditor?