Mortgage App - Late Payments...Help please!

David_White

talulah25 wrote: »

This broker does also provide sub-prime/adverse credit mortgages.

All brokers can use sub-prime lenders it's just some don't know what they're doing through lack of experience.

Your current broker hasn't covered themselves in glory so far and it sounds like they've panicked after getting you declined and gone straight to a worst case scenario lender.

talulah25

David_White wrote: »

All brokers can use sub-prime lenders it's just some don't know what they're doing through lack of experience.

Your current broker hasn't covered themselves in glory so far and it sounds like they've panicked after getting you declined and gone straight to a worst case scenario lender.

Ah right, I see what you mean now. Apologies, total rookie at this. The lender is Aldermore...do you have any experience of them?

David_White

Personally I'm not a fan of Aldermore as their rates are high and I find them to be more inflexible than most.

talulah25

David_White wrote: »

Personally I'm not a fan of Aldermore as their rates are high and I find them to be more inflexible than most.

Spoken to another broker this morning, he's echoed your thoughts on Aldermore, says they're last resort. I've sent all info to him and he's working on it as we speak. Don't want to speak too soon but I am confident he knows what he's doing with our situation and has already shown he has a few tricks up his sleeve.

Sinead1705

We have been accepted with Natwest my partner had a previous CCJ and two defaulted payments, they use Equifax and only the defaulted payment showed on there from 4 years ago, his credit is also poor and we got a lend of 305k! Although we both earn over 95k combined and had a deposit of 80k so don’t know if that helped!

talulah25

Sinead1705 wrote: »

We have been accepted with Natwest my partner had a previous CCJ and two defaulted payments, they use Equifax and only the defaulted payment showed on there from 4 years ago, his credit is also poor and we got a lend of 305k! Although we both earn over 95k combined and had a deposit of 80k so don’t know if that helped!

Thanks, Sinead the issue is although it's a missed payment from almost 6 years ago, it's been updated every month since so it looks like a current issue and not a historical issue. Still waiting to see if British Gas will change the way it has been reported and then we can go back to a high street lender.

CommitedToChange

talulah25 wrote: »

Thanks, Sinead the issue is although it's a missed payment from almost 6 years ago, it's been updated every month since so it looks like a current issue and not a historical issue. Still waiting to see if British Gas will change the way it has been reported and then we can go back to a high street lender.

Hi

I think you're getting confused about how debts are reported on your credit report - this is a current issue as you haven't paid it - and as far as I can tell from what you've written they have been reporting it correctly so you won't get anywhere with a notice of correction.

". We're not looking for a miracle, just for BG to change their reporting to reflect it was one late payment, not 6."

The 6 marker on your credit file does not refer to six late payments but the fact that the your payment is 6 months late which is correct.

Have a read of this as it may make things clearer

https://www.experian.co.uk/downloads/consumer/experian-YCRE.pdf

talulah25

CommitedToChange wrote: »

Hi

I think you're getting confused about how debts are reported on your credit report - this is a current issue as you haven't paid it - and as far as I can tell from what you've written they have been reporting it correctly so you won't get anywhere with a notice of correction.

". We're not looking for a miracle, just for BG to change their reporting to reflect it was one late payment, not 6."

The 6 marker on your credit file does not refer to six late payments but the fact that the your payment is 6 months late which is correct.

Have a read of this as it may make things clearer

https://www.experian.co.uk/downloads/consumer/experian-YCRE.pdf

Feeling a bit daft now, thank you for this. One more silly question...does that mean if I were to just call and pay it that the 6 marker would not show from this month onwards? Or do you think we could go along the tact of asking them to remove altogether if they could be persuaded?

CommitedToChange

talulah25 wrote: »

Feeling a bit daft now, thank you for this. One more silly question...does that mean if I were to just call and pay it that the 6 marker would not show from this month onwards? Or do you think we could go along the tact of asking them to remove altogether if they could be persuaded?

Don't feel daft - the reports are very confusing.

If you paid now the 6 month marker would stop being reported and the account will be marked as settled - but it would still be visable on every past month - and will remain visable for 6 years until the last marker 'falls off'. you could certainly argue that they should remove it as you were not aware of the debt - but they don't have to.

Unless they agree to remove it then paying it is the only way to stop the 6 month marker being placed on your account forever - which is awful. You could also argue that they should have defaulted you after 7 months as you still hadn't paid and companies are supposed to default you rather than leave 6 months markers on as the 6 month markers do more damage to your credit rating. A default disappears 6 years after it is placed on regardless of if you pay the debt. This complaint can be escalated to an ombusman.

personally I would wait to see proof the debt is yours - if it is pay it and argue they should removed the markers - or default you on month 7 to repair your credit report - escalate if needed this will mean that it will disappear 6 years from the default date. If a mistake has been made and you don't owe the money then they should remove all markers as it is their error from all three credit ref agencies if needed - though this can take a month to show.

Hopefully this makes sense -:o

talulah25

CommitedToChange wrote: »

Don't feel daft - the reports are very confusing.

If you paid now the 6 month marker would stop being reported and the account will be marked as settled - but it would still be visable on every past month - and will remain visable for 6 years until the last marker 'falls off'. you could certainly argue that they should remove it as you were not aware of the debt - but they don't have to.

Unless they agree to remove it then paying it is the only way to stop the 6 month marker being placed on your account forever - which is awful. You could also argue that they should have defaulted you after 7 months as you still hadn't paid and companies are supposed to default you rather than leave 6 months markers on as the 6 month markers do more damage to your credit rating. A default disappears 6 years after it is placed on regardless of if you pay the debt. This complaint can be escalated to an ombusman.

personally I would wait to see proof the debt is yours - if it is pay it and argue they should removed the markers - or default you on month 7 to repair your credit report - escalate if needed this will mean that it will disappear 6 years from the default date. If a mistake has been made and you don't owe the money then they should remove all markers as it is their error from all three credit ref agencies if needed - though this can take a month to show.

Hopefully this makes sense -:o

Thanks again, after some to-ing and fro-ing from CEO's office, they agreed to report late payments up to Aug 2012 (when it should have been defaulted but wasnt) then show account as fully settled from then. So Feb 2012 will be 0, March 1, April 2 etc up to Aug 6 then 0's from there onwards. The credit dispute team are submitting a rapid correction and his credit file will be updated by Monday at the very latest.

Not the very best outcome, but a whole lot better than it was!