6 years almost up

wildcard

Hi,

I'm brand new to this site but am glad to contribute. I wonder if anyone can help with a problem I have.

In July 1999 my wife was killed and for the life of me I went a bit nuts. Essentially, I packed up a few of my belongings into a backpack, walked out of the front door with a few hundred pounds in my back pocket and left my old life behind. At the time I had a 'very' modest mortgage of £23,500 and various credit cards, loans etc totalling about £6000, giving me an estimated debt of possibly £30,000.

Since that time I have travelled, gone to University and not been in touch with any of my old friends or indeed anything that I would regard as part of my old life. Presently, I am aware that after 6 years any CCJ or defaults that were issued in my absence will come to term and be removed from my credit report.... however, I am unsure as to where this leaves me in terms of mortgages. After looking over various sites, I am of the opinion that mortgage defaults remain attached to credit reports for a longer amount of time..... is this correct?

Can anyone offer advice?

herbiesjp

They all stay on the credit file for the same maximum amount of time

payless

Was property repossessed ?
Was there a shortfall OR surplus on sale ?

Most applications would ask about repossessions - at any time.

Twopints

Was there life assurance for your wife, especially in respect of the mortgage?

Froggitt

One of those unfortunate occasions where an endowment mortgage comes into its own due to its included life cover.

Welsh_John

Take a look at the National Debtline site.It will answer your questions, 6 years is correct for unsecured debts but for debts on property its 12 years.

National Debtline

meanmachine_2

I wonder whether lenders take into account "extraordinary circumstances"?

Sorry to hear of your loss mate. But now you're prepared to look at your finances afresh, that must be a good sign, right?

Although just don't look at house prices right now. Gah!! For £23,500 you could now be the proud owner of a portacabin (studio only).

Still, you did what you felt you had to do at the time. And none of us should live our lives wondering "what if...".

What if I'd bought that 2 bed flat in S London back in 1995 rather than decided that I "couldn't afford it"? I've been kept off the property ladder ever since.