Pepper money? Anyone have any experience good or bad please

ExCredit

MissMelodyMaker said:

Hi all!
We have been having a nightmare - I have a default on my credit file that's just over a year old, plus two late phone bill payments from 2020 (three days late both times) so obviously couldn't get a high street lender to even look at us. We have been really focusing on our finances for a while now. We were given a DIP from Pepper, have now sent over all the documents and additional information they've asked for, the valuation has been done, we are now absolutely crapping ourselves!!!! Offer accepted on a house worth £406,000 (valued at same price) and are waiting for our independent survey results to come back - I'm so anxious. Guess I'm just convinced they'll decline us because we've been turned down everywhere else. It's been a long road. We have a large deposit, my husband has really good credit, it's me that has the dodgy history. We both have good secure jobs and a decent income, I just really really hope we get some good news at some point, we've spent so much money already on solicitors etc etc, anyone else in a similar boat right now with Pepper? Honestly, this is nail biting stuff. The agents are all over my case, it's been about two months. Actually potentially a little longer. Wondering what other questions they may come back with?! Anyway, just nervously venting here!!! Thanks!! 

Hey, I'm in a similar position to you - I have a bad credit history, but turned my life around in the last few years. I'm now at the stage where Pepper has finished the application, valued the property, and sent it all to the underwriters. And even though my advisor keeps reassuring me that it's highly unlikely that something will pop up to surprise us at this stage, it's still a terrifying wait, isn't it!

How did yours turn out in the end?

ACG

They have improved a lot over the last 12 months. 
They have never declined a customer of ours, we have a pretty high opinion of them. 
I think we have submitted 2 cases to them in the last month and both have gone through quite quickly. One is at offer stage and the other is waiting on the valuation. 

ExCredit

ACG said:

They have improved a lot over the last 12 months. 
They have never declined a customer of ours, we have a pretty high opinion of them. 
I think we have submitted 2 cases to them in the last month and both have gone through quite quickly. One is at offer stage and the other is waiting on the valuation. 

Thanks ACG - and might I add, that reading back on this thread a couple of weeks back, was very helpful and reassuring for me - your comments in particular, to the few cases at the beginning of this thread, helped me a lot. And so far, the things you have said, all seem on point.

ExCredit

(also, for what it's worth to anyone in my situation, Pepper finished the valuation on Tuesday, and called me to say they were sending the offer to the underwriters for assessment, which they guessed had a 5 working day turnaround)

stowelly

Hi, does anyone know how long Pepper take to do the valuations of a property at the moment?  was told yesterday that they have "instructed" the valuation.  but as I understand it there is a bit of a general backlog at the moment. is this something that will likely take weeks? is there anything I can do to hurry it along?

thanks

jammy96

Hi, 
Please can someone advise what my chances would be getting approved through Pepper (first time buyer). I have a 15% deposit but have 1 satisfied ccj for £1k from 4 years ago and around 5 defaults all of various values but all over 4 years old and now satisfied. My partner has no adverse credit.

stowelly

stowelly said:

Hi, does anyone know how long Pepper take to do the valuations of a property at the moment?  was told yesterday that they have "instructed" the valuation.  but as I understand it there is a bit of a general backlog at the moment. is this something that will likely take weeks? is there anything I can do to hurry it along?

thanks

To follow up on this (maybe itll help someone else) its booked in for two weeks time!

BristolChris89

Hey Guys, I guess I am in the same position as a lot of people here, I have 4 defaults on my file from around 4 years ago, met my now wife and realised I needed to do better and sorted things out, the adverse credit was due to a gambling addiction so really dont want to have to mention that to pepper but I think they are going to be the only lender that will touch me! Last month I had a notification that a missed payment had been lodged against my credit card, I had a recurring payment on there that I was unaware of, and in the meantime had changed banks and the direct debit got returned and therefore I now have a 1 month old missed payment that I'm sure is going to cause me serious issues! My wife has great credit, but isnt aware of the latest missed payment, I told her I had closed all my credit cards, but kept this one open to help improve my credit score! That has backfired, and now im so anxious about things, we are starting to look for lenders, have a large deposit but im so worried im going to cause issues that stop us moving forward. I guess I need to wait and see what my broker says today now she has all of our details!

ACG

@BristolChris89 - difficult one, the defaults would be fine. 
The late payment last month could be a problem. I assume it has now all been brought up to date? Is the late payment showing on your credit report? 

There will be other lenders, but the rates will likely be a little higher. Tell your broker and let them speak to pepper about it. There is nothing to actually say they will decline it, but their underwriters do have discretion to decline cases. The other adverse will not be a problem. 

BristolChris89

 @ACG
It is showing as one month in arrears, it has been brought up to date almost immediately but hasn't updated yet, the CC company previously agreed they would remove the mark on the record as it was clearly a misunderstanding (I know it was my fault, but thought I would try) but they haven't done so yet even though they have refunded the fee. Yeah ill keep my broker updated with all details, fingers crossed it doesn't cause issues! Its my first mortgage, we currently live in the Flat that my wife had brought just before we met! Its so stressful and I'm only at the start of this whole process! Thank you for getting back to me though, it does ease my mind a little!