Clearing up my credit file

rachelheels

MarkN88 said:

Clearly didn’t get the responses she wanted.

Helpful, thanks x

rachelheels

gizmo111 said:

rachelheels said:

My partner and I have managed our finances badly for years. We have been guilty of ignoring things, and overspending. Our debt in £ not terms isn’t a huge amount, excluding car finance we’re talking low thousands, we earn £28k and £43k.

i have looked at both of our credit file son totally money. We want to be able to save a deposit an buy a house, and have a 3-4 year goal.

we are aware obviously our credit files will need to be good. From today, no payments on anything will be missed or even late. On his credit file there is a ccj for approx £8k in May 2017. It relates to a car finance agreement. The lender has gone bust and the car is literally worthless, sat in a storage unit Doing nothing, I realise it could be enforced at any time but in theory, if ti isn’t, will it just disappear in May 2023?

On my own there is a tsb bank account, it shows I owe £379. Default since 1st feb 2020. As this is the newest issue, this is the one I’ll hit first.

a huge amount of that balance, if not all, will be charges (not sure if that makes a difference?)

It shows it was updated  last on 31/07/20.

so simple question, what would you do to minimise the damage of this one?

repay in full? Argue to try and get the charges taken off and just repay any actual cash overdraft?

something else?

would really appreciate any help xx

Please don’t judge us, we have been daft, but we have had that moment recently where we realised, if we were sensible, we should have a secure nice home, not the money pit that is renting 

The CCJ will drop off in 2023, paid or not.  You will only have to declare it on a mortgage application if asked 'Have you ever had a CCJ' 
Arguing about the default will take so time and effort and unlikely to change anything - it is easier to pay it and have it marked as a satisfied default.  By the time you are looking at buying in 2024 it will be over 3 years old and there will be several lenders who will accept it, especially as it will be satisfied over 3 years and under £500.
When the times it will be worth getting a broker who specializes in adverse credit mortgages as they will know who to approach with your past issues.
Good Luck with saving for the house  

Thank you x

we are ‘attacking’ this default as it is the most recent. Sadly we have others, about half a dozen between us. Probably down to 3 by the time the ccj drops off (We won’t even consider applying for a mortgage til this has dropped off)

possibky daft question but would 3 defaults make any more harm than 1? All below £500

or should we wait til they all drop off?

also the ccj, once it’s no longer on our credit file, how would lenders know? Seems crazy that a ccj could be with us for life x

thank you for your reply, really appreciate it x

D3xt3r5L4b

rachelheels said:

gizmo111 said:

rachelheels said:

My partner and I have managed our finances badly for years. We have been guilty of ignoring things, and overspending. Our debt in £ not terms isn’t a huge amount, excluding car finance we’re talking low thousands, we earn £28k and £43k.

i have looked at both of our credit file son totally money. We want to be able to save a deposit an buy a house, and have a 3-4 year goal.

we are aware obviously our credit files will need to be good. From today, no payments on anything will be missed or even late. On his credit file there is a ccj for approx £8k in May 2017. It relates to a car finance agreement. The lender has gone bust and the car is literally worthless, sat in a storage unit Doing nothing, I realise it could be enforced at any time but in theory, if ti isn’t, will it just disappear in May 2023?

On my own there is a tsb bank account, it shows I owe £379. Default since 1st feb 2020. As this is the newest issue, this is the one I’ll hit first.

a huge amount of that balance, if not all, will be charges (not sure if that makes a difference?)

It shows it was updated  last on 31/07/20.

so simple question, what would you do to minimise the damage of this one?

repay in full? Argue to try and get the charges taken off and just repay any actual cash overdraft?

something else?

would really appreciate any help xx

Please don’t judge us, we have been daft, but we have had that moment recently where we realised, if we were sensible, we should have a secure nice home, not the money pit that is renting 

The CCJ will drop off in 2023, paid or not.  You will only have to declare it on a mortgage application if asked 'Have you ever had a CCJ' 
Arguing about the default will take so time and effort and unlikely to change anything - it is easier to pay it and have it marked as a satisfied default.  By the time you are looking at buying in 2024 it will be over 3 years old and there will be several lenders who will accept it, especially as it will be satisfied over 3 years and under £500.
When the times it will be worth getting a broker who specializes in adverse credit mortgages as they will know who to approach with your past issues.
Good Luck with saving for the house  

Thank you x

we are ‘attacking’ this default as it is the most recent. Sadly we have others, about half a dozen between us. Probably down to 3 by the time the ccj drops off (We won’t even consider applying for a mortgage til this has dropped off)

possibky daft question but would 3 defaults make any more harm than 1? All below £500

or should we wait til they all drop off?

also the ccj, once it’s no longer on our credit file, how would lenders know? Seems crazy that a ccj could be with us for life x

thank you for your reply, really appreciate it x

Do the right thing and satisfy the CCJ, Defaults and any other debts. 

Don’t try and cheat the system thinking you’ll get away with it.

This world has no morals these days...

rachelheels

D3xt3r5L4b said:

rachelheels said:

gizmo111 said:

rachelheels said:

My partner and I have managed our finances badly for years. We have been guilty of ignoring things, and overspending. Our debt in £ not terms isn’t a huge amount, excluding car finance we’re talking low thousands, we earn £28k and £43k.

i have looked at both of our credit file son totally money. We want to be able to save a deposit an buy a house, and have a 3-4 year goal.

we are aware obviously our credit files will need to be good. From today, no payments on anything will be missed or even late. On his credit file there is a ccj for approx £8k in May 2017. It relates to a car finance agreement. The lender has gone bust and the car is literally worthless, sat in a storage unit Doing nothing, I realise it could be enforced at any time but in theory, if ti isn’t, will it just disappear in May 2023?

On my own there is a tsb bank account, it shows I owe £379. Default since 1st feb 2020. As this is the newest issue, this is the one I’ll hit first.

a huge amount of that balance, if not all, will be charges (not sure if that makes a difference?)

It shows it was updated  last on 31/07/20.

so simple question, what would you do to minimise the damage of this one?

repay in full? Argue to try and get the charges taken off and just repay any actual cash overdraft?

something else?

would really appreciate any help xx

Please don’t judge us, we have been daft, but we have had that moment recently where we realised, if we were sensible, we should have a secure nice home, not the money pit that is renting 

The CCJ will drop off in 2023, paid or not.  You will only have to declare it on a mortgage application if asked 'Have you ever had a CCJ' 
Arguing about the default will take so time and effort and unlikely to change anything - it is easier to pay it and have it marked as a satisfied default.  By the time you are looking at buying in 2024 it will be over 3 years old and there will be several lenders who will accept it, especially as it will be satisfied over 3 years and under £500.
When the times it will be worth getting a broker who specializes in adverse credit mortgages as they will know who to approach with your past issues.
Good Luck with saving for the house  

Thank you x

we are ‘attacking’ this default as it is the most recent. Sadly we have others, about half a dozen between us. Probably down to 3 by the time the ccj drops off (We won’t even consider applying for a mortgage til this has dropped off)

possibky daft question but would 3 defaults make any more harm than 1? All below £500

or should we wait til they all drop off?

also the ccj, once it’s no longer on our credit file, how would lenders know? Seems crazy that a ccj could be with us for life x

thank you for your reply, really appreciate it x

Do the right thing and satisfy the CCJ, Defaults and any other debts. 

Don’t try and cheat the system thinking you’ll get away with it.

This world has no morals these days...

I have morals, but if I can avoid paying £8000 to a now defunct company who absolutely shafted me, then yes, I will do.

upsidedownpancake

gizmo111 said:

rachelheels said:

My partner and I have managed our finances badly for years. We have been guilty of ignoring things, and overspending. Our debt in £ not terms isn’t a huge amount, excluding car finance we’re talking low thousands, we earn £28k and £43k.

i have looked at both of our credit file son totally money. We want to be able to save a deposit an buy a house, and have a 3-4 year goal.

we are aware obviously our credit files will need to be good. From today, no payments on anything will be missed or even late. On his credit file there is a ccj for approx £8k in May 2017. It relates to a car finance agreement. The lender has gone bust and the car is literally worthless, sat in a storage unit Doing nothing, I realise it could be enforced at any time but in theory, if ti isn’t, will it just disappear in May 2023?

On my own there is a tsb bank account, it shows I owe £379. Default since 1st feb 2020. As this is the newest issue, this is the one I’ll hit first.

a huge amount of that balance, if not all, will be charges (not sure if that makes a difference?)

It shows it was updated  last on 31/07/20.

so simple question, what would you do to minimise the damage of this one?

repay in full? Argue to try and get the charges taken off and just repay any actual cash overdraft?

something else?

would really appreciate any help xx

Please don’t judge us, we have been daft, but we have had that moment recently where we realised, if we were sensible, we should have a secure nice home, not the money pit that is renting 

The CCJ will drop off in 2023, paid or not.  You will only have to declare it on a mortgage application if asked 'Have you ever had a CCJ' 

Partially correct  They'll also ask if you have any outstanding debts.  This CCJ will be one of them unless it's paid off.

So if they answer "No" or exclude this debt from their total debt they'll be committing fraud.

upsidedownpancake

rachelheels said:

D3xt3r5L4b said:

rachelheels said:

gizmo111 said:

rachelheels said:

My partner and I have managed our finances badly for years. We have been guilty of ignoring things, and overspending. Our debt in £ not terms isn’t a huge amount, excluding car finance we’re talking low thousands, we earn £28k and £43k.

i have looked at both of our credit file son totally money. We want to be able to save a deposit an buy a house, and have a 3-4 year goal.

we are aware obviously our credit files will need to be good. From today, no payments on anything will be missed or even late. On his credit file there is a ccj for approx £8k in May 2017. It relates to a car finance agreement. The lender has gone bust and the car is literally worthless, sat in a storage unit Doing nothing, I realise it could be enforced at any time but in theory, if ti isn’t, will it just disappear in May 2023?

On my own there is a tsb bank account, it shows I owe £379. Default since 1st feb 2020. As this is the newest issue, this is the one I’ll hit first.

a huge amount of that balance, if not all, will be charges (not sure if that makes a difference?)

It shows it was updated  last on 31/07/20.

so simple question, what would you do to minimise the damage of this one?

repay in full? Argue to try and get the charges taken off and just repay any actual cash overdraft?

something else?

would really appreciate any help xx

Please don’t judge us, we have been daft, but we have had that moment recently where we realised, if we were sensible, we should have a secure nice home, not the money pit that is renting 

The CCJ will drop off in 2023, paid or not.  You will only have to declare it on a mortgage application if asked 'Have you ever had a CCJ' 
Arguing about the default will take so time and effort and unlikely to change anything - it is easier to pay it and have it marked as a satisfied default.  By the time you are looking at buying in 2024 it will be over 3 years old and there will be several lenders who will accept it, especially as it will be satisfied over 3 years and under £500.
When the times it will be worth getting a broker who specializes in adverse credit mortgages as they will know who to approach with your past issues.
Good Luck with saving for the house  

Thank you x

we are ‘attacking’ this default as it is the most recent. Sadly we have others, about half a dozen between us. Probably down to 3 by the time the ccj drops off (We won’t even consider applying for a mortgage til this has dropped off)

possibky daft question but would 3 defaults make any more harm than 1? All below £500

or should we wait til they all drop off?

also the ccj, once it’s no longer on our credit file, how would lenders know? Seems crazy that a ccj could be with us for life x

thank you for your reply, really appreciate it x

Do the right thing and satisfy the CCJ, Defaults and any other debts. 

Don’t try and cheat the system thinking you’ll get away with it.

This world has no morals these days...

I have morals, but if I can avoid paying £8000 to a now defunct company who absolutely shafted me, then yes, I will do.

You have morals when it suits you to have morals.  So basically none.

You still haven't explained how this company "shafted" you and until you do, you'll get short shrift, and poor advice.  I suspect you're not explaining why they did because you know, deep down, that you're taking nonsense and they did nothing legally wrong.  If I was a betting man I'd say that you think the interest rate you were charged was "unfair."

rachelheels

Ok I’m not writing war and peace but here goes

expensive car, roughly 50% financed. Direct debit went out on same day every month (this was bought back in 2006 btw) 

oen month payment went out early, bu we didn’t know and money wasn’t there as a result. Bank charged us, and finance co charged us. We said To finance co ok cancel your charge and cover our banks charge and we’ll,pay outstanding installment. They refused.

we then heard nothing, literally nothing at all, until 2017 when the ccj happened. Tbh if w had been more knowledgable we could posisbly have stopped it even happening a statue barred, considering a ccj has been granted they’ve made next to no effort to enforce it, we get a letter maybe every 9-12 months, that’s it

phillw

rachelheels said:

oen month payment went out early, bu we didn’t know and money wasn’t there as a result. Bank charged us, and finance co charged us. We said To finance co ok cancel your charge and cover our banks charge and we’ll,pay outstanding installment. They refused.

How early? Did it fall under the terms of the agreement? i.e. often they will say that money will be taken on or after the 1st & it's always taken on the 5th but you could only really complain if they took it before the 1st.
It would seem that making a complaint and still paying the finance would have been a cheaper and less stress free way to deal with it.
Assuming the ccj was a default judgement then you should apply for it to be set aside, although you ought to have done this as soon as you find out about it.

D3xt3r5L4b

rachelheels said:

Ok I’m not writing war and peace but here goes

expensive car, roughly 50% financed. Direct debit went out on same day every month (this was bought back in 2006 btw) 

oen month payment went out early, bu we didn’t know and money wasn’t there as a result. Bank charged us, and finance co charged us. We said To finance co ok cancel your charge and cover our banks charge and we’ll,pay outstanding installment. They refused.

we then heard nothing, literally nothing at all, until 2017 when the ccj happened. Tbh if w had been more knowledgable we could posisbly have stopped it even happening a statue barred, considering a ccj has been granted they’ve made next to no effort to enforce it, we get a letter maybe every 9-12 months, that’s it

So you cancelled future payments on the basis that you had no money in your account to cover the contractual payment and were charged by the bank for insufficient funds and the finance company for a missed/late payment, per the T’s and C’s for both of them that you signed and agreed to?

How is this the finance companies issue and why should they remove their charge and cover your bank charge for an error on your part?

If you were paying by Direct Debit it can’t be taken early, except maybe in February when there aren’t enough days of the month to cover a specified date. 

Would you do the same on a mortgage?

phillw

D3xt3r5L4b said:
If you were paying by Direct Debit it can’t be taken early, except maybe in February when there aren’t enough days of the month to cover a specified date. 

I would expect them to take the payment at the beginning of the next calendar month, if they were stupid enough to let you set a DD late in the month.