We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Rewritten loan

sim2335
sim2335 Posts: 588 Forumite
Fourth Anniversary 100 Posts Name Dropper

For a rewritten loan do the miss payments disappear, and you start a fresh, because I have one rewritten and no miss payments on it anymore,where’s before I had about 6.


Also how do mortgate lenders look at rewritten loans?

Comments

  • p3ncilsharpener
    p3ncilsharpener Posts: 352 Forumite
    100 Posts Name Dropper
    edited 2 August 2021 at 6:44PM
    sim2335 said:

    For a rewritten loan do the miss payments disappear, and you start a fresh, because I have one rewritten and no miss payments on it anymore,where’s before I had about 6.


    Also how do mortgate lenders look at rewritten loans?

    Seems like you've answered your own question.

    As far as a mortgage co goes, they won't know it's rewritten.  If they did know you'd missed a load of payments and it appears fraudulently applied for a COVID payment holiday though, I suspect they'd run away screaming.
  • sim2335
    sim2335 Posts: 588 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    What do you mean fraudulently applied for?,

  • I think you know, but you got all the threads deleted that mentioned it.

    Anyway, let's move on.
  • [Deleted User]
    [Deleted User] Posts: 3,297 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    I’m not familiar with the term “rewritten” when it comes to loans. What exactly was rewritten? Did you have a loan and then apply for another loan with the same lender using some of the money from the new loan to pay off the previous loan? If that is the case I would expect both loans to appear on your credit files and any missed payments from either loan to appear on your credit files for 6 years. 

    Have you looked at your credit files to see what’s on them? 
  • sim2335
    sim2335 Posts: 588 Forumite
    Fourth Anniversary 100 Posts Name Dropper

    What I mean by rewritten loan is, I had a payment hoilday, they said after it finished, they could right brand new loans and close old ones, then they refused because of arrers anyway after a complaint they did it.

    Now during a payment hoilday they said we will remove the miss payments, during hoilday but not before, but as it’s been closed seems like all miss payments removed.


    For now settled loan as rewritten on my credit file it just shows payment made on time then dormant,and also shows in good standing with experien ClearScore shows all payments made on time, and so does credit karma.



    Also do mortgate lenders ask why you had payment hoilday,if loans are closed?

  • sim2335
    sim2335 Posts: 588 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    edited 6 August 2021 at 3:55PM
    Just spoke to experien, the one that was rewritten the bank have totally removed it,of course this is a benefit to me due to miss payments, but why did bank tell me they can’t remove all miss payments just ones during payments hoilday?

    the other one has just been closed now so take 6-8 weeks so waiting for to see if that’s removed to, or won’t show any miss payments.

    if they don’t remove the other one would it look odd having one closed and 2 new ones open.


  • bris
    bris Posts: 10,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Your credit file is supposed to be a true reflection of how the loans were managed. I would be surprised if they just ignored any payment holidays and missed payments.

    You also need to be aware that what you see on these credit score apps and the data lenders have access to are two totally different things.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.3K Spending & Discounts
  • 240.7K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 253.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.