Can't cope with this worry

worriedgirl_2

Hello everyone, I'm quite new here and really need some advice if possible. Firstly, I'm sorry that my problems are quite trivial compared to many of the people posting here - I hope someone may be able to help me all the same! Basically, the reason for my problems is that I've suffered with fairly severe depression on and off for about 10 years now (I'm 30). Last year was a particularly bad year for me, and I got to the stage of not opening the post, answering the phone etc for a few months. The upshot of this is that I have a number of late credit card payments listed on my credit report, plus 2 default notices (relating to utility bills rather than credit agreements).

Although I've worked through the reasons I was feeling so down last year and am feeling much better about them, this problem on my credit record is now making me feel constantly sick with anxiety - I can't think about anything else. Ironically enough I have a fairly good job and am not short of money but I feel like I've totally destroyed my chances of getting a mortgage for 6 years now. I've (finally!) met a nice man a few months ago, but that is actually making me worse - I just keep reminding myself that if things do work out between us and we come to look at buying a house together in a couple of years we will probably be rejected because of my credit history, and that will ruin things between us.

Can anyone advise anything at all I can do to increase my chances of getting a mortgage when the time comes? Up until last year I had an unblemished credit rating. I'm now back to paying everything on time and have a substantial deposit but I know these defaults will ruin things for 6 years.

Please help me, I just don't feel like I can go on with this level of worry. It's getting to the stage where I can't think straight at work and it's affecting my performance.

Thank you for listening.

iwanttosavemoney2008

I'm not very knowledgeable about these matters but a couple of default notices wont stop you from getting a mortgage but it may stop you getting the best rates availiable.
Check out your credit with one of the big agencies (quidco are giving cash back on one of them)
I hope this helps you in any small way you came to the right board cos everyone on here is so friendly and helpful.
maybe posting on the mortgages board might help too.

10past6

Hi :hello:

You may get a better reply if you post in the mortgage forum, click here

Good luck

Burlesque_Babe

hi there and welcome.

The best thing to do is to get hold of a copy of your credit references from equifax and experian.

Have a look at the status of all the accounts.

If none of them are marked as 'default' then you won't have as much to concern you.

Registered defaults are a barrier to a decent mortgage offer unfortunately, but if they are on the utilities, then they probably won't be registered.

When I moved 4 years ago and changed mortgage people, I had a small CCJ and 2 defaults. It did restrict the available products quite a bit, but I was offered a mortgage. I was able to change this year to a muchly improved one as the 2 defaults have dropped off my file.

This August the CCJ will disappear and so next time I'll hopefully be able to get a 'prime' mortgage. It takes time , but there are products out there for just about everyone!

worriedgirl_2

Thank you everyone for replying to me so quickly. Keren, it's reassuring to hear that you still managed to get a mortgage in a similar situation to me, but I just can't stop thinking about all the news these days saying how much lenders have tightened their criteria and people without perfect credit records will be turned away.

I've posted this on the mortgage board too in response to the advise from 10past6 (not sure if that was right or if I could have moved it somehow?!).

Does anyone think it would help at all for me to take out a small loan from an adverse credit company and repay it in full and on time over the next 12 monrhs (if they accept me that is)? I've heard that this kind of thing can bump your credit rating up but not sure if this is the case where there are defaults too?

Burlesque_Babe

Nooooooooooooooooooooo, please don't take out a loan!!

You'll basically be 'paying' to try to get your credit report improved!! The APR would be horrendous and having debt would count against you when applying for a mortgage and the lender looking at what existing debt you have.

If your report is damaged in any way, taking out a loan won't help in any way whatsoever.

The first step really is to get hold of your credit reports. You can access them for free for 30 days online or get paper copies for £2 each.

Poosmate

I know it's easy to say but I feel that you should be congratulating yourself on bouncing back from your dark place. Please don't let a couple of blips on a previously unblemished record undo all of the positive steps you have achieved so far. I know how it is - even though you are through your bad times, you can still have downers. Sounds like you are on one but at least you have recognised it and taken action unlike for the 9 years prior to last year!

Congratulations on finding a nice new man, I hope things work out for you. Without seeming to be too nosey, if you feel that this new man is "the one", have you discussed your finances with him or he with you? As your relationship is relatively new maybe you haven't discussed your own individual finances never mind joint finances. Is this something that you are dreading because of those little blips? You haven't done anything to be ashamed or embarrassed about and you never know his finances might be a complete mess too!

Please stop worrying. You can't do anything to change the past (unless you have grounds to appeal any smudges on your credit record). Check your credit record, as has been suggested and ask yourself "is it really worth worrying yourself sick for the next 5 years?"

I also think that the only way your credit record will ruin things for you and your new man in the future is if when you start discussing buying a home together you don't tell him of your concerns about your credit record. It's better that he knows and goes in with his eyes wide open. Imagine how you would feel if you were refused a mortgage because of something in his past that he hadn't told you about?

Your relationship is still in the "honeymoon" period - you should be enjoying every moment of it not worrying about something that might happen in the future!

Best of luck to you

Poo