Mortgage declined!

chillertwist

Hi all i thank you in advance for taking the time to read the following.

My partner and I have just had a mortgage declined with Abbey.
My partner had an IVA in 2005 that was settled by a lump sum payment that was accepted by the creditors in 2006.
We are also part of a Key worker scheme due to his type of employment.

We wre informed by Abbey that they accepted both settled IVA's and the scheme.

We have just had a mortgage with them declined due to info showing on his credit report.
The info showed that there was about 8k of outstanding debt still owing to 5 creditors that were involved in the IVA. This is some 18 plus mths on from when the IVA was settled.

He has of course contacted the creditors and 2 have updated the report or inprocess of doing it. 2 are looking in to it and 1 would not discuss it via phone. letters have been sent to all 5 as well.

My question is that relevant to the creditors now updating it or not it is thier info held on my partner that has cost us the mortgage, the really good intrest free equity loan scheme and now the property.

We have a basic understanding of the data protection act and how all info held on somebody must be accurate, up to date and relevant. Well in my opinion it most certaily is NOT accurate or up to date.

Can and / or how does my partner start seeking legal action and seek compensation. As we have now lost so much due to thier incorrect data.

Please help as we have spent so long and treid so hard to secure the scheme, property (which was ideal for us) and a mortgage just to be blown out the water by inaccurate records.

I welcome your cooments on the matter

Thanks again for your time

J & S

ziknik

I think Abbey have saved you from loosing £thousands in declining property prices.

Sounds like you’re doing the right thing with getting the records straightened up.

Keep an eye on the house price surveys like Halifax and Nationwide. Prices will fall some more in the coming month. And then some more.

You might look back in a few months time and be thankful for the knock back.

Dan_Collins_2

Yeah although a little negative sounding ziknik has some good points!

I have been talking to a friend who works for an investments company dealing with securitised lending books. HE recons the US are in deep do do and have just got to the tip of the sciburg and that we too are in for a worse and more bumpy ride!

Conrad

Chiller in your original thread I said Abbey would decline you, and I was amazed at the time other 'advisers' here indicated an acceptance was quite possible.

As for your credit records I suspect you will get no where as they may argue it's up to you to ensure all lose ends are tied - off promptly.

I find in life I am constantly treble checking things where big organisations are concerned - you really do have to take care of yourself and never rely on others to do it for you I'm afraid.

Best of luck, and as others say it could be a blessing in disguise.

Try again in 12 months when prices will be lower.

chillertwist

As of about an hour ago, all credit records have been updated, and Abbey are looking at the application again so it isn't a final decline just yet.....

luckyfool

Chiller - good luck with that. While Abbey will look at settled IVA's, I would be very surprised if they accepted one where the IVA was registered as recently as 2005.

mpsavuk

luckyfool wrote: »

Chiller - good luck with that. While Abbey will look at settled IVA's, I would be very surprised if they accepted one where the IVA was registered as recently as 2005.

It's all a matter of bad timing. A few months ago they would have been throwing money at you regardless of IVA's and a poor credit rating.