Credit mistake compensation

Tommo7787 · 21 March 2019 at 11:35PM

Hi
I was wondering if anyone could offer some advice. My partner and I recently discovered that we were going to be having our second child. We are living in a two bedroom rented property with our 5 year old son. Over the past 2 years we have been saving as best we can for a deposit on a new home. When we found out we were having our second child we went to see a mortgage advisor with a 5 % deposit. We were advised on our possible budget and went looking for a house. We found our dream house and made an offer which was accepted, we went back to the mortgage advisor who applied for the amount that we spoke about and the mortgage was declined by two different lenders. We were informed that although we had no debts and our credit scores were very high that there was a default on my partners file. We eventually discovered a month down the line, and our dream home being sold to another buyer that it was an old loan from NatWest that should have been removed years ago. After filing a complaint we received a letter from NatWest apologising and accompanied by a cheque of £150 for any inconvenience caused which we had explained to them, and also that the credit file will be amended. Sorry for the long post, but my question is if anyone thinks that we should expect much more than £150 considering the stress it caused my 5 month pregnant partner, and the facts that we lost our dream house and that we are now in a 2 bedroom house with soon to be 2 children as moving is not an option over the last months of pregnancy.
Any advice would be greatly appreciated

[Deleted User] · 21 March 2019 at 11:40PM

£150 is more then reasonable.
£50 would also have been more than reasonable.
Compensation isn’t a given for everything.

Why should the default have been removed?

jonesMUFCforever · 22 March 2019 at 12:02AM

Did your mortgage adviser not check your credit files prior to making an application?
Hope they are not charging you!

Ben8282 · 22 March 2019 at 3:35AM

Natwest do not remove defaults from credit files; the CRA's do when the 6 years have elapsed.
Why are Natwest compensating you for the failure of a CRA to remove a default in a timely manner?

Tommo7787 · 22 March 2019 at 9:50AM

Thanks for the replies, my honest answer is I’m not sure. We are not paying our mortgage advisor either. We were just told that when we applied for the mortgage that this old loan was on there as if it wasn’t paid off which it was, we contacted NatWest and they put it through there complaint team. I found it on my partners Noddle account credit file and it has since been removed, it took 34 days from when we received the letter and cheque for it to be removed so I was just guessing that it was NatWest that had removed it

sourcrates · 22 March 2019 at 1:32PM

Tommo7787 wrote: »

Thanks for the replies, my honest answer is I’m not sure. We are not paying our mortgage advisor either. We were just told that when we applied for the mortgage that this old loan was on there as if it wasn’t paid off which it was, we contacted NatWest and they put it through there complaint team. I found it on my partners Noddle account credit file and it has since been removed, it took 34 days from when we received the letter and cheque for it to be removed so I was just guessing that it was NatWest that had removed it

Your credit files are available to view for free from a large number of sourses on the world wide web, next time it may be prudent to check your files yourselves before submiting any further applications for credit.

The credit reference agencies can only act on the instructions of the creditor concerned, so Natwest are the guilty party here.

However, the £150 payment is more than fair concidering the breech.

McKneff · 22 March 2019 at 1:46PM

There is no reason, unless your partner has health problems that you cant move house.
Pregnancy is not an illness and its best to keep active anyway as long as you can.
I worked in a physical job up to 2 weeks before i was due ang gave birth about a week later

Tommo7787 · 22 March 2019 at 2:43PM

I was just a bit concerned that they were so quick to offer us compensation, it almost felt like a hush hush payment that was all. I really appreciate the help that you all have given me, however just a small response to Mckneff. Congratulations on working a physical job two weeks prior to giving birth, but it is not always the physical side that people struggle with during pregnancy so I suggest that in the future you consider that not everyone is the same.

Thank you again with the advice everyone, we shall now move forward thankful of the £150 and more importantly that my partner now has a clean credit file

phillw · 22 March 2019 at 3:12PM

Tommo7787 wrote: »

I was just a bit concerned that they were so quick to offer us compensation, it almost felt like a hush hush payment that was all.

natwest are pretty good at making decent offers quickly.

Would you rather they wasted your time arguing?

Tommo7787 · 22 March 2019 at 3:17PM

No certainly not, now I have received the advice I am very happy that they did compensate us. I just thought that I would double check that I wasn’t missing something, that is what this forum is for after all. And it is appreciated

System · 22 March 2019 at 8:03PM

Tommo7787 wrote: »

Thanks for the replies, my honest answer is I’m not sure. We are not paying our mortgage advisor either.

On what grounds are you going to be refusing to pay them if they charge a fee?

Credit mistake compensation

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