Hi,

I am in the process of trying to source a mortgage

however the fact that I have historic defaults on my credit files from telecom companies is causing me problems.

These are all with Lowell and range from 4 years to 5 years old.

What's the best way of dealing with this to ultimately get the defaults removed off my credit file within the next 3 months due to wanting to take advantage of a "right to buy" offer we have.

Obviously I am NOT saying that I don't want to pay these however if its best to go down the "final settlement" route

as long as the default is removed etc than I am happy to look at that?

Some of the defaults I genuinely don't have a clue what they are and would protest against them if time was not against me.

any help would be gratefully received.

Many Thanks

Scott

Hi,

 

I am in the process of trying to source a mortgage however the fact that I have historic defaults on my credit files from telecom companies is causing me problems.

 

These are all with Lowell and range from 4 years to 5 years old.

 

What's the best way of dealing with this to ultimately get the defaults removed off my credit file within the next 3 months due to wanting to take advantage of a "right to buy" offer we have.

 

Obviously I am NOT saying that I don't want to pay these however if its best to go down the "final settlement" route as long as the default is removed etc than I am happy to look at that?

 

Some of the defaults I genuinely don't have a clue what they are and would protest against them if time was not against me.

 

any help would be gratefully received.

 

Many Thanks

 

Scott

A blunt response, is that you have no chance of getting these defaults removed, Unless you can obtain proof that the defaults were wrongly applied.

Defaults stay on a credit records for 6 years, whether you pay them or not. If you settle them in full, they would just be noted as satisfied, but would stay on until the 6th anniversary, when they would drop off the record. Lowells would never agree to remove them.

If you obtained your records from the original creditor who noted the default in the first place and you found an error, you might be able to argue for removal. But it would still be very difficult and a long drawn out argument.

From what i have read from mortgage advisors, they all appear to say that you have little chance of a mortgage until your credit records is clear, but might be lucky if you have only 1 or 2 historic defaults which have been satisfied. But you would have to make an application to see how you got on.

Speak to National Debtline or Money Advice Service about this, who will confirm this. Also speak to an independent mortgage advisor, with access to whole market, who may have access to lenders who are more likely to accept an application.

F&F would be a waste of time. I agree with UB - not a hope of removing defaults. How many defaults are there? With the age and value of them they may not be as much of an issue, but being multiple you would probably be best waiting another couple of years. I wouldn't hold out real hope but this thread may be of interest.

http://www.consumeractiongroup.co.uk/forum/showthread.php?451238-Mortgage-declined-due-to-default-placed-by-Halifax-for-%A338!-**-Satisfactorily-Resolved**&p=4788191#post4788191

I should add that the linked thread is an unusual success but maybe the amount is the reason the OP got his mortgage. It does show it's not impossible but don't hold your breath.

Hey,

I am on a quest to sort out my credit rating after a few years of neglect and there are a few defaults showing. Now these are for mobile phones which I messed up between jobs and have since left.

My issue now is that there are still showing as in default although a few of them area approaching SB.

Other than the whole moral reasons for pay these accounts off, is there any immediate benefit for paying these accounts off?

Will having the default there but marked as "settled" offer more point on an Experian credit score ?

Cheers

Scott

Simply - Nope.

Still defaulting and changing to settled will make no difference at all.

Best thing to do is let them cleared. Although we might beable to offer advice on these accounts.

So spill on what you have showing and let us know more.

Hey,

Thanks for the reply.

Its mobile phone accounts that are all now being managed by Lowell - when I say managed : it looks more like they have purchased the debt from the telecom providers.

These defaults are having a major impact on me and preventing any mortgage etc and I need them gone to be honest. I didn't know if actually paying the balance would make any different at all however from info read so far, its not looking very promising.

Thanks

Scott

Hey,

I am on a quest to clean up my credit file and see that I have a number of defaults that have all been purchased by Lowell. Now these are all from mobile phone services that we took a number of years back when times were harder than now.

From reading the different posts, I am guessing paying these defaults would have no effect on my credit rating at all and I am better off leaving them to fall into statute barred status.

Is there a best way to move forward? a way of getting Lowell to see since in offering to update my credit report in return for payments? surely they would rather this option that leaving the accounts to fall into SB?

Anyone have any ideas, please?

Thanks

Scott

It matters not one jot whether you pay them or not, once these are on your credit file, there they sit until their sixth birthday where they will auto drop off never to return, paid or not.

Statute barred has no relevance to your credit file.

In short there isn't anyway of cleaning up your credit file, what are lowlifes begging you for?

They are not asking me for a penny, they have not updated the status off the accounts on my experian credit file since 2014.

Then let sleeping dogs lie.

When did the mobile phone companies default you?

2011, 2012 and 2014

Agree. If you contact Lowell, they might accept reduced settlements, but the defaults would remain until 6th birthday and only show as partial settlement. Partial settlement is a big red flag that you won't repay credit in full. Just as bad as not paying at all.

Lowells will have tens of thousands of such debts on their books. At some point they might get around to chasing them up.

What is the total value of debts with Lowell approximately ?

approx £2500 however I have just looked at one of the entries is well weird. Let me try and upload a screenshot.

Think this will work. Balance is showing at over £1K but the default is less...eh??

Think this will work. Balance is showing at over £1K but the default is less...eh??

 

There was a recent thread about mobile debt amounts being reported incorrectly. Seems the £1k was wrong ? And default was revised down to £279.

I would not trust Lowell to report anything correctly and if you want accurate info to contact the original company that had the debt.

Hey,

Thanks for the reply, if I contact them to say the balance appears incorrect will they take than as an admission?

Scott

I wouldn't be bothering to contact anyone unless you're being chased for money.

And the ONLY people you should contact is the original creditor like UB says.

had a letter from Lowell saying that they have passed this to Lowell Solicitors who want to discuss this account but the balance is still showing at £1094.77.

Need to tell someone that the balance is wrong surely?

So have you got the info from the mobile companies confirming correct amount due ?

Lowells are pretty likely to go for a CCJ, so you need to start getting info, so you can dispute as necessary.