Help - re-mortgage application declined due to adverse credit on experian file***RESOLVED***

[iccarus1969]

What was the £150 specifically for ?

[iccarus1969]

From what i can find out the £150 is only due if you pull out of the deal (finding a cheaper mortguage) and was bought in to protect both sides.

I have found this statement from the woolwich.

 

"People who apply for a mortgage with the Woolwich and then pull out part way through the process are to be charged a £150 fee."

The Woolwich added that only those who decide not to take out a mortgage with the group, despite having been accepted, and those who have an application rejected because they have given false information will have to pay the fee.

People who are rejected for a mortgage by the Woolwich due to affordability concerns will not be liable for the charge."

You may have to look in to the terms set down by the specific bank from their own website.

[iccarus1969]

sure here is the link to where i got the quotes from http://www.clickoncredit.co.uk/newsArchive/Mortgagewithdrawalfeeintroduced.html

 

Ive also found there mortgage lending criteria on http://www.mortgages-direct-uk.com/woolwich.htm

which gives outlines on what they will accept.

 

I hope this helps

 

Paul

[iccarus1969]

Also Adverse credit info could be anything from applying to too many financial institutions in the last 6 months or late credit card payment in last 6 months

 

The best way is just wait and see what experian have to say, to see what this adverse check the details on your credit report and also verify that their is no major differences in the electorial roll and other financial outgoings to what was in the application.

 

If there is nothing obvious .Does the remortgage application decline letter specify why your declined and if it doesent can you find the reason from the bank and check if it ties up with your credit report.

 

If it is because of either of the two items you stated earlier ,it might be worth while to add a note explaining your token payments. The ccj should not show as it is over 6 years old

[iccarus1969]

Under normal circumstanses it doesent

The ccj is over 6 years and should not show on your credit file as it may be statute barred.(worthwile checking)

From the information youve given me you are still making payments, even though nominal for an old debt which will read as active on your credit report. This may put up your adverse payment plan and go against you as long as it is there.

 

It may be worth while to approach the original company and check if that debt has been written off especially if you are paying the third party as you are paying your £1 a week it may be the reason you cant get a mortgage.

 

It may also be prudent to add a note to your credit file explaining why your paying this account in such a way. As this could go in your favour on credit referals in the future.

 

Paul

[iccarus1969]

The first thing to do is not panic.

 

Its best to make sure what this adverse credit is on your file, and go on from there

If it is what you state Check the status on this and see when the last time it was updated by the dca.

 

I would also check with the broker to see what specific reason they are charging the £150. As you havent pulled out they did and you were happy to continue with the arrangement.

 

Also try and find out if their is a way to continue with the arrangement or postpone it as you need to find out what this adverse credit is on your credit file. (this should also postpone the £150)

 

If they refuse.

You need to state under their terms and conditions,"People who are rejected for a mortgage by the Woolwich due to affordability concerns will not be liable for the charge." as the application was declined by themselves you should not be liable.

 

If they agree.

Dependant on what you find on your credit report Explain the situation. If it is the 13 yr old debt that is at fault it should not show on your credit report as clarified by the OC and should not effect their decision making process

 

 

Hope this helps.

[iccarus1969]

Also if it is this payment plan that is causing your nightmare add a note to your credit file giving more information.As in the future it would be helpful with a statement rather than just going back to the lender saying an adverse payment plan.

[iccarus1969]

Well thats good news and at least your not out of pocket even though your back to square one.

Im not sure about experian as I generally use equifax for my personal online credit checks and as far as i can remember its instant but ive been with them for a number of years.

 

Im glad I could be of help

 

Paul