Satisfied default and further credit help?!!

[TC-Lover]

In October last year hubby had a free trial of Experian and

 

got his credit report

 

which despite a default from back in 2009

(default in 2009 because we were struggling back then and the credit card agreed to freeze the amount,

not add further interest and take £70 per month)

came up as "Good" on Experians overview page.

 

We decided to look around for a better mortgage deal but were declined due to aforementioned default.

 

We decided arrange a full and final settlement with the credit card and were told to wait for it to show up on the credit report.

 

Last week hubby paid £2 for his Experian report and the default is showing as satisfied balance 0.00

so we looked at changing the mortgage again and was declined.

 

We decided it might be a plan to get a small item on interest free credit as we have no other credit

except for the mortgage and utilities and thought this might be an issue

and as we desperately need a new mattress applied to Bensons for a £1000 mattress on interest free

which this morning has been declined due to "credit score".

 

Can anyone advise what action we can take to improve matters?

 

Incidentally, hubby got a mobile phone contract for our teenage son with no trouble just before Christmas.

 

Any tips would be gratefully received!!

 

S

[Stigman]

Hi,

 

Sorry but the default applied is correctly showing your previous credit history.

 

Did you get the full & final offering in writing stating that the default will be removed?

Otherwise the default will remain for 6 years regardless of paid or not.

 

Did you pay the Company or a DCA the full and final?

 

If not in writing and the full and final was arranged via telephone, you need to write to the Company or whomever was collecting at that time and was involed stating names whom you spoke to etc. and state that the full and final was agreed with the removal of the default from your credit histories.

 

But to be honest, if done verbally & unless recorded, I do not hold out much hope of a default removal.

 

Stigman

[TC-Lover]

Thanks for the reply.

 

There was no discussion regarding removal of the default - I understand that after six years it will be removed? six years from 2009?

 

Does this default mean that until it has left the credit history we will not be able to get any further credit?

[dx100uk]

regardless to paying off a debt

even if its shown as satisfied or settled

 

the default will still kill any credit applications

 

the whole account, paid or not

will always VANISH on a defaults 6th birthday.

 

mobile phone companies are rarely concerned with defaults or any 'bad' stuff

as long as the account shows settled.

they are not interested in the history of a debt

 

however, mortgages etc ARE interested in how you paid your credit

and will always check on the summary line of an account if DEFAULT shows

regardless to if the account shows settled.

 

whom did you , and how

 

dx

[fkofilee]

Who is it the credit card company in question? Who is the credit entry listed under?

Did they send the F&F paperwork confirmation?

[Stigman]

I understand that after six years it will be removed? six years from 2009?

 

Does this default mean that until it has left the credit history we will not be able to get any further credit?

 

 

After six years the default will be removed so in your case this will be 2015.

 

Each Company has their own set criteria for lending, some will except with a default as others will refuse.

 

As to the mortgage, you need to speak to someone qualified, tell them upfront of the default but you may have to pay a higher interest rate or fee in the short term, but always do your calculations of interest rate over fees etc. so you know where you are better off.

 

Stigman

[TC-Lover]

Who is it the credit card company in question? Who is the credit entry listed under?

Did they send the F&F paperwork confirmation?

 

It was a Halifax credit credit card. They sent a letter accepting 75% of the balance as FFS.

[Stigman]

It was a Halifax credit credit card. They sent a letter accepting 75% of the balance as FFS.

 

Was this Halifax or a Debt Collection Agency that sent you the F&F?

 

Stigman

[TC-Lover]

Was this Halifax or a Debt Collection Agency that sent you the F&F?

 

Stigman

 

Hubby says it was a debt agency as when we contacted Halifax they advised the debt was now with Blair Oliver Scott.

[BRIGADIER2JCS]

BOS Blair Oliver Scott = Bank of Scotland as in HBOS.

As dx100 has said any default however old raises alarms with mortgage lenders, but the lenders will consider how well current credit facilities are managed over a period of at least 3 years.

A default is a default paid in part, in full or no payments at all, that's the creditors view..

[Stigman]

Hubby says it was a debt agency as when we contacted Halifax they advised the debt was now with Blair Oliver Scott.

 

Blair Oliver Scott is Halifax.

 

It is the Halifax Bank of Scotland's internal Debt Collection Agency hence the initials in the name.

 

Stigman