G E stitched me up by selling my account

[Constantly troubled]

I received a suspended repo on my home last March

and have since kept totally up to date with both the mortgage payments and the arrears (the arrears are paid separately).

 

 

Yesterday, however, my DD bounced for the mortgage (the arrears element was paid last Friday)

and I'm worried about what will happen.

 

 

Will they simply re-apply for the DD and impose charges or will they go straight for re-possession?

Some advice would be appreciated.

 

 

Also, a few months ago, they asked if I wanted to capitalise my arrears because my payments had been so good,

will that be something they take into consideration?

 

To summarise,

I'm not behind with my arrears payments but the DD for the mortgage has bounced

and I won't have the money until next week to pay it.

This is the first time since March 2009 that it has happened.

 

Thanks

[Constantly troubled]

Hopefully just a quick enquiry which someone can advise me on.

 

I had a mortgage with GE Money and they wrote to tell me they were selling a portfolio to Engage Credit

and my account was being transferred.

 

I'm not happy with this but can't get a high street mortgage for another few months due to blips still on my credit file.

 

Subsequently, my Equifax shows that my GE Mortgage is showing as satisfied but Engage are not showing on there at all.

 

My question is, should I query this with Engage?

When I apply for a mortgage in a few months time,

will it affect me adversely if my current mortgage is not showing on there?

 

My school of thought is that it's better for such cowboys to not show at all but if not,

I need to rectify it sooner rather than later.

 

Any thoughts or input would be greatly appreciated.

 

Many thanks

 

p.s I should also point out that it's been over 4 months since I started paying the new company.

[dx100uk]

Pers I'd keep quiet!!

 

Dx

[Constantly troubled]

Will the new mortgage provider not ask about my current mortgage though?

Or will they just assume I don't have one?

[dx100uk]

yes ofcourse they will

but if you are not behind with it

then it cant harm you anyway

 

 

dx

[Constantly troubled]

Hi all

 

I'm writing this with a heavy stomach because I suspect I'm screwed for another 6 years through no fault of my own.

 

I missed mortgage payments over 5 years ago and almost had my home repossessed.

 

Through the help of CAG, I managed to avoid that and got my life back on track.

I had a terrible credit file due to a loss of job but I've spend almost the last 6 years

trying to ensure I pay everything back and not to make the same mistake again.

 

In October 2015, G E Money sold my mortgage account to Engage Credit.

No problem for me, I just make my payments as normal.

 

I have a CCJ which is satisfied and due to drop off my file July 2016.

At this point, I was planning to get a high street mortgage and move to a much needed larger house

 

However, having just looked at my Experian file, I notice that the G E Account is filed under closed.

No problem there except that the payment history shows that 5 years ago I was in arrears.

This would have dropped off by the middle of this year

but is now stuck on my file for 6 years from the date of the account closure.

 

Can they do this?

Surely it's not fair that I will be penalised for this for another 5+ years just because G E decided to sell my debt on.

 

Had they kept it, those arrears would have naturally fallen off.

 

Can I do anything about this legally or do I just have to suck it up?

It seems unfair that I would have been better letting the account default and losing my home.

 

Instead, I dug in, paid the arrears and got myself back on track.

 

Any experience or help with this would be welcome.

 

Thanks

[dx100uk]

threads merged.

 

 

a mortgage lender will not see it.

 

 

dx

[Constantly troubled]

A mortgage lender will not see the closed account?

[dx100uk]

if theres nothing in the summary line

to say defaulted or late etc then ..no

they don't look at payment history with no flag showing.

[Constantly troubled]

Even if it's the only mortgage account on there?

 

I spoke to Engage and for some reason, they've made a decision not to record on my credit file.

 

Surely a future mortgage provider will want to see some evidence that I am a good mortgage payer?

 

The only thing they could look at would be my settled mortgage account?

 

If they go into there then they will see it?

 

Or do they not even have access to this information?

 

#veryconfused.com

[dx100uk]

if there are no flag they wont look

[theoldrouge]

Even if it's the only mortgage account on there?

 

 

I spoke to Engage and for some reason, they've made a decision not to record on my credit file.

 

 

Surely a future mortgage provider will want to see some evidence that I am a good mortgage payer?

 

 

The only thing they could look at would be my settled mortgage account?

 

 

If they go into there then they will see it?

 

 

Or do they not even have access to this information?

 

#veryconfused.com

 

a new lender will require a 12 months statement of proof of mortgage payments,plus if not on credit file

 

a reference from the current lender

[Constantly troubled]

Can anyone else offer any other insight into this?

 

 

I've seen a house earlier than I anticipated

when I spoke to an IFA he thought my satisfied CCJ would be no issue.

 

 

He spoke to a high street lender who said they would still accept me.

When they did the credit check, it came back as a decline!

I am completely deflated.

 

 

Will any of the following facts make a difference?

 

1. My closed account is showing some old arrears, over 5 years ago but it's marked as settled.

2. The new mortgage is not showing on my current file

 

Apparently Engage (my new provider) just decided not to report it my account with the reference agencies.

Is there a chance that the lender looked at the closed account

because there was no other evidence of paying a mortgage on my file?

 

 

Can I and should I force Engage to update my credit report so that I have something on there?

Could it be just because my credit score is still low?

 

My confusion is that they were told my situation about the CCJ before I applied

and they said that would not be an issue.

 

I would really appreciate someone helping me out with this.

 

Thanks

[dx100uk]

twill be the CCJ

regardless of them saying its ok.

 

 

have you checked your score?

[Constantly troubled]

Yes, the score is showing as fair. Everything else on my account is totally green.

[dx100uk]

when I spoke to an IFA he thought my satisfied CCJ would be ....

 

 

 

 

would never trust one as far as I could kick 'em.

[Constantly troubled]

So I should stop worrying? A song springs to mind............... 'if I could turn back time'

 

Thanks for responding dx

[dx100uk]

I bet in july the issue will vanish

[theoldrouge]

you really need to wait until the ccj drops off your file before applying elsewhere

your report will now show a search for a mortgage application

you do not want continual searches, as you will be asked whether you have ever been declined a mortgage application

you will now have to give the explanation for the decline to a new provider

[Constantly troubled]

The IFA said that it wouldn't matter after 3 months? That a new mortgage provider wouldn't care about the previous search? Is that even more BS they've given me?

[theoldrouge]

The IFA said that it wouldn't matter after 3 months? That a new mortgage provider wouldn't care about the previous search? Is that even more BS they've given me?

absolutely Im afraid

[theoldrouge]

here is an example of a standard mortgage application form

https://www.coventrybuildingsociety.co.uk/intermediaries/PDFs/03002.pdf

note the questions under financial history

Before you apply in future, get hard copies of your credit reports from experian, equifax and noddle

and be totally upfront with any prospective lender

[Constantly troubled]

When a credit search is done, is it recorded with all the credit reference agencies? I can see the search on callcredit but not with equifax or experian?

[theoldrouge]

normally at some stage it would, you should also be aware of National Hunter, to which lenders put applications to check for consistency of applications

 

The best advice I can give you would to always be upfront and honest with any prospective lender

[Constantly troubled]

Just to update anyone who is reading this thread in the future.

 

 

Skipton came back to me and after an underwriter looked at my file, they offered me the AIP.

 

 

Fast forward one week and after an audit, they have apparently changed their minds again!

 

 

When I've asked the probing questions,

it's related to those old arrears on my closed account.

 

 

They were fine with the CCJ because of the age and the fact it was satisfied.

Now I'm completely stuck.

 

 

GE won't remove those entries and they are on my file for another 6 years.

6 years of either living in a house far too small for my growing family

or coming off the property ladder and renting somewhere larger.

 

What a fantastic system we have when I can be penalised for 12 years and have no way of rectifying it.