I have just had a bad credit mark put against my name - from an old student overdraft I had.
I was wondering will this affect my taking out a new fixed term offer with the same company or a different lender??
The bad debt was paid off within a month of me being notified that a debt collection agency had been put in charge of it.
Also, I was told that they were sending my debt to a collection agency before it happened...... should I contact the FSA??
Thanks for any help that you give to me.
John.
2007-02-27 01:08:23 · 6 answers · asked by John H 3 in Business & Finance ➔ Credit
I would contact them and ask them to remove it off your credit rating because it is paid in full.
2007-02-27 01:17:01 · answer #1 · answered by c0mplicated_s0ul 5 · 0⤊ 0⤋
You do not say how old the loan is, how much the debt is for, and whether it was just a late payment, or was registered as a default or a County Court Judgement.
Does it show on your experian or equifax credit file ? If so you can write to them and ask them to put a note on the file
Each lender is different in the way it approaches bad debt .
Some lenders will do automatic credit scoring while some will underwrite the cases on an individual case by case basis.
You do not say who your existing lender is?
It is always wise to get a few quotes on deals, as some lenders offer better deals for new business than they do for existing clients. Some lenders offer fee free remortgage deals (free solicitors and valuation report) to encourage this type of business
If you want to know anything else then drop me an email
2007-03-02 12:21:02 · answer #2 · answered by mortgage_solver 1 · 0⤊ 0⤋
Your mortgage provider should be able to just renew your fixed deal. They have been renewing my parents for the last 10 years! With regards to the student overdraft thing, it too late to do anything because you have accepted the debt by paying it off, there was a chance if the debt was more than six years ago you could of got away with paying nothing, these debt collection agencies are just chancers and there is a little known legal letter that may of helped!
2007-02-27 09:47:45 · answer #3 · answered by rose 3 · 0⤊ 0⤋
Yes contact the FSA definatly, im training as a mortgage advisor and you should definatly contact the FSA what happend in the past will put you down a bit for a re mortgage but as long as you have proof of being able to handle your debts at present and near past, it will be good. And dont go for a re mortgage with a bank. Ask around or on the internet for local mortgage advisors because banks are crap at it and they dont really give you the best plan. If you live in the northwest-england i can give you my brothers business name if not good luck.
2007-02-27 09:17:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I wouldn't sweat one mark. They know that people ocassionally make mistakes. It's a pattern of mistakes that is the problem.
You can also add a note to your credit report explaining the situation if you think that will help, i.e. in a coma, couldn't pay bills that month.
2007-02-27 14:30:06 · answer #5 · answered by Quixotic 3 · 0⤊ 0⤋
It may not be recorded against you. If you have been paying your mortgage like a good 'un then the present lending company won't want to let you go to someone else
2007-03-02 16:09:58 · answer #6 · answered by Professor 7 · 0⤊ 0⤋