Really bad credit - need advice please

[buddy7]

Hi all,

 

New to site so not sure if I am putting this on to the right forum, but have read and read the site which has helped so far but need advice from those of you who have come out of the other side!

 

I have debt and overdraft of around £10k in all, had my head in sand for quite a while and only just started to sort out DMP's so as you can imagine my credit rating is REALLY BAD! (just checked it).

 

I can't get anything at all on credit, I may need a parachute bank account and think I will struggle, also would like to move next year and don't think I will get another mortgage.

 

I know I am writing alot but has anyone come through the other side and has some advice on a bank that will take me, I can't go with Halifax and Abbey for definate as am in debt with those!

 

Many thanks in advance

[aimzrabbit]

Hi

 

you could try applying for an alliance and leicester premier direct i just got 1 and my credit rating is poor but dont ask for an overdraft as it will decline

 

be careful though as they are now part of santander so same as your abbey account they are rebranding next year so i would hurry up as the brands Abbey and A&L will be gone

[Guest wino]

Even with bad credit there are companies out there that will still offer you a mortgage. BE CAREFUL though as they will be at a higher rate of interest than a normal one. We are paying approx £300 per month more.

If you are thinking of getting a mortgage reserch the company as there are some unscrupilous ones out there.

[lihi]

Hi

 

My credit worthiness also fell through the floor when I put myself on a dmp with GP. I had to move bank accounts as well, opening 2.

 

A basic bank account with HSBC, comes with a cash card only and you will incur no charges for bounced DD/SO's. I also opened another account (step I think) with Natwest, basic bank but they do charge for bounced items but it does come with a solo card.

 

I played this wisely just to be on the safe side until I learnt to manage my money properly. I had all of my wages paid into HSBC and paid all of my bills out of HSBC, spare money (if there was any) was drawn out in cash or transferred to Natwest (thank god for sameday transfers now!!!) to use the solo card.

 

I did also pick up a pdf handout on here from CAB which sets out all basic accounts and the pro's and con's but I lost it when computer crashed. May be worth a search on CAB site or on here if you're not sure.

 

Good luck

[buddy7]

Many thanks for all that information, I am really struggling to get used to having such a poor credit rating as was ok up to about a year ago before things started going really bad! I will start researching mortgages.

 

I saw the bank (Abbey) this morning and they were not much use.

 

Their advice was to try and apply for a FOURTH bank account with them while I pay my overdrafts off with the others! So I haven't even gone there.

 

I have also obtained a recent CCJ just to add to things does anyone know if this would just make a new mortgage impossible?

Thanks

[danukindebt]

hi buddy

 

If I were you I would get your credit report from experian,equifax and call credit as your ccj may not be on all of them,,,,,,,then check out this thread that shows which lenders use which credit agency.

Credit Reference Agencies - Who Really Uses Who?! UPDATE - MoneySavingExpert.com Forums

 

Regarding a mortgage application I would go to a independant broker in your local town, would nt waste time going to gordons banks.

[buddy7]

Thanks I have got experian but not others so I will have a look that's a great suggestion - thanks for that, wish me luck!