Nearly free from defaults after 6 years! ADVICE NEEDED.

[spum0n1]

Hi everyone, long time lurker first time poster (Cheesy phrase but meh)

 

Bit of background:

6-7 years ago at the ripe age of 19 and 20, I fell into quite a bad gambling habit and like many around 2010, I got roped in a vicious PDL TRAP!

 

I'm a big believer NOW that at that age, we should not be allowed the credit afforded to us.

I knew nothing of the consequences at the time and it took a few years for me to realise how detrimental the effects of bad credit were.

 

I borrowed from Peter to pay Paul as the saying goes, at astronomical rates of APR from all of the lightly regulated (at the time) pay day lenders - Wonga, Payday UK, wageday advance, lending stream, text loan, uncle buck etc etc.

This obviously didn't end well and eventually the wolves where at the door!

 

Also at this time and In my desperate situation (and on a teenagers wage),

I was somehow allowed an overdraft with Halifax of over 2k + Natwest wanted me to open an account with them, and allowed an overdraft...to a 19 year old....of £4000!!!

 

Obviously I don't blame anyone but myself for these issues and actions, but I do feel that the regulations weren't there to protect me from these spiralling issues.

 

Now its 2017.

My creditors are all paid off and satisfied.

My defaults begin falling off at the end of January and my final one (CCJ) ends in November.

 

The advice I'm looking for from the 'forum experts', so to speak is this:

 

- Is it possible to discuss with ex creditors to have defaults removed a few months early?

(There is some sketchy data on my credit report including missing markers all over the place etc and obviously back in 2010 there was less regulations and the affordability was pretty much none existent).

 

-I have 1 default with 'Lending Stream' On my 'Noddle' and 'experian' report it states the default date as 'November 2012',

yet...I took out a credit agreement with Lending Stream in 2010!

 

 

And I'm aware they only have 6 months to add a default marker once the relationships as broken down

so how on earth do I have a marker over 18 months later on a PDL?

Surely this is arguable.

 

- My CCJ is solid in place,

aside from a court appearance and great argument I'm assuming this is unremovable until 6 years after initial application of the CCJ?

 

 

I haven't sent off my satisfaction request letter yet though and need to soon,

Do you guys think this will make much of an impact on my file?

 

- My main question,

When will I be able to start going to a broker to apply for a mortgage?

When will my credit be 'A OK'?

 

 

I have been accepted for 1 credit card over 8 months ago with vanquis to which I have stayed within the £150 limit and paid off in full each month but this doesn't seem to have affected my 'score'.

 

 

And I have recently been accepted with Capital One for a £1000 credit card Which I intend to use at the same amount as the Vanquis card only I read somewhere "Credit accounts over £1000 show CR checkers that you're a lower risk".

 

That's about it really. Thanks for reading and sorry for the wall of text.

 

If anyone is having similar issues to the ones I have mentioned, feel free to message me.

 

 

I've had some pretty nightmarish times over the past 6 years.

 

 

Key advice: Don't bury your head if it gets really bad, it will genuinely only get so much worse. It just keeps adding up until you eventually speak to someone.

 

Tell each creditor you're struggling, set up a plan.

If it's gone to far, research free DMP companies,

 

 

I paid £50 per month admin fee for mine for 6 years to which I now regret as all of my money wasn't going to creditors.

[unclebulgaria67]

They won't remove defaults before the 6 years is up, as the record reflects your ability to handle credit. If the default date is wrong, then supply evidence to the Data Protection Officer of the creditor shown on your record.

 

Original creditors can add default markers more than 6 months after they should have done, provided info is correct. This has been tested before with the ICO and FOS.

 

Yes CCJ will drop off record after 6 years. The CCJ will still exist if not paid and the claimant can go to court to request more time to enforce the debt, but this is not often granted. It won't reappear on your credit record once it drops off.

 

It might take you a few years once your credit record is clear, before you can obtain an affordable mortgage rate. You will be credit scored, based on lots of information, not just your credit record. Banks have their own credit scoring systems.

 

Nb. Don't take out credit that you cannot repay in full when the next statement is received.

[dx100uk]

I would be exploring the irresponsible lending complaint route

certainly against the many PDLs when you already had loans and numerous defaults?

[spum0n1]

Thanks for the response, I think thats probably best isn't it! Any advice on how to do that? or could you point me in the right direction?

[dx100uk]

theres a guide somewhere here

have a look in the payday loan forum