Your Questions About Check My Mortgage Repayments

Ruth asks…

SECURED LOANS ( with bad credit history)?

I OWN MY HOUSE ITS WORTH £185000 & I ONLY HAVE £10000 MORTGAGE LEFT @ £ 166 P.M. HALIFAX MY MORTGAGE SUPPLIER WONT LOAN US ANY MONEY DUE TO A BAD CREDIT CHECK, MY PARTNER & I ARE BOTH RETIRED WITH A JOINT NET INCOME OF£24000. WE,RE NOT BEHIND IN OUR REPAYMENTS & NEVER HAVE BEEN, WE WANT TO BORROW £5000 OVER AROUND 8yrs , WHAT ARE OUR OPTIONS . HELP PLEASE

admin answers:

If you have a bad credit history, Certainly you will difficulties in getting loans . But i would like to suggest you to go for Bad Credit Secured loans at Chance4finance. Visit
http://www.chance4finance.co.uk/

Jenny asks…

Can you explain what a credit history is?

I just recieved my report from CreditExpert.co.uk and it says the following:

Thank you for purchasing your Experian Credit Score!

A score between 960 and 999 puts you into the Excellent category. This is the score that the rest of the population would like to reach.

It indicates that you have always made payments on time and probably have no arrears. This type of credit history is an asset that can help you to the deals you want and means you should pay lower interest rates than people with a poorer credit status.

To maintain your excellent rating, you should check your credit report regularly to make sure that it remains accurate and up to date – you can see it at the Credit report centre.

Your Experian Credit Score changes as your circumstances change. Generally a score more than three months old no longer represents your current position, so it is a good idea to order it regularly if you want to monitor your credit status.
What your score means to lenders

Your Risk Profile

Your score of 999 puts you into the Excellent category

Your score is above average – 71% of people have a score lower than Excellent

View the factors affecting my score

Your Experian Credit Score was

999
On January 27, 2009

The risk you present to a lender

Credit scores are designed to help lenders to assess the risk that you will not repay what you owe them, reliably and promptly, by comparing your situation and credit history with databases showing how other people have managed their repayments in the past.

This score suggests you are a very low risk borrower – most lenders would expect very few people in this category to experience serious problems with repaying credit.

Factors that are having a negative effect on your score

* There are no negative factors currently affecting your score.

Factors that are having a positive effect on your score

* You make all your repayments on time and in full – no accounts have been paid late in the past six months
* You are on the electoral roll (registered to vote) at your current address
* The outstanding balance on your credit accounts (excluding your mortgage) is low
* You don’t have any county court judgments and you have not been declared bankrupt in the last six years

Can you tell me, is this any good?

admin answers:

Odd, even suze orman said that a credit score NEVER goes above 950….and you would have to be a millionaire with a completely not normal debt ratio…to get to 950.

So, how in the world did you get 999!!!!

I would think its a mistake or your reading something wrong. I’ve never heard of anyone with that number and like i said even suze orman said its impossible (essentially).

Ken asks…

Can you sue an ex-partner for damaging a credit rating?

My partner and I having been trying to buy a house. We have saved a deposit and found our perfect house, within our budget. However, when a credit check was done on my partner we were declined as his ex-wife 2 years ago when they were divorcing withdrew over £2000 on their joint accounts taking them into an unagreed overdraft. My partner had no idea she had done this or taken her name off both the accounts until 2 months later when he finally got his replacement cards for the ones she cut up and the bank sent a statement to his new address. She had defaulted on the repayments and was avoiding all contact from the collection agency. My partner, reluctantly (as he had nothing himself), started to repay these debts as soon as he found out they existed. He continued to make the regular payments and paid it all off earlier this year. But because of her actions we cannot get a mortgage and my partner cannot get any credit for at least 5 years. We are obviously very stressed after having to see our dream house go. Is there anything we can do? Can we sue for the distress caused? Is there anyway of getting the reasons put on the credit report?

Thanks.

P.S. we are in the UK

admin answers:

Yes, but it is very complicated. You need to get legal representation.

Donald asks…

Do you think this is a good deal to buy a flat?

http://www.rightmove.co.uk/property-for-sale/new-homes/property-19752830.html?locationIdentifier=BRANCH^50884&sortByPriceDescending=false&includeSSTC=true&_includeSSTC=on&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind%2FCircle-Anglia%2FBruff-Road.html%3FlocationIdentifier%3DBRANCH%255E50884%26includeSSTC%3Dtrue%26_includeSSTC%3Don

I’ve checked out the company and they are genuine… my partner and I fit the criteria for this deal too!

So for a 25% share of a £69,500 2 bedroom flat it is £17,375. We can put about £6000 of savings towards this so would only need a mortgage of £11,375..

Monthly repayments on a 10 year mortgage at 6% would be £140 per month.

Rent on the unsold share is £119 per month.

So for £250 a month (excluding bills…) we could OWN our own place? Surely this can’t be right?! Its the best area in town but we rented around there before and its fine!

What do you think?
EDIT: Sorry guys i meant its NOT the best area in town!
You can purchase up to 99% of the property whenever you can afford it – just so that when you want to sell it the housing association can have first dibs to buy it from you x

admin answers:

Have you looked at the Circle Anglia website as well?
The information is a bit different there, it says rent from £119 pcm, but you can have a 25% or 50% share so I’m wondering if this is the rent on the 50%.
Otherwise you also have to allow for service charges, and you have to pay for all your repairs, and you have to budget for how much your legal costs will be above the £500 they are offering.
Although it may seem a good deal short term, and a lot of people do shared ownership as their best option at the time, the question about shared ownership is always if it is the best financial move long term, how likely is it that you will be able to upgrade your share for example, how easy it will be to sell your share, whether you will sell it at a loss, whether you be able to afford to get somewhere bigger if you start a family etc.
You might be able to get some financial and legal advice about this, or just Google for everything you can find out about shared ownership, pros and cons, and decide whether it is the best thing for your situation right now.
Best of luck anyway whatever you decide to do!

Here’s a few links you might find useful:
http://www.shared-ownership.org.uk/
http://www.guardian.co.uk/money/2008/apr/06/property.housing
http://forums.moneysavingexpert.com/showthread.html?t=1445533
http://www.circleanglia-yourhome.org/s/SOpropertysearch/100416/location_Suffolk/

William asks…

Can I get Your Advice On A Bankruptcy Error?

I have been going through Bankruptcy for 3 1/2 years now. Most recently, I’ve debated whether I wanted to continue this process and just let them have my house.

About 2 months ago, my mortgage company filed a motion for relief of the stay because I had fallen behind in tax payments. So, I was desperately trying to figure out how I was going to come up with the money to save it from being taken because of the taxes.

Well, the last week of December, I received a letter from my attorney’s stating that they had let it go through and the judge signed off on the motion, granting relief to the mortgage company. In that notice, there was reference to the “treasurer” to cease paying any creditors I may owe. (*I had owed less than $6,000. when I entered it, so I doubted I owed much to anyone).

I called my attorneys and was told I had better start looking for another place to stay and to hurry up and move. They told me it would take approx 30 days for the mortgage company to go through the foreclosure process.

So, I thought the other half of my check would stop being garnished and I’d afford being able to move. Well, they continued taking payments out of me and ceased paying anyone; my mortgage company included. So, I called my mortgage company (yesterday). They set me up a repayment plan to cover what the attorneys were not sending in payments.

I then followed up a phone call to the attorneys (yesterday) and was told this was not supposed to happen and they were not sure who allowed the judge to sign off on the motion for the mortgage company. Seems after they found out this went through and they let it happen, they were desperately trying to figure out what to do about it. They want me to come down.

At present, they continued taking garnishment payments out of me up to last Friday. A total of nearly $3,000.00 being paid to no one. My mortgage company said the last payment they received from the “treasurer” was back on December 22nd. – So, they’ve paid no one and my mortgage company says I’m now behind some $7,300.00 which is why they set up a repayment plan. They said the “treasurer” was paying far less than what is needed for the mortgage and less than a monthly payment, at that!

*At this point, I’m thinking I’d rather just do away with the attorneys and just deal with the mortgage company myself. I will lose far less money by dealing with them direct.

Can I do this?

Any advice would be appreciated!!!!

Thx a million!!!

-Ginger
OH yeah, and PS: I was told by my attorneys, (yesterday), that the mortgage company paid the back taxes. *I decided to call them up because I had heard in April, they were beginning a tax amnesty program where I’d only have to pay half the back taxes. But, they paid it!

Attorney told me, “they just want you to pay them back for having to pay the back taxes; we just need you to come in and set up a back payment agreement”.

Don’t think I need these guys! I can do bad all by myself! – as I’ve heard!

What can I do here!????

-Ginger

admin answers:

Ginger wrote: I called my attorneys and was told I had better start looking for another place to stay and to hurry up and move.

…..You have attorneys? If so, they’re the ones with the answers, aren’t they? Just seems a reasonable observation.

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