advise

[tracy.h]

Hi its really a question for the experts,my son and his girlfriend brought a house that had been repossesed over three years ago,recently they applied for a loan as theres work that needs to be done,and were turned down they have no debt only there mortgage that is always paid on time,and 1 credit card that they pay the balance of off every month.They both did a credit search and both had excellent credit rateing and both earn good salaries.Do you think the problem is the adress because it was a repossion,if so what can they do.Advise would be very welcome.

Thanks
Tracy

[plasticdaft]

It shouldnt be the address thats the problem,as they have nothing to do with repossession(bad word to spell).
Are they on the electoral register??

[tracy.h]

Hi
Yes they are on the electoral register.(and i agree its a hard word to spell),but it seems strange that they cant get a loan,and they still recieve mail for the people that used to live there.I thought that maybe the address might be blacklisted.

Tracy

[Storm]

It isn't down to the address - there are a number of reasons why they may have been declined in the current lending environment.

If they can try applying for a loan with the bank they are with.

[tracy.h]

Thanks Storm
Glad its not the address,and will tell them to try there own bank.
While you are about i have a question to ask you.I have managed to pay nearly all my creditors of but am having a few problems with Natwest.I took a loan out with them in 2001 for £22000 and paid them £375.00 a month and until i got into financail difficulty in jan 07 never missed a payment,i then made payments of £60 a month i recently went to them for a settlement figure thinking that like my other creditors taking into account my personal circumstances,that i no longer have a job because of health issues they would give me a reduced amount,as it turns out i have actually already paid the amount of the loan in full,but they are saying i still owe £19000 in interest,i was gobsmacked and to top it all they still want £15000 to clear this.is there anything i can do as they say they will take me to court and get a chargeing order on my property.I sent them letters from my hospital consultants explaining that my condition had deteriated and that is why i have had to give up work.My other creditors have been great and taken big reductions of my balances,so i could pay them,i cant understand why natwest are being so hard faced i offered £7000.any help would be appreciated.

Tracy

[tracy.h]

Just wanted to say thanks guys 4 your continued support,have had a bad time thats the only reason ihavnt been posting.Oh and also thanks admin 4 taking my expert status away,didnt realise that getting cancer and spending time in hospital meant that i had given up offering my support to other posters,but never mind we live and learn and dont worry i wont be posting again so Lily u take care and you Kerry i wish you both the best for the future and hope the forum continues to offer the excellent support and expertise that helped me.
Good luck

Tracy

[kiki]

hi there
im an estate agent and we had a problem like this a few weeks back, couple couldnt get a credit card, they had just bought a repo, they thought that it was down to the address it really shouldnt be as the property will now be in there name and also strict credit checks are done when buying any house. even though the house was repossessed it will be the previous owners who were responsible not the house itself, maybe there credit is too good? also we as estate agents are getting told daily by lenders that they are trying to make it harder to get credit especially if someone has recently taken out a large chunk such as a mortgage as there main goal is to keep people paying their monthly mortgage payments. we are seeing more and more repos come through our doors and that is the last things mortgage lenders want as they never see the colour of their money again, im convinced like with the couple i spoke to recently its due to the credit crunch!
kiki x

[Moneystinks]

Sorry you have had a rough ride Tracey.

I hope things start to look up for you and that you get the loan at the bank sorted.

X