Hi guys,

Im hoping someone could give me a little advice...

A couple of years ago i missed a 2-3 payments on a bank loan and the bank forwarded it to the debt collectors. I started payin the debt collectors ( Rockwell )as much as I could a month, but after 2-3 months they said that if i could pay £1500 within a week the bank would clear the debt and thats it, debt cleared. I did manage to put the £1500 on a credit card and payed that off over time. I kept an eye on the status on equiax an it stayed defaulted for a while after i payed the debt.

After a dozen or so phone calls to Santander, and told so many different things, i have been told that it will stay as settled on my credit history as i have not payed the full amount owed, still £1080 left, which makes sense. Im just a litte upset as the debt collectors gave me faulse information, obviously to get their cut....

I am now wanting to get a mortgage with my girlfriend and i have been refused by her bank as my credit rating isnt up to scratch!!! My question is, if i was to pay the £1080 how long before my rating went up, and is it gonna make a difference? Alos as i missed a few payments, how long before the rating changes after no missed payments etc.

I am going to pay the £1080 as i just want a hassle free life, and i hope it will make the difference on my rating.

Many thanks in advance.

Shaun

Hi Shaun

I have seen so many scenarios like this, I would actually suggest you speak to someone from Credit expert, unfortunately where a lot of companies used to only go back a year they are now looking at things such as late payments on a mobile phone bill etc. You can join for free and make sure you cancel the membership after a month but it will give you a detailed break down of maybe anything else that could be affecting you, something you haven't realised yet.

Now you have been refused I would wait 6 months at least before re-applying for anything that requires a credit check. Depending on where you went for a mortgage they may have checked with a couple of companies so that also goes against you.

Sign up to credit expert its free for a month and then make sure you cancel it, you can do this by calling them but they will give you a detailed report of anything else that maybe affecting your credit history. Also it is pretty stantard knowledge but do not apply for anything else for at least 6 months.