Back in 2014, I had a few Pay Day Loans and ended up unable to pay. All of them defaulted between June and August 2014 and so have now fallen off my credit file, except for one with Lending Stream. I had two outstanding accounts with them, one was left owing £140 and the second one owing £5. Every month from circa March 2014, the accounts were reported as missed payment.
Since that time, I changed jobs, am earning far more and had settled all defaulted debts (no defaults currently showing).
In 2017 I was chased for the £140 and this was settled in November 2017. The account owing £5 remained showing as missed payment until November 2019 when I ran an Credit Search on myself and noticed the Account. When I contacted Lending Stream, they marked the Account as settled in November 2019.
I have since been back and forth with them to try to get a retrospective default recorded back to 2014 but to no avail.
As a household, income is circa £110k (I earn just over £70k now) and have a 20% deposit + fees, looking at properties around £500-550k and we are looking to buy before stamp duty goes back to normal.
In terms of credit, I have a £10k limit on a rewards credit card, monthly expenditure is circa £500-750 and settled in full each month. A second credit card (0% purchase), limit £6k, current balance £1500,I overpay (£300/month) currently and the balance would be cleared before application. I have another card used only for purchases on holidays and the balance is always settled in full. Finally, I have a 0% loan for a Samsung phone, with a balance of circa £200 and payments of £20/month, but could also settle that prior to application.
Wife has no credit issues/adverse information. Our current 1-bed flat, the mortgage is in her name only (was done that way due to my adverse) - but for the new property, she wont qualify for the larger mortgage without my income.
Sorry for the long-winded prelude, essentially my query is, will the Lending Stream loans and late payments mean that we will not qualify for High Street rates and will have to look at significantly higher rates?
Thanks for reading.
Hi, thanks for getting in contact and spending the time on such a comprehensive summary.
This would come down to the finer details at which point we would need to actually see the credit reports however I wouldn't necessarily rule out a high street deal, certainly I don't believe the rate would be excessive.
Much would come down to size of deposit with the bigger the percentage the better your chances of securing a low rate.
Hi, thanks for your previous reply. I have had copies of my credit files. Experian and Equifax do not reflect the Lending Stream account at all and it is now only showing on Transunion/Call Credit.
Are there High Street Lenders who won't search on Transunion/Call Credit?
Potentially yes however I wouldn't put all of your eggs in that basket as the majority of lenders will now cross reference multiple agencies in order to protect against this type of discrepancy.
With a report from Check My File a broker will be able to make an assessment of what the right option is.