Hi all, I'm after a bit of advice. My wife and I are hoping to buy our first home next year. Should have a 20% deposit (combination of savings and gift from parents).
I've been going through my CRA reports and everything was fine, no late/missed payments, all accounts settled - I have no debt as all has been paid off in full over the last 18 months. However, today a default has appeared on experian for £20. This apparently relates to a British Gas bill from Nov 2006. I moved from London to Edinburgh in August of that year and closed the account down - paying it in full. The default is dated August 2008 so wont drop off until 2014, which seems a bit harsh as it was registered nearly 2 years from when the first late marker appears. I've yet to pay the default as BG has not been able to find my account from that period - spoke to five different departments today and no one can find any record of me for the outstanding amount. Also one month after default was registered in 2008 I had another contract with BG, which is puzzling if I defaulted in the first place.
Sorry for the ramble, thought Id get the facts in. My actual question is if I cant get the default removed and have to pay it what impact is this going to have on mortgage applications? It does seem a bit harsh to be turned down for a £20 default which at worse is a genuine mistake when moving home 6 years ago.
Incidently, only looking to borrow <2.5x joint salary with 20% deposit. Any help advice would be much appreciated as I'm stressing!!!
I've been going through my CRA reports and everything was fine, no late/missed payments, all accounts settled - I have no debt as all has been paid off in full over the last 18 months. However, today a default has appeared on experian for £20. This apparently relates to a British Gas bill from Nov 2006. I moved from London to Edinburgh in August of that year and closed the account down - paying it in full. The default is dated August 2008 so wont drop off until 2014, which seems a bit harsh as it was registered nearly 2 years from when the first late marker appears. I've yet to pay the default as BG has not been able to find my account from that period - spoke to five different departments today and no one can find any record of me for the outstanding amount. Also one month after default was registered in 2008 I had another contract with BG, which is puzzling if I defaulted in the first place.
Sorry for the ramble, thought Id get the facts in. My actual question is if I cant get the default removed and have to pay it what impact is this going to have on mortgage applications? It does seem a bit harsh to be turned down for a £20 default which at worse is a genuine mistake when moving home 6 years ago.
Incidently, only looking to borrow <2.5x joint salary with 20% deposit. Any help advice would be much appreciated as I'm stressing!!!