Response to Removing adverse credit as a condition of settlement

Jude,

I've inserted my comments into a copy of your post to retain context...

---------------------------------------------------------------------- ---------- A friend of mine had a joint mortgage, taken out in 1988. The other party to the mortgage has long absconded. My friend was in negative equity and could no longer afford to pay the mortgage so walked away thinking that he would be covered by the MIG. A few weeks ago he received a letter from eversheds saying that the house was repossesed and sold and that he and his partner owed the shortfall. To cut a long story short he decided on a settlement of the shortfall. But when he tried to set the condition that he would only pay the settlement if any adverse credit info supplied to the credit agencies is removed or not suppled at all, as advised in one of the other letters on this site, he was told by eversheds that as it was a county court judgement record they could do nothing other than state that it had been satisfied.

LK: He needs to get a copy of his credit record and confirm that there is a CCJ. I can't tell from the information given whether thre has been a court hearing or not. This colours anyone's ability to make suggestions on the questions that follow.

As a satisfied CCJ is as bad as a none satisfied one presumably he will have credit problems.

LK: A satisfied CCJ is worse than no CCJ but it isn't necessarily as bad as an unsatisifed CCJ. How bad a satisfied CCJ is depends on the type of credit being applied for, who it is being applied for from and other material issues such as employment status, late payments no existing credit, etc.

Also how does he know that The abbey national won't put his name on the repossession list.

LK: The CML's documentation strongly suggests that they will put his/her name on the repossession list. That should not stop them getting another mortgage though.

And if it does, will it come off after 6 years or 12 years.

LK: We don't know. We are occasionally tipped off that your name never comes off the repossession list but we have no way of verifying this.

And either case when will this time start?

LK: Your credit status starts to deteriorate when you are late with a payment - so long before repossession. Your name goes on the CML's repossession list an unknown (to me) time after repossession.

Lee

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