Natwest CCA - Letter

[mgfboy]

Re: Natwest CCA - Letter

mfgboy - not so. Natwest only perform a 3yr generic Equifax search with an Experian doubler if something pops up on the equifax initial search. Equifax is their chosen supplier but they use Experian for use of N Hunter, analytics and other cron job cra related tools.

For mortgages it's usually a clean sweep of your credit file. For general unsecured lending ALL lenders search 12,36,72 months in that sequence so all check the 12 months with auto-generate to 3yr sliding search followed by a full search if necessary. The computer does it, not staff.

Basically the 12 month search is part of the application and tells them at the start if you're on ER/last searches/Defaults etc. it always then moves to mini search (3yrs) and if you pass this then you'll find it stops and makes the relevent offer.

Anything bad/too many applications or anything else and the system declines, sends to AVU for decision or accepts.

Again fair enough, as you can imagine, I only can go by what he said and knowing the client it was to do with, the sliding scale thing may well have applied.

[Never-In-Doubt]

Re: Natwest CCA - Letter

mfgboy - not so. Natwest only perform a 3yr generic Equifax search with an Experian doubler if something pops up on the equifax initial search. Equifax is their chosen supplier but they use Experian for use of N Hunter, analytics and other cron job cra related tools.

For mortgages it's usually a clean sweep of your credit file. For general unsecured lending ALL lenders search 12,36,72 months in that sequence so all check the 12 months with auto-generate to 3yr sliding search followed by a full search if necessary. The computer does it, not staff.

Basically the 12 month search is part of the application and tells them at the start if you're on ER/last searches/Defaults etc. it always then moves to mini search (3yrs) and if you pass this then you'll find it stops and makes the relevent offer.

Anything bad/too many applications or anything else and the system declines, sends to AVU for decision or accepts.

[Dogchunky]

Re: Natwest CCA - Letter

Ladies and Gents with the Default then now firmly in my file and there being nothing I can do to change that would advice would you give to me to make sure that I can better my situation with other agreements, I know keeping payments up and on time is crucial and I am firmly committed to doing this, is there anything else you could suggest.

Kind Regards

Dog

[mgfboy]

Re: Natwest CCA - Letter

I'm ex-MBNA, Niddy I believe is also ex industry.

Its not a fast set rule, but the majority of lenders (excluding mortgages and a couple of others) tend to only look at the last three years.

Fair enough, the only reason I asked is because a Natwest Corporate Manager told me they review the full file ( on controlling directors and partners) on new business/new account opening with both Equifax and experian.

[oscar]

Re: Natwest CCA - Letter

Do we have anybody on the forum who works on that side of the lending industry to check for certain.????

Im ex-MBNA, Niddy I believe is also ex industry.

Its not a fast set rule, but the majority of lenders (excluding mortgages and a couple of others) tend to only look at the last three years.

[mgfboy]

Re: Natwest CCA - Letter

I would say it would go against you, however, it's impossible to generalise. Each lender has its own criteria and their policies are subject to change so even if we found out what each and every lender's policy is at the moment it could all change in the next few years, look at how the income criteria was progressively relaxed, in the 90s it was usually 3x, maximum 4x. During the housing boom 5x and even 6x were acceptable. Same with LTV ratios, in the 90s 100% mortgages were rare and usually only available at a high interest rate. In the noughties there were 125% LTV mortgages...

You may find someone willing to lend you but your choice of lenders and/or deals would be restricted.

On the mortgage side within reason I do know what their policies are, I have a piece of software that is updated daily. Saying that it still boils down to the app and with most lenders what the computer says.

[Dogchunky]

Re: Natwest CCA - Letter

@mgfboy

Thank you for your reply, would you be able to tell me who the provider is please, PM it to me so you don't have to put it all across the forum, as this could be construed as free advertising.

Kind Regards

Dog

[mgfboy]

Re: Natwest CCA - Letter

@ FlowerPower

I am looking to buy a new place in the next couple of years so in short this default will certainly go against me, would it make it pretty pointless to apply for one even if I have got the deposit in place to offer up front, or is it more on an case by case scenario.

I eagerly await your reply

Kind Regards

Dog

I know of one lender in th whole UK market that may lend to some one with a current default. The default has to be over 3 years old and the rest of the credit history has to be clean.

[Dogchunky]

Re: Natwest CCA - Letter

@ FlowerPower

I am looking to buy a new place in the next couple of years so in short this default will certainly go against me, would it make it pretty pointless to apply for one even if I have got the deposit in place to offer up front, or is it more on an case by case scenario.

I eagerly await your reply

Kind Regards

Dog

[mgfboy]

Re: Natwest CCA - Letter

Flowerpower I'm in the industry ( admittedly on the mortgage and FS side), but I think even for OD's ,loan etc they are looking beyond 3 years now at ccj's and defaults.

Do we have anybody on the forum who works on that side of the lending industry to check for certain.????

[mgfboy]

Re: Natwest CCA - Letter

Creditors usually disregard defaults more than 3 years old so you're halfway there already.

Out of curiousity where do you get the idea that lenders ignore defaults after 3 years. I know for certain 99% of mortgage lenders dont and I was speaking to a bank manager and I got the impression that most mainstream lenders these days look at the whole credit file.

[Dogchunky]

Re: Natwest CCA - Letter

@Pixie 3 years if that is the case then your right I am half way there already..not good practise though...went through a torrid time what with one thing of another...anyway what does not kill us only makes us stronger.

Kindest Regards

Dog

[oscar]

Re: Natwest CCA - Letter

"They would have had "proof" with regards to payments made and correspondence being sent - that would suffice"

However there would be no proof what the amount was for and when it stopped being paid, as they have lost the agreement...or am I really simply clutching at straws here.

Now that the Default has been registered I understand it will be 6 years before it drops off is that the case, also will future credit be pretty much impossible to get. Kind Regards

Dog

Usually, with a loan, as well as giving the start date on a credit file, it will give the number of repayments to be made and the amount - so will say somewhere start date 25/6/12 £245@36 months

Credit wont be impossible to get - but do you want / need any? You are correct that it will be 6 years (from date added) before drop off, but as pixie says, many lenders only search for the last three years.

[Dogchunky]

Re: Natwest CCA - Letter

@ Oscar thank you kindly for your prompt replies
@ Pixie Thank you I will certainly read that information

"They would have had "proof" with regards to payments made and correspondence being sent - that would suffice"

However there would be no proof what the amount was for and when it stopped being paid, as they have lost the agreement...or am I really simply clutching at straws here.

Now that the Default has been registered I understand it will be 6 years before it drops off is that the case, also will future credit be pretty much impossible to get.
Kind Regards

Dog

[Pixie]

Re: Natwest CCA - Letter

Creditors usually disregard defaults more than 3 years old so you're halfway there already.