Repairing Credit Rating

R

Redhand

Guest
Looking for some advice. Have some old overhangs from previous busineess loans where personal guarantees were in place. 10 years plus now. Still affecting my capacity to remortgage /purchase additional property. Large equity in existing property - whats my best move?
 
What do you mean by "overhangs"? Do you mean that some of the debts are still outstanding? Or do you mean that some sort of settlement was made but the black marks still remain? Where? On your ICB credit record (which should only go back five years) or when you divulge such information as part of a credit agreement application or somewhere else?
 
Thanks for coming back Clubman. According to my ICB report I have only one problem - an old commercial loan that is now "Complete" but prior to completion was marked "Pending Litigation" for the last 24 months despite the fact I was paying of on an agreed monthly basis (post a judgement).

There were other old issues such as personal guarantees that a judgement was sought for (and granted) but these were never pursued and certainly are not on my ICB record. Will a fresh application to remortgage uncover these. I have a pristine repayment record for the last four years at least with my exisiting bank in relation to my exisiting mortgage.

Any thoughts appreciated
 
It is not five years old as yet that is why it is still on your credit rating, however you should write a note to the credit agency updating them on the old loan they should put this against your credit record.

Good luck
 
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