car loan from 3 years ago still haunting me

D

done_my_time

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afternoon all.

I find myself at the end of line with an issue surrounding an application for a 1st time mortgage.

I took out a car loan in 2003 and fell behind on payments, in the end up i fell to far behind i couldn't catch up, but kept attempting to pay the loan when i could. and then the last year or so i was making regular payments but the account was still running in arrears, bank said they sent me aload of letters but turned out they had the wrong address(no fault of mine).

I cleared the loan in full in Aug2008. and have had loans since with credit union, credit cards x 2-3 more credit union loans.

I have been refused 4 times now for a mortgage, and the car loan is ruining mine and partner, kids, lives. I have nowhere to turn to.

i have got my latest icb report and it is crystal clean for everything, cards, loans. everything, not one missed payment on any of them.

BUT the car loan is still showing. it will be another 2 years untill its off.

I am trying to find out now is there anyway i can plea with the bank to clear it off as i have served 3 years of heart-ache not being able to get the one thing my family need.... a home that we can call our own.

if i cant fix this somehow, i feel there is no future for us as a family and we will just go are seperate ways.

sorry for the long winded approach but could think how to put this into words.
thanks for taking the time to read this.
 
If there is even the remotest chance that your family will go seperate ways, then do not take out a lifetime loan like a mortgage. Its like having a baby to save a relationship. It wont work. And you'll be worse off financially.
 
I have been refused 4 times now for a mortgage, and the car loan is ruining mine and partner, kids, lives. I have nowhere to turn to.

...
i have served 3 years of heart-ache not being able to get the one thing my family need.... a home that we can call our own.
I think that your comments are a bit over the top.

You have a bad credit record. You can't get a mortgage. So what?

You can rent for the next two years until your credit record is restored.

It's hard to get a mortgage these days, so why would the banks give you a loan when they are refusing others who have no history of missed repayments.


if i cant fix this somehow, i feel there is no future for us as a family and we will just go are seperate ways.

This sounds to me as if you have a more fundamental problem which you are blaming on some other issue.
 
I have been refused 4 times now for a mortgage, and the car loan is ruining mine and partner, kids, lives. I have nowhere to turn to.

It may be hard to see this as a good thing but the banks have done you a favour. House prices have probably dropped since you were declined so you could have unknowingly dodged a bullet. In two years time your dream house could be out there. Rent for the time being, get your savings in order and see what the future holds.

Your relationship should not depend on whether you buy a house or not though. That's an issue outside this thread.

sorry for the long winded approach but could think how to put this into words.
thanks for taking the time to read this.

Meh, welcome to askaboutmoney, you'll fit right in, loads of long winded people on here. ;)
 
As the others have suggested, you should try this new thing: "renting". It has my kept my family together! (fingers crossed).
 
thanks for the reply's. I know renting is probaly the best option for the time being, however i'm now 35 and not getting any younger. I would be happy to rent for next 2 yrs. but would this not mean i would need a shorter term mortgage, meaning higher repayments leading to other problems again? been saving for past 8 years, and now we have the deposit we still cant get anywhere.

again. thanks for your thoghts here.
 
2 years is not a long time. Keep saving as much as you can - boosted savings along with the clear icb report will all go in your favour. You will also have to borrow less money. Win win. Stay renting, there are people who can't pay their mortgage struggling to make ends meet that would love to be in your position. Focus on the positive. I definitely would not advise buying though if your relationship with your partner is that volatile, a house will not make you a stronger couple.
 
, however i'm now 35 and not getting any younger. I would be happy to rent for next 2 yrs. but would this not mean i would need a shorter term mortgage, meaning higher repayments leading to other problems again?

Well I hope to goodness you were not trying to get a 30 year mortgage, not a good idea. 20 years is much better. You are actually so lucky you did not buy 3 years ago. The more you save the less you have to borrow and the way things are looking it couldn't be a better time to buy.

As others have stated, you have to tackle the reasons you think not owning a home would lead to marriage breakdown. A home is where you family reside whether you rent or buy.
 
thanks for the reply's. I know renting is probaly the best option for the time being, however i'm now 35 and not getting any younger.

Don't put a "deadline" on buying a house if age is one of your concerns. Wanting security for your family is understandable but it's not an option for you right now. So, as other posters have suggested, get saving!

Incidentally, my partner saved for 8 years to buy a house - which he did at the age of 39 - him having a 15 year mortgage is a great position for him to be in.
 
making more sense as the posts go on. Thanks for the comments.

Now off to sort the other side of things out.

x
 
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