Notice of correction for MBNA default

[Livelylily]

My son has been ill for a year, hospitalised with kidney failure, high BP, tumour (surgery) internal bleeding (massive transfusions) liver damage, cardiac arrest one after the other (connected via chain of drug reactions and procedures). He is still unwell and on a few pounds per week ESA, refused PIP because the tick boxes are ridiculous and do not relate to any reality. He owns his own business so income next to nil. He has not been able to pay his credit card despite previous excellent credit rating. MBNA refuses to remove the default making his credit rating damaged. He needs to remove his ex wife's name from the mortgage but lender will not so he has to remortgage but MBNA damage has prevented his ability due to credit rating damage. All finances settled with ex wife, just need her name removing which she is insisting upon. Can anyone offer help as to what he can do. I was told that a notice of correction to explain the default would be read by potential remortgage companies but if the current lender would just remove ex wife's name, no remortgage would be necessary. Thanks. Livelylily.

[MIKE770]

Re: Notice of correction for MBNA default

his record must show a true account of any actions and the state of an account, you therefore have a problem in the default area alone? sure others will look in soon

a very bad situation for your son all round, Mortgage would they not look to health of a person etc before granting a new one (Liability come to mind?)

somebody with the necessary knowledge will no doubt advise you on here soon?

[Amethyst]

Re: Notice of correction for MBNA default

Morning xx

Unfortunately removing your son's ex wife from the mortgage is going to be difficult - the mortgage was given on the basis of your son's and his wife's joint income and financial circumstances. It is jointly owed and if your son does default on the mortgage and, god forbid, went to reposession the mortgage company would be able to chase his ex wife for the money as well as your son. Removing the ex wife would leave them with only your son to chase, thus losing them security.

Presumably MBNA are aware of your sons health issues and ongoing difficulties and have decided that the default is an accurate representation of how the account has been managed. How much is the actual debt with MBNA ? Settling the debt might help with remortgaging credit file wise ( it would be marked as settled and he can give an explanation to the mortgage company of how it came to default re his illness) but with your sons current financial situation it is unlikely the bank would be able to give him a mortgage in any case. He may also, if settling the debt, be able to negotiate removal of the default on the grounds he pays it off in full, although again, it is unlikely.

What's the issue with his ex wife and the mortgage? is she wanting to buy her own property and can't get a mortgage because of the current mortgage she has with your son? It seems she will have to wait until he is back on his feet again and financial circumstances have improved to a point where he can get the mortgage on his own.

I'm sorry that doesn't sound highly positive. Others might have views later regarding this default, but I don't think that is the only battle he will have with the mortgage at the moment.

Sharon
xxx

[nemesis45]

Re: Notice of correction for MBNA default

My son has been ill for a year, hospitalised with kidney failure, high BP, tumour (surgery) internal bleeding (massive transfusions) liver damage, cardiac arrest one after the other (connected via chain of drug reactions and procedures). He is still unwell and on a few pounds per week ESA, refused PIP because the tick boxes are ridiculous and do not relate to any reality. He owns his own business so income next to nil. He has not been able to pay his credit card despite previous excellent credit rating. MBNA refuses to remove the default making his credit rating damaged. He needs to remove his ex wife's name from the mortgage but lender will not so he has to remortgage but MBNA damage has prevented his ability due to credit rating damage. All finances settled with ex wife, just need her name removing which she is insisting upon. Can anyone offer help as to what he can do. I was told that a notice of correction to explain the default would be read by potential remortgage companies but if the current lender would just remove ex wife's name, no remortgage would be necessary. Thanks. Livelylily.

Good morning, [MENTION=3599]MIKE770[/MENTION] is correct the default has to stay because the credit record must be an accurate and up to
date picture of the conduct of the account.

As to re mortgaging I doubt that he would be success on the basis of income alone unfortunately.

He can place a notice of correction on CRA files But the creditor (MBNA ) well be contacted about this and I'm of the opinion
that they will agree with the notice of correct and it would be removed

What reason has the mortgage company given for rejecting the request to remove ex wife's name?

nem