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  • FIRST POST
    • tiga87
    • By tiga87 10th Sep 17, 4:59 PM
    • 3Posts
    • 0Thanks
    tiga87
    Setlling Defaults
    • #1
    • 10th Sep 17, 4:59 PM
    Setlling Defaults 10th Sep 17 at 4:59 PM
    Hi All
    I have two defaults dated 03/07/2012 & 16/01/2013 (182 &584). I have been offered a partial settlement on the £584 for £150. Should I take this or try and pay it all for full & final as I hope to take out mortgageinthe next year with my partner. I would appreciate any advise.

    Regards
Page 1
    • zx81
    • By zx81 10th Sep 17, 5:08 PM
    • 13,168 Posts
    • 13,482 Thanks
    zx81
    • #2
    • 10th Sep 17, 5:08 PM
    • #2
    • 10th Sep 17, 5:08 PM
    There's little difference between paying it all or in part, as long as it shows as settled.

    I would take the offer.
    • sourcrates
    • By sourcrates 10th Sep 17, 5:08 PM
    • 11,905 Posts
    • 11,402 Thanks
    sourcrates
    • #3
    • 10th Sep 17, 5:08 PM
    • #3
    • 10th Sep 17, 5:08 PM
    Personally i would wait until the defaults have dropped off your file before applying for a mortgage.

    Even though they will be a long way back in time, it could lead to a refusal.

    it makes no real difference if a debts fully or partially settled, as long as the defaults are still showing, the damage is already done.

    February 2019 your file will be clear of them for good.

    Agreed, take the offer, make sure its backed up in writing.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • cjmillsnun
    • By cjmillsnun 10th Sep 17, 7:31 PM
    • 177 Posts
    • 113 Thanks
    cjmillsnun
    • #4
    • 10th Sep 17, 7:31 PM
    • #4
    • 10th Sep 17, 7:31 PM
    I'm going to disagree with Sourcrates.

    I recently got a mortgage with a major high street lender. I had 6 defaults on my credit file at the time.

    Find a good broker who specialises in adverse credit and they will be able to help you.

    I do agree with zx81, take any offer they have to satisfy the debt.
    Last edited by cjmillsnun; 10-09-2017 at 7:36 PM.
    • sourcrates
    • By sourcrates 10th Sep 17, 7:44 PM
    • 11,905 Posts
    • 11,402 Thanks
    sourcrates
    • #5
    • 10th Sep 17, 7:44 PM
    • #5
    • 10th Sep 17, 7:44 PM
    I'm going to disagree with Sourcrates.

    I recently got a mortgage with a major high street lender. I had 6 defaults on my credit file at the time.

    Find a good broker who specialises in adverse credit and they will be able to help you.
    Originally posted by cjmillsnun
    Did you achieve a good interest rate though ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • cjmillsnun
    • By cjmillsnun 11th Sep 17, 1:04 AM
    • 177 Posts
    • 113 Thanks
    cjmillsnun
    • #6
    • 11th Sep 17, 1:04 AM
    • #6
    • 11th Sep 17, 1:04 AM
    Did you achieve a good interest rate though ?
    Originally posted by sourcrates
    Yes.. I got the same as anybody else would've for 85% LTV with my lender. 1.66% fixed for 2 years.

    I'm now down to 4 defaults (2 having dropped off within the past month). The last of mine drops off in May 2019.

    So to the OP, satisfy your defaults, either a full or partial settlement and then wait for this to appear on your credit file.

    Make sure you have a deposit together (you'll need at least 10% of the purchase price) and go find a broker who specialises in adverse credit histories.
    Last edited by cjmillsnun; 11-09-2017 at 1:12 AM.
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