Loved life a wee bit too much!

BEAT_THE_DEBT

Dmp no problems at all no hassle.x

Eager_Elephant

Hi BTD

Just caught up and I think there may be some confusion over the default you have received.

If you are late with a payment then although you have defaulted on the original agreement it is not registered as a default with the credit agencies until further down the line. If you are just late with payments then your credit report will look like this:

CC1
Opened - 1/1/01
Balance £2500

21000000001000000000100000

So working from the right hand side, you have been up to date all the way along and then one month you missed a payment but then you caught up the folowing month by paying the previous month and the current month which is due.
On the left hand side is what would happen if you missed 2 months in a row. The numbers go up to 5 and then usually go to a D which stands for default.

For each type of credit you have it usually shows up to 18 months of payments in the above line, so the oldest is on the right working to the left for the most recent.

A missed payment on your credit report is not too bad unless you ask for credit in the same month because it looks like you are struggling and are desperate.

A default is quite serious and can be seen as bad as a CCJ!!

EE

P.S Sorry to butt in but thought it should be pointed out

BEAT_THE_DEBT

OMG a default as bad as a ccj is this right(not that i doubt you eager and thanks for the helpful post), i feel bad for hubby as mine is trashed anyway from dmp but i have told him and he says he hopefully does not want more credit! I know its 6 yrs b4 it falls from file but say in 4 yrs we need a loan for a car will this be nigh on impossible????????????????
HELP!

mum2one

the default is a bif stride away from a ccj (county court judgement), if it was a few of them then it would impact hubbbies rateing majorly. But more often that the credit companies would look at the whole picture, usually the last 18 months are on show the 6 year limit is when things go off the file.

Eager_Elephant

I'm sorry if I scared anyone but in my own personal case and those of most of my clients the default is the clincher.

My husband had a CCJ and he was able to get loads of credit, I had a default which was older than his CCJ and just about ready to fall off and I could not get credit for love nor money.

I have also been on training with Equifax and Experian for my job and this is what we have been told, obviously all companies have slightly different criteria for the clients they want anyway.

I think now all the banks are keeping away from those with defaults, ccj's and missed payments anyway.

Unless of course you go to the sub prime market and then they don't care - in fact they love you!!

EE

BEAT_THE_DEBT

Thanks Eager i appreciate all your advice.xx

BEAT_THE_DEBT

:)Hi all well i wrapped ds presents last night and assesed pile:D isnt it funny how when they get older toys get smaller and more expensive lol.:rotfl:
He is such a good boy is he playing now with toys he had 3yrs ago and they are all immaculate.:A
Nice homemade curry tonight yum yum. :T
Hope your all well
BTDXXXXXXXXXXXXXX

cloud_cuckoo_land

Can't believe you've started wrapping presents already!!

I haven't bought any yet and think I'm going to have to ask my Nan for my Xmas money in advance to buy the kids presents!! :eek:

take care you guys, Cuckoo. xx

BEAT_THE_DEBT

Hi i think the one thing i have on my side regarding coping with this debt is that i forward think everythin eg started ds b day in March and already planning by hubbys 40th 8 yrs away lol:rotfl:
maybe thats a bit extreme eh? Also planning my 40th 3 yrs away .
I do christmas all year around also,getting deals etc sometimes i miss out on prices coming down but i find you win some lose some!!!:T
Hope your all well my lovely mse friendsxx:)

cloud_cuckoo_land

I think this is definately something I've got to get into - maybe ot planning 8 years in advance but definately a bit longer than a few hours before, going for a mad dash round tesco's!