Definition of Default on Payment

wessexw

I was wondering what the definition of defaulting on a payment is - is it a late payment or having never paid a particular debt?

About 3 years ago I had about £400 on a credit card, I hardly ever used the credit card so wasn't so aware of the fact that I had an outstanding debt on it and I moved house at the same time so statements etc didn't reach me. About a year later the credit card company caught up with me but once I was aware of the debt I paid it off immediately. Is this defaulting? I already have an AIP, should I go back and inform the mortgage lender of this to be on the safe side? This was on a credit card issued from Ireland, not the UK.

Thanks!

Estate_Agent

It is more than likely to be registered as a default, but well done at least for clearing it.

As you have an AIP in place I wouldn't worry any further as the lender will have credit scored you to come to their decision. Any misdemeanours will have already been flagged up and played a part in their decision on whether you would be a good risk. Also, as they CC was in a different country, they would not have access to that information so will not be aware of it.

wessexw

Thanks Estate Agent, thats what I was hoping that as they already did a credit check, I assumed that would have showed up if it were a problem. I was just worried that I would be seen as having lied as I did answer 'no' to have you ever defaulted on a payment and I wouldn't want that to come back on me. I had just assumed at the time that defaulting meant never having paid, it was only when I thought about it afterwards that I wasn't so sure.

The cc although issued from a different country was associated with my UK address so I don't know if that would make any difference