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What is a default?
Laurenbelle
Posts: 225 Forumite
in Loans
I am not sure what is classified as a default. If anybody has the time would they mind clarifying? Thank you!
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Comments
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It could mean this......
Default in computer science refers to a setting or value automatically assigned to a computer program or device, outside of user intervention
or this......
Failure to repay an outstanding debt as agreed.
My guess is you might mean this....
A selection automatically used by a computer program in the absence of a choice made by a user.
Hope this helps but I am sure someone will have some more definitions...#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
Sorry i should have clarified my mind is circling around financial details lately i didn't even think of any other definition. Would a late payment be a default or back payment of council tax be considered a default?
Thank you in advance.0 -
A late payment / arrears are classed as a default, yes. I believe council tax is a different ball game altogether, I think (not 100%) if you default with your council tax it is only registered with the relevant council and not with a third party credit reference reference agency.
Hope this helps.:hello: Laugh and smile everyday, it keeps you healthy ! :wave:Thanks for everybodies help on here, what a great community !0 -
If you defaulted on an account you would be served with a default notice. Usually after missing 3 payments in a row.
A late payment would not be classed as a default in the sense that I assume you mean. However it would show up on a CRA as a '1' which means that you are 1 month in arrears. And, would continue to show as a '1' until you have caught that payment up or missed another and then it would show as a '2'. i.e two months in arrears.0 -
OK that helps! So at one stage with Telewest because my bill was due after before payday and i couldnt get my act together my bill was late every month but it got paid say a week late every month, it never went for 2 months or anything. Would that count as a default? Thank you again!0
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It would show that your account with Telewest (if they update to a CRA) would either be up to date or always a month behind.
How long ago was this if you don't mind me asking?
You can pm me if you prefer.0
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