How bad is a default?

cjp1802

How bad is a default on your credit rating - i've got an account with shop direct and have defaulted a few times?

My husband went to the ban last night to see abut a new mortgage and out credit rating was a C and 6 months ago was an A so he's not happy.

I also had a ccj on there but it had all been paid so have had it de registered and just paid for a certificate of proof.

Think i've got us in a bit of a mess with this as we neeed to remortgage

Dabooka

In a word, bad.

Sorry to be blunt but defaults and CCJs will affect your mortgage applications, and therefore the offers you'll recieve.

Yargo1

hello

dont want to read and run... im not sure.. but someone who does will post soon im sure

jonjamie1970

It stays on your account for six years I am afraid, until this time you will have problems attaining any credit. Can your OH perhaps get the mortgage in his own name and remove you from being linked on his credit file ? Your credit ratins are individual not dual.

Tixy

cjp1802 wrote: »

How bad is a default on your credit rating - i've got an account with shop direct and have defaulted a few times?

My husband went to the ban last night to see abut a new mortgage and out credit rating was a C and 6 months ago was an A so he's not happy.

I also had a ccj on there but it had all been paid so have had it de registered and just paid for a certificate of proof.

Think i've got us in a bit of a mess with this as we neeed to remortgage

You can only have one actual default notice on an account. A default is not the same as just missing payments.
So if you have formally been issued with a default (and then not rectified the account in time) this will be on your credit with a specific date.

The paid CCJ will still be on your credit file and will also continue to have a big impact on your ability to get credit (unless you paid within a month of receiving the judgement).

Remortgaging won't be impossible but you may struggle with the high street banks. You might still be able to find a mortgage through an independant broker but likely not at the most competitive rates.

cjp1802

Tixy wrote: »

You can only have one actual default notice on an account. A default is not the same as just missing payments.
So if you have formally been issued with a default (and then not rectified the account in time) this will be on your credit with a specific date.

The paid CCJ will still be on your credit file and will also continue to have a big impact on your ability to get credit (unless you paid within a month of receiving the judgement).

Remortgaging won't be impossible but you may struggle with the high street banks. You might still be able to find a mortgage through an independant broker but likely not at the most competitive rates.

Hi i did pay the ccj within a month and have been informed it has been cleared and i also paid to get a certificate to say it had been done?

Tixy

cjp1802 wrote: »

Hi i did pay the ccj within a month and have been informed it has been cleared and i also paid to get a certificate to say it had been done?

Good - have you checked to see that it isn't showing on your credit files any more? if you paid within a month of the date of the CCJ it should never have been put on but hopefully thats cleared up now.

Did you check if a default is showing for the shop direct account and what date the default was registered?

katu

Do you have to be financially joined?
I will always keep my finances seperate so that my OH is not affected should ever need credit for anything as it would not be fair for my debts to go against them when they are very good with money.

I hope you get it sorted soon

wolves10

katu wrote: »

Do you have to be financially joined?
I will always keep my finances seperate so that my OH is not affected should ever need credit for anything as it would not be fair for my debts to go against them when they are very good with money.

I hope you get it sorted soon

i unsure about that but my husband has been rejected lately and he has got a good credit history except for having lots of debts but he does pay them on time!???

summerstreetallotments

...probably , your O.H. has too many debts and the lenders reckon he cant afford it...best thing is to check your credit file...