default

jesmin45

I took out a loan for an ex partner in 1999 when we split up 2 years after, I defaulted on the loan. The loan was for £7,000. For the past 4 years I have been paying £20 per month. I now owe £6700. I really need to get this paid as it is effecting my credit rating. I am upto date with everything else and have been for a long time. This is the only default I have had and never had any CCJ's.
I took a mtg out joint with my new partner in 2006 no problems as he has excellent credit score. I took out a buy to let mtg in 2006 with a company who accepted 1 default and then remortgaged the BTL with Platform in 2009 when the deal ran out. I now want to remortgage again. BM Solutions accepted me straight away, but then 3 days later after doing a further check they have refused me due to the default. Are there any other companies who would accept BTL with 1 default. The house is worth £165k and the mtg is £88k. I also need to rid the default. I thought of writing to the loan company which is now called Arrow (these have bought the debt). I did write to them sometime ago asking for the original credit agreement but they never sent it me. What would be an acceptable amount to offer them. Thanks

chalkie99

I now owe £6700

I took out a buy to let mtg

The house is worth £165k and the mtg is £88k

What would be an acceptable amount to offer them

The answer is ......£6,700

McKneff

A default is on your record for 6 years, no messing.

jesmin45

My purpose of the question was to ask if anyone thought the debt co. would accept a lower settlement figure. Once I can get a remortgage I will borrow the extra and pay off the debt.

Frogfeet

No harm is asking for a settlement figure- had a wonderful experience last week when I rang a loan company to ask for settlement figure and they wrote off the last couple of hundred. Unusual I know- but clearly not impossible!

CH27

The default will still show for 6 years.

jesmin45

Thanks folks. I just want to get this sorted. I did write to the company about three yrs ago (as informed from this site) to ask for the credit agreement. I also enclosed a £10 postal order to access my SAR?? They returned the postal order as said this was something they dodnt do, but they froze the interest. Since then I have paid £20 each month by DD.

masterlumps

if you defaulted in 2001 this loan would be off your file by now

jesmin45

It's showing the default in 2007. But shows last payment is uptodate but I only pay £20 per month.