Loan Default Question

prufrock

Hi there,

I switched current accounts two years ago and during that process I missed a payment on my loan, entirely my fault as I didn't switch the direct debits quickly enough. Although I paid the missed money back in an agreed overpayment I was told that I had a default on my credit score. I am now coming to the end of paying the loan. My question is does the 6 years that the default remains on file start from when i defaulted. and will it now show as resolved? Or does it stay until 6 years after the whole loan has been paid off and does it appear as not resolved as I still have a few more of the monthly regular payments to make.

Many thanks for your thoughts!!

Tixy

Are you sure it was entered as a default rather than just a missed payment? You wouldn't usually get a default for 1 missed payment.

Anyway if it is a default then it stays on for 6years from the date of the default.

prufrock

Thanks Tixy, your question prompted me to get the equifax 30 day trial. the language they use is "1 late payment" as opposed to default. so i am glad i have not defaulted. however i did notice another "1 late payment" on a credit card from march 2005. i settled the credit card in december 2008 so i presume it stays on file until 6 years after dec 2008? if it was 6 years since the late payment then it surely should have gone by now?!?! can anyone let me know?

also i noticed another credit card which i settled in 2003 still active on one of my linked addresses so i am *really* glad i checked now as i can investigate that. so if anyone reads this and hasn't checked their own credit history for a while I would urge you to do so!!

finally can anyone advise on whether the "1 late payment" will really badly affect my chances of getting a mortgage in the next 6 years or will it have little impact? it was sufficient enough to turn my summary screen to yellow for the "credit agreements" icon