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Defaults from Hell
bunnybunny_2
Posts: 12 Forumite
Hi,
Anybody help me to un tie myself from defaults?
I have paid all debts off but still have 5 defaults and no CCJ's but I still cant get any credit. What is the acceptable numbers of defaults before I can start over again?
Anybody help me to un tie myself from defaults?
I have paid all debts off but still have 5 defaults and no CCJ's but I still cant get any credit. What is the acceptable numbers of defaults before I can start over again?
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Comments
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bunnybunny,
different lenders have different criteria, they do not say what they do. Lender (a) may say, 1 CCJ satisfied, and no defaults within the last year. Lender (b) may say, 0 CCJ's satisfied or not and 0 defaults within the last 4 years. Generally, the stricter the criteria, the better rate you get. This is hard for the people already in trouble.Well life is harsh, hug me don't reject me.0 -
Usually there are no acceptable number of defaults. Once a potential Lender sees even 1 default then it's likely that you'll be refused credit or at the very least offered loans with high interest rates and/or charges. These defaults will stay on your file for 6 years from the date of default even if you have paid off the defaulted account.Donedoingdebt Lightbulb moment January 2000. Debt at highest approx £102,000. Debt now (October 2009 - absolutely fork all!!!):beer:
CSA case closed on 02/09/10 :beer::beer:0 -
Hi,
Thanksfor your quick reply its worse than I think. I knew it was 6 years but have been hoping it will help they did not go over to CCj's and that they are settled. I only want another mortgage, so I guess the year 2010 will good for me .(great!!)
Bunny0 -
You can still get a Mortage with default notices, and CCJ's.
Obviously the rate you pay will be higher as the lend views you as higher risk.
I read post recently that linked to a company that would connect you with potential mortgage providers who tailor specifically for people with adverse credit histories.
Someone may know this and post it shortly.0 -
it may seem odd but it is easier to get a mortgage than an ordinary loan if you have a poor credit record. the reason being that a mortgage is a secured loan against the property.
so the important thing is to build up the biggest deposit you can before applying...you will probably have to pay a higher rate of interest and os via a specialist broker; however after a couple of year with a mortgage you may well find you can get a mortgage from ahigh street bank.
see
http://www.whoslending.co.uk/0 -
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