Lending Criteria Help Needed

Rossj_82

Hi guys any help appreceiated here.

I currently have an active default with a company called Aktiv Capital. It was a debt from HSBC that they bought I believe.

I have never missed a payment to them etc as my credit file shows 36 months of clear payments at least the default being registered Dec 2006. What I want to know is will this still leave me outside of the following lending criteria:

(i) arrears on any mortgage, secured or unsecured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;
(ii) one or more county court judgements (CCJs), with a total value greater than £500, within the last three years;
(iii) an ongoing Individual Voluntary Arrangement (IVA) or bankruptcy order at any time within the last three years

Im confused by the arrears part as although the particular debt with Acktiv has never been arrears Im thinking the default is still classed as though I am in arrears.

Any help is welcome. I have tried to call the lender involved BUT they are not open past 5.30 pm

_Andy_

Hard to say when you haven't said what the debt actually is/was (i.e. loan etc)

Rossj_82

Sorry silly me. It will have been a credit card, it simply shows on my file as Bank.

holly_hobby

It should show on your file as a store/credit card if it is a credit card, if it shows as bank that would be an incorrect registration - if it isn't a overdraft facility we are talking about.

Your account will remain in default, and noted as in arrears, if your payments are less thatn the agreed contratual amount - as you will always be in catch up.

Defaults are not treated as seriously as a CCJ (court order of payment), IVA or a bankruptcy order - but it does show that you have experienced problems in the satisfactory maintenance of your debts.

A lender will look to see how much the default is, whom defaulted you (i.e HMRC defaults are a complete strike out), why you defaulted against the agreement in the first place, how your circs have changed since the cause of default and the amount of deposit (their exposure) in the mortgage you are applying for.

Hope this helps

Holly