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Defaults on Credit Score

24

Comments

  • stanny2k
    stanny2k Posts: 15 Forumite
    Ok cool.

    Thanks for your replies Gordon. Still not 100% sure what the best possibility for me is. I definitely don't have a spare £586 to pay it off in full, so I may just have to pay it off £49 a month for 12 months & just pay off larger sums when I have the spare cash.

    My credit file doesn't have any other faults with it, would this Default (after 12 months showing as Satisfied) hinder my chances of getting a mortgage?
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    Almost certainly.
  • stanny2k
    stanny2k Posts: 15 Forumite
    Gordon_Hose wrote: »
    Almost certainly.
    Great.

    This country is a joke really. Lending money to people who clearly can't afford to pay it back, I have £20,000 saved up for a mortgage deposit & a poxy £500 default on my account will stop me..

    Unbelievable.
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    I'm in the same boat mate. I have to wait until next year to get a mortgage.

    I've only been waiting 4 years.
  • stanny2k
    stanny2k Posts: 15 Forumite
    Gordon_Hose wrote: »
    I'm in the same boat mate. I have to wait until next year to get a mortgage.

    I've only been waiting 4 years.
    Crazy!

    Well thanks for all your advice mate & good luck with the mortgage.
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    Cheers. You too :)
  • taffy056
    taffy056 Posts: 4,895 Forumite
    stanny2k wrote: »
    Great.

    This country is a joke really. Lending money to people who clearly can't afford to pay it back, I have £20,000 saved up for a mortgage deposit & a poxy £500 default on my account will stop me..

    Unbelievable.

    It won't stop you getting a mortgage, it will just make a little more difficult and you probably will have to pay a higher interest rate, try a specialist mortgage broker for it. My friend who went bankrupt three years ago has just got a mortgage with a 25% deposit.
    Excel Parking, MET Parking, Combined Parking Solutions, VP Parking Solutions, ANPR PC Ltd, & Roxburghe Debt Collectors. What do they all have in common?
    They are all or have been suspended from accessing the DVLA database for gross misconduct!
    Do you really need to ask what kind of people run parking companies?
  • stanny2k
    stanny2k Posts: 15 Forumite
    taffy056 wrote: »
    It won't stop you getting a mortgage, it will just make a little more difficult and you probably will have to pay a higher interest rate, try a specialist mortgage broker for it. My friend who went bankrupt three years ago has just got a mortgage with a 25% deposit.
    Interesting.

    Thanks mate!
  • awayinchina
    awayinchina Posts: 295 Forumite
    Hold on you have £20K saved up and can't pay the £586. Now I would offer to pay the full amount on the condition that "default" is removed, date of default is removed and paid and closed it put on the account.
    you do have room to play here. As you have said you have £20k saved. is that paying extra means you get a lower interest rate you will save in the long run.
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    Depends whether he can get to the £20k easily and without penalty.
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