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Loan with one old settled default?

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welshone27
welshone27 Posts: 180 Forumite
in Loans
Hi I spend a lot of time reading these forums and a friend of mine has asked me to ask a question for him if you wouldn't mind.

He earns 32,500 a year. He lives in a rented property which he pays 400 a month. He has 1 default on his credit reports which was settled in 2007, it drops off july 2013.

Ofcourse a default is a default. Do you think he'll have any chance being accepted for a loan from a bank/tescos etc? Besides the one default his credit record is up to date with no other late payment charges. He'd like to borrow around 5000. he hasn't applied for any yet as he doesn't want unnececary serches on his record unless he knows if he has a chance.

Thanks in advance.
Faced up to my debt Jan 2012.

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What does his bank say - the one where his wages goes into?
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    jonesMUFCforever wrote: »
    What does his bank say - the one where his wages goes into?

    Well if his bank said yes then the OP wouldn't be on here would they.
  • welshone27
    welshone27 Posts: 180 Forumite
    He hasn't approched them yet, he hasn't approched anyone as he doesn't know if it's even worth a try as he has that one default.
    Faced up to my debt Jan 2012.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    welshone27 wrote: »
    He hasn't approched them yet, he hasn't approched anyone as he doesn't know if it's even worth a try as he has that one default.

    Get him to ask his bank, generally the rule of thumb is if his own bank wont entertain the idea then no other would.
  • welshone27
    welshone27 Posts: 180 Forumite
    Ok great thanks for your advice. I shall pass this on :-)
    Faced up to my debt Jan 2012.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    BugsyBrowne wrote: »
    Well if his bank said yes then the OP wouldn't be on here would they.
    No apology needed - lets move on :beer:
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    creation maydo if settled
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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