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If a default is settled within 4 weeks....
SASHAS27
Posts: 11 Forumite
Does anyone know if a default is settled within 4 weeks should this still show up on a credit report?
I had a default which was settled within two weeks, it is showing on my credit report but today I was advised by a mortgage broker as long as the default was settled within 4 weeks it shouldn't really show on the credit report.... Any clarification on this matter would be greatly appreciated.
I had a default which was settled within two weeks, it is showing on my credit report but today I was advised by a mortgage broker as long as the default was settled within 4 weeks it shouldn't really show on the credit report.... Any clarification on this matter would be greatly appreciated.
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Comments
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Actually not a bad question, my immediate reaction is that this is rubbish. CCJ, yes - default is default on date defaulted.
Think it stays on report....I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
AFAIK it's only court judgments which are not registered if paid within 28 days.
A default represents three or more months' missed payments and reflects the conduct of an account, rather than a matter which may have come down to a dispute and a point of principle.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »AFAIK it's only court judgments which are not registered if paid within 28 days.
A default represents three or more months' missed payments and reflects the conduct of an account, rather than a matter which may have come down to a dispute and a point of principle.
Thank you.... That's what I thought but needed it to be confirmed.0 -
If you get an application in before the credit file is updated you might get lucky. When i used to work for a bank they were updated at the end of the month.
Otherwise there are still lenders that will look at defaults subject certain info but your broker will be able to help with those.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Otherwise there are still lenders that will look at defaults subject certain info but your broker will be able to help with those.
Thanks... Broker also said the same thing. Went to HSBC first without doing the proper research and got declined!
Broker had been very good and reassuring.0 -
But ultimately told you incorrect information about the default...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Reassurance can be a bad thing. Sounds nice at the time but the truth is the best way forward in all circumstances.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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