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"minor" default question
Hi everyone,
i'm thinking of refinancing an existing loan with the halifax...
I've just checked my credit report and found out there is a default for £51 from BT, something I wasn't even aware of!
I have been keeping my current loan up to date for over a year... and other than that no issues with my file. Does anyone know if the amount of the default is taken into account in a lending decision?
i.e. will the fact this is for a relatively small amount work in my favour? or is my loan application more likely doomed because of this
Many thanks!
Alex
i'm thinking of refinancing an existing loan with the halifax...
I've just checked my credit report and found out there is a default for £51 from BT, something I wasn't even aware of!
I have been keeping my current loan up to date for over a year... and other than that no issues with my file. Does anyone know if the amount of the default is taken into account in a lending decision?
i.e. will the fact this is for a relatively small amount work in my favour? or is my loan application more likely doomed because of this
Many thanks!
Alex
0
Comments
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When was the default? Have you now paid the money to BT?"Save £12k in 2019" #120 - £100,699.57/£100,0000
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Default was in February 2012 - no I havn't paid it off yet as I've only just found out about it - though I would pay it off if I though it would help?
I was under the impression the default notice would stay there regardless of whether I paid it now? Or will there be a way of updating it to show it as paid?
Thanks,
Alex0 -
It would but it would show as settled.
RE: would it help or not. If it went to a manual check it might as I'd assume the automatic ones would throw it out. You say an existing loan, is Halifax your bank? That might make a difference.0 -
thanks for the advice - yes, I will be applying for an additional loan with halifax, who I already have a loan with - so hopefully they will see sense and not reject the application over this small amount!0
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reject my guess as newDon'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.0
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Is the default correct, do you actually owe the money.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
A default is a default.
If you read around, you will see an alarming number of defaults are from mobile phone companies and most for relatively small amounts.
Even if you do get an acceptance, you should prepare for an Apr which reflects the default.0 -
Why do you need another loan ?
Do you have other debt?
That could be relevant.0 -
Defaults are like a turd in a box, nasty and not really desirable."We want the finest wines available to humanity, we want them here, and we want them now!"0
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Even settled/satisfied Defaults will have a huge negative effect on the decisions lenders make.
I'd say you wouldn't get another loan with that on your file as it's very recent.0
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