Does this mean my default has been removed?

fj101

well the default was confirmed as removed only yesterday... we had been chasing them for months (and months). but you seem to be at the point already. we have no need to apply for credit right now, so we were sorting for when we do need to.
I hope that when you check your file later in the month it is improved, we are going to re do his "score" next month. good luck with the application... owning a home does seem like a bit of an uphill struggle!!

StrawberryJam132

fj101 wrote: »

good luck with the application... owning a home does seem like a bit of an uphill struggle!!

Never a truer word :wall:Determined though!

Thanks for the luck

pompeyred

Hi, I think you've already been given some sound information in that the late payments will be far less of an issue as time goes on. It certainly won't prevent a mortgage if you go through the independent financial advisor route as they will be able to mitigate this within their application on your behalf.

A default on the other hand would have been a very serious negative indiciator on your file so you can be a little more settled that it isn't one of those.

In my experience and understanding of these things time will be the healer, after 12 months and with a continued regular payment of all other commitments I dont think it will affect you that much at all.

StrawberryJam132

Thank you Pompeyred

Candyapple

Don't forget to check all 3 CRA's and see what they are reporting regarding this account.

I think you mentioned earlier about Experian, does your Orange account have a red 'D' next to it?

Also, to answer an earlier question you asked, yes being on the electoral roll is very important. When I had to add mine it took them 3 months to update my file as showing on there, even then only Equifax and Call Credit were showing it, I had to write to Experian who requested proof from my local council that I was on it so I ended up having up to get them to put it in writing to me and post it to Experian before they updated my file!

Good luck with the mortgage application!

MoneySaverLog

SBOWDEN wrote: »

Do late payments stay on your file for six years?

Yes a rolling six years as time moves on they become less significant though

CKhalvashi

Thrugelmir wrote: »

Some mortgage lenders can decline for as little as 2 late payment markers in the past 2 years. Lenders analyse credit data to profile you as a potential borrower, i.e. your attitude to personal financial management. A mortgage is a large sum of money that will be repaid over 25 years , possibly longer. So lenders are looking at the risk from every conceivable angle. Demand exceeds supply, therefore in a way you need to be better than other applicants.

Whilst this is true, for obvious reason, housing demand outstrips supply, therefore it's a low risk product, as identified in the rate.

A few late payment markers shouldn't cause any problems, but a default probably will. As a gesture of goodwill, it may be possible to get this removed (if it's for a low amount), but for 4 months payments and presumably 4 months bills, this may be a bigger issue.

This is just my take on it.

CK