Defaults on credit report

AngryDog

Hi all,

I have defaulted on all of my debts . This happened several years ago. I have a few questions.

1) when will they drop off my credit report? 6 years after being issued or 6 years after being paid off?

2) will the fact that several of the ones I have paid off are partially satisfied be seen as bad?

3) if the defaults are several years old, and are down as settled or partially satisfied, I am assuming that if I applied for a mortgage within 12 months I am likely to get refused?

4) how can I find out when my accounts defaulted?

Thanks

happy_bunny_2

1. 6 years from default date.

2. Better than not satisfied at all. Won't make a lot of difference.

3. Older the better. How many are there?

4. The account entry on your credit file has a default date. Best check its accurate.

Tixy

1) 6years after the date issued (based on the date on your credit file).

2) unlikely to make your file any worse than the defaults are already doing.

3) it can be possible to get a mortgage with defaults still visible on your file. But it all depends on the rest of your financial circumstances, ltv required, size and age of defaults, and it is likely to only be a subprime mortgage and so more expensive.

4) your credit file will show the recorded date of default. If you mean that you think that these may be incorrect or that you may have defaulted earlier you'd need to check your own records of payments/letters etc.

AngryDog

Thanks for your replies. LTV is going to be around 10% I guess. Was going to look at the government htb scheme and go 95% but I doubt me and my partner would get accepted because of my bad debts (she is squeaky clean).

Defaults are at least 3 years old. Two are under £400 each, one a under £1300 and the others are in my Sig which will be around £10k for two and £14k for one at the time of default. One will also have been at under £4k and the other at under £2k. These have been paid for at least 18months

happy_bunny_2

You could try posting on the mortgage board.

You might be better waiting until some/all drop off your file.

AngryDog

Thanks. Looks like all of them will drop off towards the end of 2016 if I settle them all before then...

Tixy

AngryDog wrote: »

Thanks. Looks like all of them will drop off towards the end of 2016 if I settle them all before then...

They will drop off regardless of whether settled or not.

Although obviously if they were not settled then you'd need to declare them on the mortgage application even if they were no longer visible on your credit file.

AngryDog

Thanks Tixy. The plan is to settle them. I am assuming it is better to settle them as soon as possible? or does that not matter, unless I apply for a mortgage / credit before they drop off?

AngryDog

AngryDog wrote: »

Thanks Tixy. The plan is to settle them. I am assuming it is better to settle them as soon as possible? or does that not matter, unless I apply for a mortgage / credit before they drop off?

Anyone have any advice? Thanks.

Tixy

If you are not going to apply for credit until they are paid and have dropped off your file then I don't think it matters how long you take to pay them off (subject of course to the small risk of any commencing court action)

AngryDog

Tixy wrote: »

If you are not going to apply for credit until they are paid and have dropped off your file then I don't think it matters how long you take to pay them off (subject of course to the small risk of any commencing court action)

Ok thanks, I get it now. If I want to apply for credit next summer for instance, paying them off asap would be the preference, as even though they'd still show on my file, they'd show as satisfied and I'd be starting to rebuild my credit file.

Thanks.