credit file help

n.t

i have a loan that went into defalt in nov 2008 i been paying 70 a month to them am after moving soon so need good credit score as it will have been six year in nov will thid drop of my credit file thanks

Tixy

It will drop off your credit file 6years after the default date recorded on your credit file. That could be a few months from when you first missed payments.

When you say you are moving - is this renting and for a rental credit check? if so when a lettings agent performs a credit check they do not see defaults/payment history for consumer credit like loans.

If its for a mortgage then obviously they do see the whole file.

n.t

it for a mortgage the default date shows as 27/10/2008 also i was thinking of paying the debt of with the part payment offer should i do this before it fall off or after also i already have a morgage at moment and credit cards all payed on time and never missed a payment on them but my score in very poor will i still get a new mortgage

Hazzinho

It'll drop off regardless, settling may help if you need a mortgage before then.

n.t

Thanks for replying so if I wait till it fall of my rating Wil go up ? Also if it go off my file Is there any point me paying. It off part payment when I could just keep Payton the 70 it will all be payed off in about 18 months.

Tixy

Whilst it will drop off your file anyway if you want to apply for a mortgage then it will still be worth repaying the debt in full if you can before you apply for the mortgage.

That is because if the debt is still outstanding you will need to declare it on the mortgage application and the monthly commitment will be taken in to account by the mortgage lender when assessing your affordability for a loan.

n.t

so as it will be falling off i would be ok to part and final payment with them as it wont show as part settlment on file as it will of fallen off and wont have to put the payment on mortgage is that correct ? thanks for the help

Tixy

Yes that is correct.

n.t

thanks for the help