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Defaults
kellysaxo
Posts: 70 Forumite
What exactly is a default?
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Comments
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A default on your credit file is an indicator that you fell significantly behind with repayments such that the creditor believe that the agreement has permanently broken down.
Typically a default would be registered after you were more than 3months in arrears and not later than when you were 6months in arrears. However this can vary depending on the actual circumstances of the account payments and on the creditor involved.
A default is therefore an indicator to other potential lenders that you have not kept up with agreed repayments on previous debts.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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