Advice please

4nnabella

I may be wrong, but it is my understanding (as I was recently told by our mortgage broker) that a default falls off your credit history six years after the debt is settled. For example, I had a large amount of debt which was paid off in July 2011 (three years ago today in fact, yay me!), however, one creditor had a default registered on my account in March 2010. I was under the impression originally that it would be six years from the default date that it would disappear, however Mr Mortage Man said it was actually six years from the date the debt was settled, so it will be be July 2017.

I have just been accepted as a co-applicant on a mortgage for mine and husband's new house, so it didn't appear to be an obstacle for us, but then my debt is paid and, bar the default that is still there, my credit history is improving.