~Defaults

B0B

Got 3 defaults on my account, and they all come off between now and August.


Once they 6 years are up I am correct in thinking they just vanish ?


2 are paid up and one is in the process of getting paid off.


Also got a Credit card on a AP


When will I be able to start applying for a mortgage etc ?

Tixy

Yes the whole of that credit account entry will disappear from your file 6years after the default date on file.

In terms of a mortgage - after the defaults have dropped off the AP marker is still likely to limit your options (in terms of who will lend/at what LTV/what APR).
But any lending decision is taken on the whole of your financial situation and credit file, so will depend on how everything else stacks up as to whether you are likely to be successful.

B0B

Thanks.


If I come off the DMP, how long will the AP or DM effect you, if it goes back to normal payments but on your credit file ?


My DMP only has about 18 months left to run, but I could possibly pay it off quicker with help from parents.

Quimoi

AP markers will be visible for six years the same as any other credit data.

When did they start though? If it was the same time as the other defaults (i.e. nearly six years ago) then I'd suggest asking the company to mark the account as defaulted back then rather than AP so that the default drops off with the other three this year.

They should agree to this as you shouldn't be placed in a worse position by paying back the debt than if you had decided not to and defaulted. Plenty of examples where banks have changed an AP to default for this reason.