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Will default go from ongoing secured loan
Scotty1230_11
Posts: 10 Forumite
Hi,
I have a long term secured loan (was 25 years, 12 left to go) with First Plus that I missed 2 payments on 5 1/2 years ago (due to redundancy) and got registered as a default. I have made every other payment on time since then and it is up to date. The default expires in May this year, but what will happen to the status of the account - will the default still show, and affect my credit rating even though it's an expired default?
Thanks
I have a long term secured loan (was 25 years, 12 left to go) with First Plus that I missed 2 payments on 5 1/2 years ago (due to redundancy) and got registered as a default. I have made every other payment on time since then and it is up to date. The default expires in May this year, but what will happen to the status of the account - will the default still show, and affect my credit rating even though it's an expired default?
Thanks
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Comments
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The account will be removed from your report. Nothing about it will show any more.Still rolling rolling rolling......
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Really? Even though it is still a live account with 12 years to run and regular payments being made?rizla_king wrote: »The account will be removed from your report. Nothing about it will show any more.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
The account won't be removed from the credit report but the default will no longer show.0
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But the charge on your property will still stand --- so carry on making the repayments.0
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Thanks to all, much appreciated!0
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rizla_king wrote: »Yes really.
I never knew that. I thought the account would show on the credit file for the remainder of the term. Just like a mortgage or a credit card (that you're still using) shows for more than 6 years.0 -
That makes a credit report a lot less usefull if such a major financial commitment doesn't appear after the first few years.rizla_king wrote: »Yes really.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
The account doesn't disappear from the credit report - but it only shows information from the last 6 years, so the default will no longer show.That makes a credit report a lot less usefull if such a major financial commitment doesn't appear after the first few years."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
The account will disappear 6 years after the default. Sorry if that offends anyone's sensibilities. Just the way it works.Still rolling rolling rolling...... <
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