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Late payment v's default
cmayfield83
Posts: 18 Forumite
hello, is there a difference between a late payment and a default? the criteria on my mortgage application is "no defaults in the last 3 months". i have just had a late payment mark put on my credit file for a payment that was 5 days late. Are these classed as a default?
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Comments
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I would love to know the answer to this26/05/2018 = I DID IT! I am DEBT FREE!
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j0 -
Is anyone able to help on this?26/05/2018 = I DID IT! I am DEBT FREE!
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j0 -
No,
Defaults (in the world of Credit Reports) are accounts which usually 6 months in arrears and have resulted in the creditor issuing a Default Notice.
A late payment is just that, a single late payment in isolation usually has little or no impact on a credit decision.0
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