Default in 2012 stopping me from getting a loan?

scottw86

Evening All,

First post here so be nice

Ok so I'm looking to pursue a career in flying, something I have wanted to do ever since I can remember.

Anyway I am now 29 and have saved £15000, unfortunately I was in part time work for some of my 20's

Unfortunately a have a default on my credit file for 2012 and of course online loan applications will reject me due to the default.

I need a £20000 loan. I have no debts and own my own car.

I was just wondering if going for a meeting with a bank manager will increase my chances?

I am just very frustrated as I have no debts, an income of £22k + a year and will probably get held back because of a historic default.

Look forward to hearing your advice

Scott

I

[Deleted User]

I don't think it's the default as much as the amount. You're asking for nearly a year's gross salary. I can't see anyone lending to you under those circumstances, unless as a secured loan.

I'd suggest saving, waiting for the default to drop off and then seeing what position you're in.

scottw86

yeah ive been reading about max 50% your salary.


How long does a default take to come off a persons file?


thanks


Scott

SamGR

scottw86 wrote: »

yeah ive been reading about max 50% your salary.


How long does a default take to come off a persons file?


thanks


Scott

A default will fall off after 6 years from the date is was issued.

Thrugelmir

When was the default settled?

How much was it for?

scottw86

it was for £200 and settled in 2012

scott

scottw86

Sorry a default in 2010 for £200 and a default in 2012 for £1600. All settle in 2012

For some reason they both say current status is default and not satisfied. Does this matters?

Scott

Westminster

On a slight side point -

You will need a significant amount more than 35k saved do get your CPL/IR - and if you plan on studying full time, then you won't have any income for well over a year.

Plus you then need to budget a good 20-25k at least for a type rating.

Candyapple

scottw86 wrote: »

Sorry a default in 2010 for £200 and a default in 2012 for £1600. All settle in 2012

For some reason they both say current status is default and not satisfied. Does this matters?

Scott

The 2010 default will come off in 2016 and the 2012 default will come off in 2018.

If your salary is £22k and you want a loan for £20k, you have no chance. Either find a better paying job or take on a second/third job to increase your income, or just continue saving as much as you can in the next 3 years and see how things are then.

Thrugelmir

scottw86 wrote: »

Sorry a default in 2010 for £200 and a default in 2012 for £1600. All settle in 2012

For some reason they both say current status is default and not satisfied. Does this matters?

Scott

Settled in full or partial?