I'm 21 and have a default..

Nate._2

Okay so when I was 20 I took out a loan from Wonga, didn't pay back on the promise date, they called me the first few months and I kept saying yeah ill pay it dont worry, it got to about August the next year (2015) and I finally had enough to pay the loan back (£460), when I rang to resolve the amount, I asked why they hadn't called in so long, and the lady said that because it's been so long, it would have gone down as a default..

Now bare in mind I've never taken out a loan before, im only 21 now, I've never had a credit card, never used finance to pay for something, never borrowed and really never done anything to affect my credit. So my question is this:

How is this default going to affect me? For example, will it affect me getting a student loan for uni? Will I ever be able to buy or rent a place?

and what can I do to fix it?

Thanks for any advice or answers in advance guys!

dawyldthing

As you've got wings on your credit file it won't look good for upto 6 years for any loans/ mortgages/ credit cards in the future.

The default will probably stay on your credit file for a while. It shouldn't affect student loan but can impact quite a bit for a number of years. I think some rent places do credit file you I believe, but private landlords don't always

[Deleted User]

It'll be gone by the time you're 27.

19lottie82

dawyldthing wrote: »

I think some rent places do credit file you I believe, but private landlords don't always

All potential landlords and letting agents can do is check for bankruptcy / CCJs, not defaults (ie info that is publicly avaliable.

OP, it won't affect your ability to rent a property or get a student loan but I would offer about getting any form of credit for the next 6 years. "I'm only 21" is no excuse I'm afraid, you're not a child!

DCFC79

You can keep your finances in order, it might not help a great deal but better than defaulting on anything else.