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Santander loan
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B4004056
Posts: 3 Newbie
I have around £3000 owing on a Santander loan. I have not made a payment since 2012. The loan is showing on my credit report as still being with Santander. I have never actually been asked to make any repayments or 'chased' for the outstanding balance. As I am wanting to improve my credit rating I was thinking of contacting Santander and offering a settlement. Does anyone know how much I should offer????
Thanks
Thanks
0
Comments
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I have around £3000 owing on a Santander loan. I have not made a payment since 2012. The loan is showing on my credit report as still being with Santander. I have never actually been asked to make any repayments or 'chased' for the outstanding balance. As I am wanting to improve my credit rating I was thinking of contacting Santander and offering a settlement. Does anyone know how much I should offer????
Thanks
Hi,
Welcome to MSE.
Can I ask, why are you wanting to improve your "credit rating" ?
It's going to be screwed till 2018 anyway, no matter what you do, as the default won't fall off till then, so trying to Improve it will be pointless till after that date.
If your not been chased, wait until you are.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks.
I am wanting to get a mortgage. I thought if the account was shown as 'closed' it would look better.0 -
Thanks.
I am wanting to get a mortgage. I thought if the account was shown as 'closed' it would look better.
No, not as long as the default is still there unfortunatly, it's the default that will limit your options when looking for a mortgage !!
It will remain on your file for 6 years regardless of weather you pay it or not !!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
It is still showing as a default every month - so am guessing it will continue to show until 6 years after they stop defaulting????
Does limit my options in terms of a mortgage mean it won't be impossible for me to get one??
Thanks.0 -
Hi B4,
Personally I'd pay what is owed. The default will go against you whilst trying to get a mortgage, same as missing payments on a credit card go against you getting more credit.
The searches that will take place whilst obtaining a mortgage will show the default but if it is still outstanding that may go against you so I think you'd be best to pay it.
Good luck
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