Default and Missed payments

Dolly123

Are defaults and missed payments the same when trying to apply for a mortgage ?

I had a default back in 2011 and 2 separate missed payments in july (went on my honeymoon and completely forget to make the payments like the idiot i am!)

Are they likely to scupper my chances?

ACG

They are both negative markers. Usually a default is worse than a late payment however if your late payments were on your mortgage and the default is on a mobile phone then the late payments will be a lot worse.

CLAPTON

Dolly123 wrote: »

Are defaults and missed payments the same when trying to apply for a mortgage ?

I had a default back in 2011 and 2 separate missed payments in july (went on my honeymoon and completely forget to make the payments like the idiot i am!)

Are they likely to scupper my chances?

what do your credit records actually show?
was the mortgage company party to either default or missed payments?

Dolly123

Oh no neither were late payments or defaults on a mortgage we've not even applied for our first mortgage yet, the default back in 2011 was for Next directory and it was quickly paid off and satisfied and were late payments on 2 catalogues as we were on our honeymoon and i simply forgot but was back up to date 2 weeks later

amnblog

Not paid your credit card in July? That's a missed payment. Not paid it again in August, that's two missed payments. Lender closed account and and is chasing you for settlement, that's a default.

A default is indicated as such on the credit file and worse that a missed payment for further lending.

Most difficult thing to manage is missed payments on secured lending (mortgages or secured loans).

Dolly123

thanks amnblog, so your saying in the grand scheme of things so 2 missed payment for £19 and £60 in july aren't horrifically bad?

amnblog

I suspect you won't get arrested. You'll probably even get a mortgage on a competitive rate.

Dolly123

LOL thanks