Defaults

Pay_me

Hi,

Do defaults remain on a credit file for 6 years from date of the default or 6 years from date that the account is settled?

Say for example if the account went to default 4 years ago but the debt is still outstanding.

(Before anyone jumps the gun this is not my debt I am trying to help someone out and only just found out about the defaults. The consequence of which may affect our immediate plans together).

sourcrates

Pay_me wrote: »

Hi,

Do defaults remain on a credit file for 6 years from date of the default ?

Yes, is the short answer.

Six years from date of default, it will be gone, regardless of if it's paid or not.

Pay_me

sourcrates wrote: »

Yes, is the short answer.

Six years from date of default, it will be gone, regardless of if it's paid or not.

Thanks, we will now have to work out how much damage the outstanding debt will do to our chances of secure a mortgage. Or even how much damage it will do to my file to have a financial association.

anna_1977

Personally I would not have any financial association with someone with defaults until they are off the credit file.
In my relationship I am the one with defaults, he is squeaky clean. We won't have any financial association until they are off my credit file - we have just moved in together (literally) and have kept all finances separate so I don't screw up his credit

MrsTinks

And as always in mortgages you will have the additional "affordability" thing they consider too - so if there is a large debt outstanding then this will probably impact more as there will need to be a commitment monthly for repayment which will reduce your money available to repay mortgage...
Your best bet is to go see an independent mortgage adviser and go through all your questions and scenarios.