Settled Default

Tashajm

Hi. New to this. Can anyone tell me how a settled default will affect my credit and future lending. I have a small (£22) settled default for unpaid mail order that has appeared on my file in April.

In particular I was looking to try to move my mortgage to a lower rate as per a post I saw from Martin yesterday. This made me look at my credit file which is how this default has then come to my attention.

Thanks

[Deleted User]

It would be better not to have a default.

Given you have, the older it gets, the better.

Candyapple

Tashajm wrote: »

Hi. New to this. Can anyone tell me how a settled default will affect my credit and future lending. I have a small (£22) settled default for unpaid mail order that has appeared on my file in April.

In particular I was looking to try to move my mortgage to a lower rate as per a post I saw from Martin yesterday. This made me look at my credit file which is how this default has then come to my attention.

Thanks

If the default is dated April 2017 then good luck because you're gonna need it!

You need to speak to a broker because you'll need one to help you find a lender that would take you on.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Tashajm

Thanks! The default is April17. Never had anything negative on my file hence my asking what it would affect and by the replies it's obviously something that lenders will now see me as a 'no go'. I shall stick with mortgage as it stands. Am also on maternity leave right now so that'll be another reason to not be able to get a new deal.