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Setlling Defaults
tiga87
Posts: 3 Newbie
Hi All
I have two defaults dated 03/07/2012 & 16/01/2013 (182 &584). I have been offered a partial settlement on the £584 for £150. Should I take this or try and pay it all for full & final as I hope to take out mortgageinthe next year with my partner. I would appreciate any advise.
Regards
I have two defaults dated 03/07/2012 & 16/01/2013 (182 &584). I have been offered a partial settlement on the £584 for £150. Should I take this or try and pay it all for full & final as I hope to take out mortgageinthe next year with my partner. I would appreciate any advise.
Regards
0
Comments
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There's little difference between paying it all or in part, as long as it shows as settled.
I would take the offer.0 -
Personally i would wait until the defaults have dropped off your file before applying for a mortgage.
Even though they will be a long way back in time, it could lead to a refusal.
it makes no real difference if a debts fully or partially settled, as long as the defaults are still showing, the damage is already done.
February 2019 your file will be clear of them for good.
Agreed, take the offer, make sure its backed up in writing.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 -
I'm going to disagree with Sourcrates.
I recently got a mortgage with a major high street lender. I had 6 defaults on my credit file at the time.
Find a good broker who specialises in adverse credit and they will be able to help you.
I do agree with zx81, take any offer they have to satisfy the debt.2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 20170 -
cjmillsnun wrote: »I'm going to disagree with Sourcrates.
I recently got a mortgage with a major high street lender. I had 6 defaults on my credit file at the time.
Find a good broker who specialises in adverse credit and they will be able to help you.
Did you achieve a good interest rate though ?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 -
sourcrates wrote: »Did you achieve a good interest rate though ?
Yes.. I got the same as anybody else would've for 85% LTV with my lender. 1.66% fixed for 2 years.
I'm now down to 4 defaults (2 having dropped off within the past month). The last of mine drops off in May 2019.
So to the OP, satisfy your defaults, either a full or partial settlement and then wait for this to appear on your credit file.
Make sure you have a deposit together (you'll need at least 10% of the purchase price) and go find a broker who specialises in adverse credit histories.2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 20170
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