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Clearing all debt and defaults on report
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Pinkmexicanskull
Posts: 1 Newbie
I have been on a DMP since May 2016. Before I started the DMP I was fully up to date with all payments, so didn’t get defaults on accounts until quite late into the DMP.
I’m now in a very lucky position to be able to clear all my debt and have called all creditors to get full and final settlement figures (not partial ones, I want to clear the entire outstanding balance). My question is- I know defaults will stay on my account for 6 years, but does anyone know that if all debt shows as fully satisfied, do the defaults hold as much weight as they would if balance was outstanding? I’m thinking of a mortgage in 6-12 months time and wonder if I’ll be able to apply for one with defaults 9 on my file even though they will all be settled in full.
I’m now in a very lucky position to be able to clear all my debt and have called all creditors to get full and final settlement figures (not partial ones, I want to clear the entire outstanding balance). My question is- I know defaults will stay on my account for 6 years, but does anyone know that if all debt shows as fully satisfied, do the defaults hold as much weight as they would if balance was outstanding? I’m thinking of a mortgage in 6-12 months time and wonder if I’ll be able to apply for one with defaults 9 on my file even though they will all be settled in full.
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Comments
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Settled defaults are better than unsettled.
Make sure you use a decent broker for the mortgage.0
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