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Default or Arrangement to Pay
laingn
Posts: 61 Forumite
Hi,
I have been managing fine going along paying my debts etc however I've just been told my 2nd job which is a casual worker will be going within the next 4 to 8 weeks due to the business restructuring. I am looking for something else but what I want to know is if it is better to default or make an arrangement short term until I can find something else?
I've no defaults or missed payments on any of my accounts
Thanks in advance
I have been managing fine going along paying my debts etc however I've just been told my 2nd job which is a casual worker will be going within the next 4 to 8 weeks due to the business restructuring. I am looking for something else but what I want to know is if it is better to default or make an arrangement short term until I can find something else?
I've no defaults or missed payments on any of my accounts
Thanks in advance
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Comments
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Default is much better!
AP marker stays on your file for 6 years after the debt is paid off.
Fingers crossed you find another position soon.Mortgage started 2020, aiming to clear 31/12/2029.0 -
A default will also stay on the credit history though, surely? Perhaps I'm missing something.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00 at 31/12/25 = £ 91,100.00
Balance as at 31/08/26 = £ 84,500.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Hi EssexHebridean,
A default is automatically removed from your file six years from the date of default.
An AP is automatically removed from your file six years after the account is closed or settled.
Both an AP and a default signify that the borrower has broken the terms of the original agreement.
An AP can result in toxic data being on your file for years longer than a default.
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Thanks WillingToLearn - yes, had a feeling I was missing something obvious! The wording threw me as it appeared to be suggesting that the default would come off sooner!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00 at 31/12/25 = £ 91,100.00
Balance as at 31/08/26 = £ 84,500.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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