Loan In default and credit rating

kit08

This is how the account shows on clear score, it’s says in default on the account. The only credit I wish to have in the future is a mortgage again, so I can sell my current home and take out a new mortgage. Will this ever be possible when I am not able to pay off the loan ? 

DCFC79

Carrot007 said:

DCFC79 said:

It will drop off 6 years from the last payment you made so yes it will drop off in just under 5 years.

During that time you may well get letters, phone calls asking about the debt etc.

No, it will drop off 6 years after it defaulted so 2022, but could reapear if they take out  CCJ. The 6 years you mention is when it becomes statute barred and cannot be collected (they can still ask though (once, per time it is sold on)).

Yes my bad Carrot.

Not quite sure where I went wrong there.

MovingForwards

With the right broker, a mortgage may be possible depending on the rest of your circumstances.

Many of us have had financial blips and now have a mortgage.

Have they said what they intend to do about this loan, as if they accepted it was financial abuse it could have been written off by now.