Default advice

gizmo111

jazzyja said:

How are you proving to your parents where this deposit money is going? I mean they're giving you 50-60% of your house but can't let you have 5k out of it? (drop in the ocean in terms of 60% of a house) bit backwards if you ask me. Theyre old fashioned but happy to let you continue to pay rent for even longer/pay whacking interest rates because of this default. Doesnt make sense. You say it was a bad time in your life, maybe explain that to your parents. 

Well even if he pays the debt in full, it will still be a default for over £5k which would still attract higher interest rates from mortgage companies, even though it is satisfied, and will remain on his credit file for another 3 years, whatever he does.
I would just wait and see who contacts you in the next couple of years and offer a low full and final settlement. 

jazzyja

gizmo111 said:

jazzyja said:

How are you proving to your parents where this deposit money is going? I mean they're giving you 50-60% of your house but can't let you have 5k out of it? (drop in the ocean in terms of 60% of a house) bit backwards if you ask me. Theyre old fashioned but happy to let you continue to pay rent for even longer/pay whacking interest rates because of this default. Doesnt make sense. You say it was a bad time in your life, maybe explain that to your parents. 

Well even if he pays the debt in full, it will still be a default for over £5k which would still attract higher interest rates from mortgage companies, even though it is satisfied, and will remain on his credit file for another 3 years, whatever he does.
I would just wait and see who contacts you in the next couple of years and offer a low full and final settlement. 

But settled default looks better no? Plus why wouldn't you clear your debt with a wad a cash of that amount. Again, doesn't make sense.