Help Needed please

Rem0rtg4ge

Help Needed please

[Deleted User]

Either let it default or, even better, ask if they will backdate a default.

Rem0rtg4ge

Deleted_User said:

Either let it default or, even better, ask if they will backdate a default.

Hmmm seems crazy in terms of the logic behind it. They have told me they won’t backdate the default unfortunately. 

[Deleted User]

Rem0rtg4ge said:

Deleted_User said:

Either let it default or, even better, ask if they will backdate a default.

Hmmm seems crazy in terms of the logic behind it. 

Not really. An arrangement is just a polite way of saying you've defaulted. So you should take the benefits of the default and have it fall off your files sooner.

Rem0rtg4ge

Deleted_User said:

Rem0rtg4ge said:

Deleted_User said:

Either let it default or, even better, ask if they will backdate a default.

Hmmm seems crazy in terms of the logic behind it. 

Not really. An arrangement is just a polite way of saying you've defaulted. So you should take the benefits of the default and have it fall off your files sooner.

Got it thanks. Ah wish I’d know that 18 months ago as now have to wait another 18 months after the other ones disappear before this one defaults and drops off. 😖 

SusieT

Rem0rtg4ge said:

Deleted_User said:

Rem0rtg4ge said:

Deleted_User said:

Either let it default or, even better, ask if they will backdate a default.

Hmmm seems crazy in terms of the logic behind it. 

Not really. An arrangement is just a polite way of saying you've defaulted. So you should take the benefits of the default and have it fall off your files sooner.

Got it thanks. Ah wish I’d know that 18 months ago as now have to wait another 18 months after the other ones disappear before this one defaults and drops off. 😖 

In 5 years when the others drop off, you should find that having 1 default that is old (and by then hopfully showing as satisfied) should not be a huge problem with regards to getting a mortgage, especially if you can save a decent deposit so that the loan to value is lower

Rem0rtg4ge

SusieT said:

Rem0rtg4ge said:

Deleted_User said:

Rem0rtg4ge said:

Deleted_User said:

Either let it default or, even better, ask if they will backdate a default.

Hmmm seems crazy in terms of the logic behind it. 

Not really. An arrangement is just a polite way of saying you've defaulted. So you should take the benefits of the default and have it fall off your files sooner.

Got it thanks. Ah wish I’d know that 18 months ago as now have to wait another 18 months after the other ones disappear before this one defaults and drops off. 😖 

In 5 years when the others drop off, you should find that having 1 default that is old (and by then hopfully showing as satisfied) should not be a huge problem with regards to getting a mortgage, especially if you can save a decent deposit so that the loan to value is lower

Thanks, we have 51% LTV at the moment. So you are saying it’s best to default it now (even at a later stage than the others) rather than clear the balance in the next three years?