New default - guess I’m screwed?

bambilegs

New default - guess I’m screwed?

Hi, really upset. I’ve just been issued with a new default. I’m 29, and feel like I’m officially screwed. I honestly didn’t know I had defaulted or missed a payment until I called the credit card company to make a payment.

I have had a lot going in my personal life in the last few months. Is there anything I can do, or am I doomed?

I was hoping to be in a position to pay the next few years, it’s looking bleak now with this seeing as I now how this on file until I’m 35.

Has anyone been in a similar position?

sourcrates

Has a default been registered on your credit file, or have you just received a letter that states you have "default sums in arrears"?

Lots of folk get defaults for non-payment, especially those in debt solutions, so it`s not an unheard-of thing, all it means is you won`t be able to access credit for a few years.

You must have missed at least 3 or more payments to get defaulted on a credit card, so it may be a blessing in disguise for you.

[Deleted User]

I agree with above, then take the emotion out of this.

Change the way you look at the situation and you'll see that the way you run your banking affairs is a business to lenders, they will see this and apply the relevant strategies.

Prioritise your hard earned money over everything and stay on top of it - the other factors in life will then automatically move along smoothly once you do.

macman

Set up your repayments on a DD so that you cannot miss them in future, whatever is going on in your personal life.

MalMonroe

Hi, yes, many of us on here have been in a similar position. I certainly have. But I learned a lot from all the mistakes I made in the past. 

I don't think you are doomed at all, and you are really very young as yet, so try not to worry too much.

Why not try phoning the credit card company and explaining your situation? They may be able to help you, they may not but you can try appealing to them to see if anything can be done.

I agree with macman, above, about setting up a direct debit because then you won't miss a payment. 

If you are struggling with debt at all, or need some advice, please do contact one of the free debt help agencies. I always recommend StepChange because they helped me when I was in a much worse position than you, and I am now debt free. It took a while but I made it and you can too. Sometimes you just need to talk to someone about why things have gone awry financially and I found them to be non-judgemental and very friendly and helpful.

There's also National Debtline and Citizens Advice.

All three links below -

https://www.stepchange.org/

https://nationaldebtline.org/

https://www.citizensadvice.org.uk/

I hope that's helpful in some way and that you manage to get things sorted out.

jonesey1985

MalMonroe said:

Hi, yes, many of us on here have been in a similar position. I certainly have. But I learned a lot from all the mistakes I made in the past. 

I don't think you are doomed at all, and you are really very young as yet, so try not to worry too much.

Why not try phoning the credit card company and explaining your situation? They may be able to help you, they may not but you can try appealing to them to see if anything can be done.

I agree with macman, above, about setting up a direct debit because then you won't miss a payment. 

If you are struggling with debt at all, or need some advice, please do contact one of the free debt help agencies. I always recommend StepChange because they helped me when I was in a much worse position than you, and I am now debt free. It took a while but I made it and you can too. Sometimes you just need to talk to someone about why things have gone awry financially and I found them to be non-judgemental and very friendly and helpful.

There's also National Debtline and Citizens Advice.

All three links below -

https://www.stepchange.org/

https://nationaldebtline.org/

https://www.citizensadvice.org.uk/

I hope that's helpful in some way and that you manage to get things sorted out.

They're not going to remove a default as it will be a true reflection of the way the account has been run.

sourcrates, for once, posted a reasonably sane response. The account defaulting would typically require at least 3 months of missed payments so it isn't really an "oops I forgot to pay" situation, it's three months' worth of payments that haven't been paid if it is a real default notice.

Time for someone to own their mistakes methinks.

mwarby

A single default isn't the end on the world, especially if its settled

I had an IVA some 8/9 years ago, that involved many defaults, which got partially satisfied (creditors took a substantial loss). Around 4 years later I was able to get a mortgage, after the 6 year point I could get credit cards easily enough.

The IVA was a turning point that made me take control of my finances and live within my means. Maybe use this as a turning point for you. A single default that is paid off, and if you show you can run accounts responsibly will rapidly become a relatively minor issue, and in 6 years will be a complete none issue

xgingerx

If you just received the default notice by letter you normally you have 14 days to pay it and put things right, if paid then it wont be registered.