Late account on Experian

tam333

Hi there.

I really need some advice.

BacBack in 2012 whilst working for a car finance company, I took out a personal loan with them to consolidate some cards and loans. 2 years later, I was forced out of the company. Unable to find a job for a number of years, I paid them £4.00 to stop the account going into default. Now I pay £10.00 a month. Unfortunately, my account is always showing as late payments and of course in arrears.

Last year, I tried to get a different mortgage with another lender but no one would entertain me despite all my accounts on my credit file being up to date. I have never missed any mortgage payments. Only my current lender would change my mortgage. But I was not able to drop down the years. The broker who arranged it all informed me that if I defaulted rhe account by not making payments, then I would stand a better chance of changing my mortgage. Does anyone know if this is correct. Thank you

eskbanker

What's done is done, but defaulting now would still leave negative history on your credit files for the next six years. What are your prospects of paying off (or even refinancing) the old loan - perhaps worth posting over on this board?

https://forums.moneysavingexpert.com/categories/debt-free-wannabe