Defaults

anniec19
anniec19 Posts: 43 Forumite
First Anniversary Combo Breaker
in Credit file & ratings
Hi
Sorry if this is a dumb question. I am currently on a DMP which has ages left to go. My credit file still has 6 defaults showing. These were all registered in 2011 so I'm hoping these will drop off next year. Am I right in thinking that this will happen even though the accounts are still open?
My score is gradually going up on noddle and clearsc pretty but it's still pretty bad. Will I have to clear the DMP before I can have a decent score again??
Thanks in advance:)

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    anniec19 wrote: »
    Will I have to clear the DMP before I can have a decent score again??

    What's your objective. As what matters is the detailed history on your file not the meaningless score that isn't used by lenders.
  • anniec19
    anniec19 Posts: 43 Forumite
    First Anniversary Combo Breaker
    Ah sorry. I'm hoping to move house amd downsize and also swap from interest only mortgage to repayment. I'm 50 tho so term would be short so need a decent interest rate. I know places like Aldermore & Kensington would give me a mortgage but would rather wait if it's only a year and go to a high street lender on a much lower rate x
  • Westminster
    Westminster Posts: 1,004 Forumite
    First Post First Anniversary Savvy Shopper! Debt-free and Proud!
    Those defaulted accounts will no longer appear on your CRA once they reach the 6th anniversary of their respective default dates.

    However, if you have any accounts which have not defaulted but used something else (such as AP - something MBNA did with me) then those accounts will continue to be visible until 6 years from when you settle the account.

    Also - if you are still paying your DMP, then the payments will be evidenced on your bank statement and you can expect to have to explain to any respective mortgage company what those payments are for.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    anniec19 wrote: »
    I know places like Aldermore & Kensington would give me a mortgage but would rather wait if it's only a year and go to a high street lender on a much lower rate x

    You'll need to declare the existance of the DMP on your mortgage application form. Maybe better to take the interest rates on offer. Resolve your financial issues totally and then move forward. At least you start again with a clean sheet. There's no such thing as a free lunch.
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