If I have a defaulted debt of £5000, but currently making payments, is this going to stop me getting credit?

Question by tiriguidum: If I have a defaulted debt of £5000, but currently making payments, is this going to stop me getting credit?
the account is currently being paid but i need some extra money , I’d like to find a
£15000 loan that’d leave me with £10000 after the £5000’s paid for, what are the chances of me succeding? remember the account was defaulted in the past. Thanks

Best answer:

Answer by morrisjudy45177
A history of deliquent/late payments (depending on the type of account, 2 to 3 months late) goes on your credit report here in the U.S. Also potential lender prospects look in to your credit report/you apply for credit, that is also on your report. This can be a negative indicator to lenders that you are at potential for even greater debt. You do have the right to try to amend your report by submitting (in writing) an explanation of deliquencies at which time the company will determine the validity of your dispute.

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1 thought on “If I have a defaulted debt of £5000, but currently making payments, is this going to stop me getting credit?

  1. There are a lot of companies out there that do “consolidation” loans that I believe you are thinking about.

    This type of loan often gives you enough to pay off all your smaller debts and can give you some extra money on top.

    Normally though they require collateral (IE a house) but a lot of the companies do take people with less than perfect credit history.

    Stick on your TV and you’ll soon find an advert for a company of this type.

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