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rp.
Stranger
Joined: 11 Apr 2007
Posts: 2
Cash Points ££ 60.58
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 Posted: Wed Apr 11, 2007 10:42 pm Post subject: How does a default effect my credit rating? |
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I entered into a contract two months ago. The contract was for the supply of services over a nine month period. The price was exactly £900, payable over nine months.
For various reasons, which I believe are justifiable, I have now decided that I do not wish to receive this service. I have so far only made one payment of £100 on 5 March. A second payment of £100 was due on 5 April, but I have not yet paid it. I have decided not to make this payment or any other payments.
Aside from the legal points on the contractual agreement, I would be very grateful if anyone could provide any advice or insight into how my long-term credit rating might be effected by effectively defaulting indefinitely on the remaining £800?
I look forward to any comments or suggestions. Thanks. |
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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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| Posted: Fri Apr 13, 2007 3:33 am Post subject: |
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Hi
The more recent the default the more significant the impact, so over time the default would become less important. You also need to take into account the credit climate, i.e. if banks are tightening requirements generally, than 1 default is all it can take to exclude you, as against when credit flows more freely.
Then theres the problem you have is if they took you to court and got a country court judgement against u, that would be much more significant than 1 default.
Another point to consider is how important is yuor credit rating to you? I.e. if your about to apply for a mortgage then it would be a bad idea to get a default. |
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rp.
Stranger
Joined: 11 Apr 2007
Posts: 2
Cash Points ££ 60.58
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| Posted: Tue Apr 17, 2007 11:03 pm Post subject: |
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Thank you for all the advice.
I have decided to not default. But instead, agree a reduced amount to pay for immediate termination of the contract.
I agree that it would not be a good idea for a default to appear on my credit history. |
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