Defaults - Cheap Mortgage Deals

You are considered to have defaulted on a loan or mortgage when you are more than 30 days behind the date your repayment was due. Unfortunately, this will be marked on your credit record and could lead to a County Court Judgement if no payment is forthcoming.

Citizens Advice Bureau

As a consequence any defaults noted on your credit record will influence the outcome of any future credit or loan applications submitted, especially when applying for a new mortgage. It is far better to contact your lender and explain the current situation rather than to let the repayments be missed entirely. There are ways in which you can avoid any further debt problems and help from the Citizens Advice Bureau is free.