Defaults? Talk to the experts.
What is a default?
A default occurs when there is an outstanding debt and is closed by a creditor. This is because you may of missed multiple payments over a long period of time (e.g. 6 months). You will receive a default notice before the account is closed.
Paying off your defaults
When the account has been closed, you may this be able to satisfy this debt. We recommend all defaults are satisfied as this will likely save you thousands on your mortgage, however it is not a requirement.
Review your credit report
It is important to have an up-to-date credit report to assess the impact of your defaults. We recommend using a 30-day free trial with checkmyfile.