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DefaultsA default arises when you fail to meet your repayments on a personal loan, credit/store card or catalogue. The lender allows you to time to bring the repayments up to date but if you fail to do this, they issue the default which is a note on your credit file meaning you have not paid the amount owing to them. This is often enough to make a high street lender decline your application for a mortgage or remortgage. It is often the case that if you have a sufficient deposit or adequate equity in your property we can use lenders that will ignore any defaults on your file.
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