A default is defined as an account in a defaulted status.
Unsecured & secured accounts:
- Recorded defaults over £300 are not acceptable.
- Defaults up or equal to £300 can be considered subject to underwriter assessment and approval.
- Defaults satisfied more than 3 years ago can be considered.
Communication & utility accounts:
- Recorded defaults over £500 are not acceptable.
- Defaults up or equal to £500 can be considered subject to underwriter assessment and approval.
- Defaults satisfied more than 3 years ago can be considered.
The above default limits are combined, allowing for a maximum of £800 of defaults within the last 3 years.