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Does a default affect my Personal Credit file?

If the borrower is a limited company, the default will not affect your Personal Credit file. The default will only be registered on the credit file of the business in accordance with FCA guidelines.  However, please note that once a loan is defaulted, if the loan is not repaid in accordance with the terms of the personal guarantee (or a payment plan is not entered into as outlined above) and we have no option but to obtain a county court judgement or bankruptcy order against the individual guarantor, then the guarantor's personal credit file would then be affected. 

If the borrower is not a limited company, the default will be reported to Credit Reference Agencies and this will have an adverse effect on your Personal Credit file.

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