Defaults are Arrears that remain unpaid for an unreasonably long period of time.

If you have a default you will find that the credit provider will generally report your default to the CRAA. This in turn will have an adverse impact on your credit rating and ability to borrow. While some organizations do offer loans to people who are credit impaired these are offered at higher interest rates and are therefore more expensive.

If you have defaults you should firstly work towards their repayment. To this end you may find that a Debt Consolidation Loan may assist with paying off your loans faster.

Once all you defaults are repaid, you can commence work on repairing your credit standing. The sooner you commence to repair your credit position , the sooner you will be able to enjoy access to lender products at competitive interest rates.