Defaults? Can't pay or do an IVA? Help advice pls

vicxzy · 21 April 2014 at 1:08AM

Hi everyone,

Looking for some advice please.
I was left by my ex husband with massive debts, he's gone bankrupt so I'm stuck with em.
3 years ago I was in a terrible place, Id lost my home, job & husband & was pregnant, I got a new job but was bullied for being pregnant.

I was at rock bottom & being medicated just to drag myself out of bed
I've worked hard for my daughter & I. I got a new job & went back to uni to study a law degree. I took my ex employer to a tribunal & represented myself (& won!) and got us a nice new home (although rented)
Im currently doing a DMP making token payments through CCCS, I've 3 years left at uni & my daughter is only 2yrs old so I need to work part time & although I work hard to pay as much off my debts as possible there's still around 30k outstanding.
My defaults show as May 2011 & I'm desperate to be a home owner again one day.
Does anyone know if I continue paying & paying & saving & saving as I am doing for the next 3 years will the defaults come off my file?
As in will I have a chance then of getting a mortgage?

I'm hoping it will coincide with my finishing uni & my daughter starting school so I will be able to go back to work full time on a decent wage.
I've considered an IVA but if I want to be a solicitor it's a no go apparently

Any advice hugely appreciated.

PS anyone who thinks their life can't get any worse just look at me now

The good folk of MSE brought me back out fighting :T
Xxxx

happy_bunny_2 · 21 April 2014 at 7:56AM

Hi

Have all your accounts defaulted?

They fall off your report, paid or not, 6 years from the default date.

If any accounts show arrangement, they will stay with that flag for 6 years from paid off.

Once your credit file is clean, you have a decent salary etc, you have as much chance of a mortgage as anyone else. There are questions on the application forms about outstanding debt I think, so you would need to declare any accounts not yet paid. In reality, if it's not on your file, they would not know, but not declaring when asked would be fraud I suspect and not look good with your new career.

Good luck

HB

vicxzy · 21 April 2014 at 11:23AM

Hi happy bunny thanks for your reply.
Yes they have all defaulted between April-June 2011.
Do they really just disappear completely? Obv I would still declare them & be up front but what do they show as? X

sourcrates · 21 April 2014 at 11:39AM

vicxzy wrote: »

Hi happy bunny thanks for your reply.
Yes they have all defaulted between April-June 2011.
Do they really just disappear completely? Obv I would still declare them & be up front but what do they show as? X

No need to declare anything to anybody, once they have left your credit file its like they never existed, they are gone, forever, most banks don't keep records longer than 6 years, they may appear in the "closed accounts" section of your file though.

happy_bunny_2 · 21 April 2014 at 12:11PM

Yes, it's like they were never there. Some banks keep their own records for longer. So if you default with say barclays, they may basically gave a flag never to lend to you again.

You just need to answer questions on the application form honestly.

vicxzy · 21 April 2014 at 5:27PM

Thanks Sourcrates & Happy bunny!
If they show on he closed accounts won't this still go against me? Sorry for all the questions x

happy_bunny_2 · 21 April 2014 at 6:15PM

After 6 years, won't be visible on a credit search.

Closed accounts are ones that have defaulted or been paid.

Unless you know otherwise sourcrates?

HB

Defaults? Can't pay or do an IVA? Help advice pls

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