Looking to the future.

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Jm90
Jm90 Posts: 117 Forumite
in Debt-free wannabe
Hi all. My husband and I are 27 now. We both have debts from the past totalling Around £7000 between us.
We own and run our own company and it's just getting off the ground. We are doing well.

Anyway in the future we would love to eventually move away and buy a home of our own.

I hope to have all debts paid off by the time we are 30

Would It then take a further 6 years for past debts to be wiped off our credit history? Before we could get a mortgage?

Are we better to wipe one debt off whole at a time or to try pay bits off each. Ì am not sure what's the best way forward to be honest. We have both ignored it all for so long, we just now want it all gone.

Thanks

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  • sourcrates
    sourcrates Posts: 28,886 Ambassador
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    Hi,

    Are your debts all defaulted, or paid up to date ?

    I`m assuming a mixture of the above.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Jm90
    Jm90 Posts: 117 Forumite
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    Mostly defaulted to be honest. Nearly got a ccj which i managed to clear before it happened.

    My husband however has a ccj but we don't know where or who from, doesn't even say who from on his credit file. That we can find
  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    The 6 years (5 in Scotland) runs from the date of the defaults I believe.

    As for your question about a mortgage, some negative history on your file may not be a problem, but it's really a case of getting everything cleaned up as well as possible. Best idea for the time being is probably to sign up to the MSE Credit Club (free) as that not only gives you your current state of play with Experian but also offers lots of hints and tips in relation to improving your credit history, and will enable you to track over time how things are looking.
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
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