am i better to pay CCJ off or clear my debts 1st

MrsTinks

I hate to break it to you but right now in this market with a CCJ chances of a competitive mortgage is very slim... And you'd still need at least a 10% deposit judging by other peoples experiences with a good credit report.
You need to concentrate on paying the debts off first and then save up a decent deposit for your mortgage.
Yes paying off the CCJs are important - of all your debt repayments that one is probably the most important as explained - if you missed a payment then not only could they send bailiffs round but if you own a property then they can place a charging order on it...

WeeTel

"Paying mortgage and rent, but no council tax? (okay, i get it now ) "
council tax is not required in northern ireland,


"Electricity............................. 60
Oil..................................... 60
Check the comparison sites to see if you are getting a good deal (uswitch, moneysupermarket)"
unfortunatly in northern ireland there is only 1 x electricity provider, oil i could possibly shop around for,


"Mobile phone............................ 30
PAYG?"
Unfortunatly i cannot change this as i have had the same number for 7 years due to my self employment i cannot change the number as all advertising has m number on it.


"Telephone (land line)................... 30
Satellite/Cable TV...................... 25
Internet Services....................... 10
Is this combined in a package?"
Yes this is all a combined package with SKY,


"Groceries etc. ......................... 160
Might be able to cut this down a little. Have a look at the oldstyle board for meal plan ideas etc. Have you moved down a brand (shops own?)"
i actually have started to cut down, this could possibly be reduced again to £120 freeing up another £40 per month.


"Clothing................................ 30
every month? Can this be cut slightly?"
Possibly, maybe to £20 per month freeing up £10

"Buildings insurance..................... 11
Contents insurance...................... 19
Life assurance ......................... 12
Other insurance......................... 12
No car insurance? Again, check the comparison sites to see you are getting a good deal."
Buldings contents Life insurance and health insurance could possibly be cut down, i am going to check the comparason sites tomorrow.
Car insurance i gladly do not have to pay, with my work as car salesman i get free trade policy.


"I think it would be best to try to clear the HFC car first as this is both the highest APR and lowest balance. You don't have enough to cover the basic expenditure and payments according to this - have you missed any payments?"
this HFC Loan is an old credit card bill i have at a high rate, this will be the next bill cleared.
yes payments were getting missed until recently, i have only arranged to start to make payments to the companys to get rid of the debt...

WeeTel

MrsTine wrote: »

I hate to break it to you but right now in this market with a CCJ chances of a competitive mortgage is very slim... And you'd still need at least a 10% deposit judging by other peoples experiences with a good credit report.
You need to concentrate on paying the debts off first and then save up a decent deposit for your mortgage.
Yes paying off the CCJs are important - of all your debt repayments that one is probably the most important as explained - if you missed a payment then not only could they send bailiffs round but if you own a property then they can place a charging order on it...

i was thinking of a remortgage to sort out everything i owe,
i have a current mortgage of £31689 at a 5.4% rate. with 21yrs left,
i have a secured loan of £29900 at a 14.9% rate with 24 yrs left.
i have debt totalling to 15k at various rates.
i was thinking of a remortgage to pay off all my debts and reduce my payments, can anyone advise if this is a good or bad idea?
my property is worth minimum £100k possibly more, and was wondering if any lenders would touch me for a remortgage and if so is it a better idea to remortgage for £75k at a 8% rate or continue where i am?
also will anyone touch me. due to the debt i am in?

GeorgeUK

It's usually not advised to turn unsecured debt into secured debt. If you miss payments on your cards, your home is not at risk, but missing payments on a secured loan or maortgage and you could have problems.

Have you tried reclaiming cank charges and credit card charges?
Could you have been missold payment protection insurance that you could possibly reclaim?
http://www.moneysavingexpert.com/reclaim/

whatatwit

Hi WeeTel, before thinking about consolidating your secured loan, do check if there are any penalties for early redemption/repayment. The interest may be front loaded and you might not save anything.

WeeTel

whatatwit wrote: »

Hi WeeTel, before thinking about consolidating your secured loan, do check if there are any penalties for early redemption/repayment. The interest may be front loaded and you might not save anything.

i think this is what has happened with the secured loan i took last year for £25500.
i have paid £335 per month for 15 mths and i still owe £29900.
i have phoned and asked for my terms and conditions to see if i was missold PPI, if so i will be claiming back, although i think this may be penalty charges for requesting a settlement figure after 15mths.
so again i think this is frontloaded,

WeeTel

GeorgeUK wrote: »

It's usually not advised to turn unsecured debt into secured debt. If you miss payments on your cards, your home is not at risk, but missing payments on a secured loan or maortgage and you could have problems.

Have you tried reclaiming cank charges and credit card charges?
Could you have been missold payment protection insurance that you could possibly reclaim?
http://www.moneysavingexpert.com/reclaim/

george.
i have thought about this consolodation of my secured and unsecured loans.
the debt is mostle from my secured loan..
the cards i know they cannot take the house, but if i continue to pay £165 - £200 per month to my outstanding debts on top of my mortgage and secured loan, i will be paying out approx £735 per month,.
if i was to remortgage / consolodate i could reduce this to £500 - £550 per month, does this still look like a bad idea,
i could definatly afford £550 on my income at present.
just dunno what to do, and being the typical man i am trying to deal with these myself, hence these posts in the forum.