Help to get me out of 'bad' credit hole!

lyndasharp

Well done on the amount paid off so far!

If you'd like to get a mortgage you'll probably need at least a 10% deposit on a house, and having debts will affect the amount you would be allowed to borrow. I'd agree with the poster above, deal with the debts first then start saving for the house! I think house prices will stay low for a while yet. If you really do have £700 a month spare as your SOA suggests, you could be debt free by Spring next year, rather than your suggested date of August?

suzieham

Thanks for your replies, I have amended the SOA as dont believe this was correct and was based on my partners income too, which isnt fair as most of our money is separate.

As the balance of the Capital One bill will be paid by November - can I ask if they will remove the default once settled?

I am really trying to find a house for my partner and I, as we have neighbours from hell (different story) and can probabley only stomach another year living here, I know this sounds ungrateful but you really wouldnt believe my neighbours! As I have been paying this debt for over 3 years my light at the end of the tunnel would be that a year from now we could potentially be able to get a mortgage, this sounds unlikely from the replies.

Thanks again.

suzieham

It has been a while since I last posted.

Just so you know, I managed to find my partner and I a new home through the rent to homebuy scheme, and my debts are now down to a manageable £1300!

My credit report is still not in a good shape but I hope with time it will start to repair itself.

Thanks again for all of your comments

Tixy

Thats really good to hear Suzie. Its always nice when people post back as to how they are doing.

Well done on the debt reduction, hopefully you will soon be reaching your debt free date. Enjoy your new home.