Help me please - Default worries

Miggy24

Hello everyone,

Hoping for some advice please.

I sold my property last year and I used some of the equity to pay off all my outstanding debts. I was on a Debt Management Plan at the time.

I got into money trouble following the breakdown of a relationship years ago.

I have 3 defaults on my account, two dated 2005 and one dated 2006. I'm extremly worried that these defaults are going to stop me from getting a mortgage and the fact that my credit score is abysmal.

I have £15k and will continue to save towards a deposit but in this economic climate will I ever get a mortgage?

Currently living with my parents at the moment, should I resign myself to the fact that I'm going to be stuck here for a while .

Thanks in advance for any advice offered.

Paula

_Andy_

Hi Paula

All depends on property value. E.g if you wanted a property worth £50k (unlikely I know) then you'd be ok with your existing deposit. If you wanted a property worth £200k you wouldnt, etc.
How much were the defaults for and have they been satisfied?

VIGILANT22

I would say in the current economic climate you would struggle right now to gain a mortgage....defaults & DMP info etc are removed after 6 yrs from your credit file..so not too long..just keep saving...

Miggy24

Hi there,

Thanks for response.

I'm looking at properties around the £95k as I'm buying on my own.

Default have all have been satified but just last month. Details are:

Sainsbury's £5500 - defaulted 2005
lloyds £6316 - defaulted 2005
BoS £1900 - defaulted 2006

Thanks
Paula