Advice Needed

DAT9

Hello

I am sure probably somewhere this question or something similar may of been asked / answered but i hope somebody could help me clarify things. Around 18months ago i got myself into a right mess through a business deal, i ended up owing around £50000 ( fifty thousand ) and ended going to Payplan who i am currently on a debt repayment thing. However it looks like i will be in a position in the next few months to pay off the whole debt, now around £45000 in one go through a family windfall. I will have a few thousand left over to put in savings, etc, but i would also like to look at buying a house, This is where my question is - How long does bad debt affect you when applying for mortgages etc once you have cleared the debt ? I have read a couple of things saying 6 years but surely i won't have to wait 6 years to get a mortgage once i have paid the debt will i ? I am now starting to get serious with my partner, she has a excellent credit record, i would hate to be the one who ruined any mortgage applications for us both, she does not earn a great deal though so a single mortgage isn't an option, and i also wouldn't want that, ideally i would like her to know nothing about my financial mess in the past, i am not a bad person, never been involved in any crime, etc but once you say you have had £50k worth of debt people think the worse, it is something i would like to pay off and forget about but i am not sure if this is possible. Any help or advice would be really appreciated.

Emmzi

For it to be totally off your record, it's six years.

There are some lenders who will lend to you easlier than that - usually what they call 'sub prime'. They tend to be more expensive; some are rip off merchants, some are ok. Obviously if you have a deposit for a house, you'll tend to get a better deal.

I would be inclined to post this on the mortgage board, where some of the excellent mortgage brokers can suggest some companies to try, maybe.

However be aware that if it is a joint application, you and g/f will be financially linked, and her credit rating will also suffer for the same length of time. Might be an idea to keep them seperate until you are 'clear.'