Bit of support/help needed, please

v8monkeyboy

Hi all,

As the title says, really. I've just checked mine and the OH's credit reports, and it was as I thought, so there are no surprises really.

Basically, I have 3 defaults and the OH has 2. Mine will fall off my credit report in 2014 and the OH's in 2013 and 2014. We're trying to pay off the debts as quickly as possible, but it's hard as I'm still a student nurse and won't qualify until next year.

Basically, when I started uni, one of my fellow students/friends was a financial advisor and could see we couldn't afford to keep up the repayments on our debts. He therefore suggsted that we come to an arrangement with our creditors, hence the defaults. We've been making regular repayments on the debts, but these are not logged after the defaults.

I'm looking to move away next year to hopefully start employment down south, and will be looking to rent. What's keeping me awake at night is the thought that we won't be able to rent anwhere because of the defaults. What's also getting me down is the thought that even though we will have paid off our debts before the defaults have elapsed, we will find it hard to get a mortgage because of them.

Sorry it's such a long post, and sorry for whingeing - I've been on my own for a while (OH is away and will be for a long time), so I've got no-one else to bother with this worry.

Tracy x

gonzo127

well renting shouldnt be a massive problem, you will probably need a bigger deposit than people who have not got defaults and they might only put you on a 6 month term to minimise risk to them but other than that you shouldnt have too many problems,

as to a mortgage yes it will be more difficult however any defaults will have a mark to say the account has been settled which will minimise the effect of the defaults

just think you only have 4 years maximum before they are gone from your credit file, you still have 1 year left before you are even thinking of moving so that will leave it with only 3 years on your file

if you rent for a couple of years (not unrealistic due to saving for a deposit) you would only have a year left on the defaults,

so chin up you have managed to catch the debt demons before they got out of control and if you can keep in mind what you have had to go through in this period of your life it will set you up for the rest of it, so you are not controled by debt but instead are in control of your money