New to this... but all advice welcome

Vicki88_2

DVardysShadow wrote: »

If you are looking for a lasting partnership, then you can't go hiding the debts, they will bite you in the bum sooner or later. I take it the £155 is for car HP rather than an employers lease scheme. You can't hide this nor the overdraft. Now did you contribute anything to the £11000? If you did, it is CRAZY to have savings while you have interest bearing debt. You are probably paying 20%APR on your car while getting 3% on your savings. If your car is £3000, you are paying 17% to have £3000 of savings [£510]. Think about it until you agree it is crazy. Or at least post back and say you cannot see it is crazy.

Yes I see where you're coming from. I was only able 2 contribute £2,000 as it was a backpay for a student grant, the rest is a backpay my fianc! recently received for his work. The car is on hp. We've been together 7 years lived together for 2 and I always tell him everything but im scared he will be annoied I couldn't tell him about this. I k ow how much a house means to him as our living arrangements are awkward. The reason for my debt was being out of work for a while whilst at uni, and with books and travel it all added up, although at Christmas the overdraft was 1700, credit card 350 and mail order 290, so not doing too bad.

But you Are right I must tell him and at least I could sort it out sooner. Thank you x

DVardysShadow

You need to look at getting your £2000 made free to pay off debts. HP is difficult, because you generally have to pay off the whole outstanding balance in one go. You should make it your aim to get shot of this debt ASAP.

Bear in mind that these days, your debts are set against your savings anyway to calculate the Loan to Value %age which the lender will insist you meet. So your £2000 of savings does not help you on the road to a mortgage and a house.

I don't suggest that you let your partner pay anything to your debt - this is often the road to ruin in a relationship - but do talk to him about the need to clear the debt - to compound what I said earlier, you are taking credit and paying interest to have money in a savings account to buy a house, but the money will not help you in any way to buy that house.

Vicki88_2

DVardysShadow wrote: »

You need to look at getting your £2000 made free to pay off debts. HP is difficult, because you generally have to pay off the whole outstanding balance in one go. You should make it your aim to get shot of this debt ASAP.

Bear in mind that these days, your debts are set against your savings anyway to calculate the Loan to Value %age which the lender will insist you meet. So your £2000 of savings does not help you on the road to a mortgage and a house.

I don't suggest that you let your partner pay anything to your debt - this is often the road to ruin in a relationship - but do talk to him about the need to clear the debt - to compound what I said earlier, you are taking credit and paying interest to have money in a savings account to buy a house, but the money will not help you in any way to buy that house.

thanks again. I forgot to say my partner is aware of the car payments but he thinks it's a better idea to just pay it monthly, there's 3 years left on it. I def need to get some of the money even just to clear the overdraft, c/card and mail order, then that will get me started I hope.

Having looked at my situation, do you think we would be refused a mortgage for about £90,000? My partner can get one by himself for£70,000 so I hope it's worth a try?? X