I owe 70k worth of unsecured debt can i get a mortgage

mitchaa

stebiz wrote: »

Did I at any stage say declare himself bankrupt? Hang on - let me check.............er NO. Please read the post. I said that most agreements are unenforceable, and even if he was taken to court (unlikely) he would be able to settle at a fraction of debt owed.

How about bailiffs taking away all your posessions just to pay for their fees.

I think you are living in the clouds if you think debts are unenforceable. If that was the case, there wouldn't be a need for bailiffs would there?

Sell the house, pay the debt and start again.

stebiz

mitchaa wrote: »

How about bailiffs taking away all your posessions just to pay for their fees.

I think you are living in the clouds if you think debts are unenforceable. If that was the case, there wouldn't be a need for bailiffs would there?

Sell the house, pay the debt and start again.

Oh dear I really do think you should study the subject of credit (like I have) a bit more before posting on a forum with uneducated views.

Bailiffs - They can only attend a property acting on a court order. Most of these debts will be unenforceable = no court order

Lots of information on the subject google.com

pmj9bro

To be honest this has been a wake up call and i do apprecaite the amount of debt racked up, its easier than you think, thought my wife would be going back to work ect.

I will be paying my debts and taking up on the rental with view to saving a deposit, can anyone advise if renting will affect my credit score

beecher2

pmj9bro wrote: »

To be honest this has been a wake up call and i do apprecaite the amount of debt racked up, its easier than you think, thought my wife would be going back to work ect.

I will be paying my debts and taking up on the rental with view to saving a deposit, can anyone advise if renting will affect my credit score

Just make sure you're on the electoral roll, and that you always pay your rent on time and there will be no impact on your credit file. Debt Free Wannabee will give you loads of help in saving up - once you start it'll be addictive. Good luck!

Spirit_2

Well done on the wake up call - now head over to the dfw board and get advice from there. 3 years ago I owed £64K, today I owe £6K and when the proceeds of selling a loved asset go through this week I will be debt free and have a 'cushion'. I would not have done this with out DFW - and I earn a good deal more than you:o.

DFW will help you form a view if you can stay in your home and clear the debt...and options if your wife could return to work.

mitchaa

stebiz wrote: »

Oh dear I really do think you should study the subject of credit (like I have) a bit more before posting on a forum with uneducated views.

Bailiffs - They can only attend a property acting on a court order. Most of these debts will be unenforceable = no court order

Lots of information on the subject google.com

Come on then Einstein, please give me a valid reason as to why the debts are likely to be unenforceable?

If that were the case, baillifs wouldn't have jobs. Debts are enforceable, they go through the courts every hour of every day.

In very rare circumstances especially pre 2007 where insurance was bundled on to the loan, then yes they may be unenforceable.

If i apply for a few credit cards now and rack up £20k on them, I couldn't just walk away at the end and say, they're unenforceable, im not paying them back, so why advise people that they can do this?

stebiz

mitchaa wrote: »

In very rare circumstances especially pre 2007 where insurance was bundled on to the loan, then yes they may be unenforceable.

Whether you like it or not most pre 2007 credit agreements are unenforceable in a court of law, because they did not have the prescribed terms and conditions attached. Nothing to do with PPI.

Out of all my agreements, none were enforceable. Some went back as far as 1994, were banks still seemed under the impression that a mere 'shake of the hand' would be sufficient in relation to the Consumer Credit Act. So much so many of the agreements were actually thrown away!

Out of the banks who did decide to take me to court, their arguments as to why they had not complied with the Act were embarrassing. So much so on occasions I cringed. With one exception (which I won on appeal) the Judges ruled in my favour without the hearings being too long.

Now post 2007, is a different matter. The Act has now been updated. The banks over recent years have woken up and smelt the coffee. But I still stand by my original statement. Most Pre 2007 are unenforceable. Out of my 12 agreements - none stood up.

I hope that explains my point a bit better!!

Person_one

Antispam wrote: »

OP earns a good wage. Pay his/her debts first, save like hell to get a good deposit and 2 years on will have a decent deposit, they are quite lucky getting that sort of wage in first place

Better than many of us pheasants on minimum wage that will never get opportunity to get a house unless they win lottery, get money from a will, work damn hard, marry some rich person or whatever

Its a tough life for a pheasant

You're right though, whatever anybody says about hard work there is always an element of luck involved in how much money an individual will be able to earn. It doesn't matter how much ambition or how good an attitude you have if you just don't have the intellect, the right natural talents or the physical ability to do some kinds of work. Its a good job too, without people to do the unskilled and lower paid jobs that are necessary the country would grind to a halt pretty fast.

To the OP: I agree, sell your house and rent, houseshare for a bit if you can stand it to keep costs down! Get the debts paid off asap, start saving and when you buy your next home it will be with a fresh start and a clean slate and you'll have your pick of the lenders.

Wutang_2

stebiz wrote: »

Whether you like it or not most pre 2007 credit agreements are unenforceable in a court of law, because they did not have the prescribed terms and conditions attached. Nothing to do with PPI.

Out of all my agreements, none were enforceable. Some went back as far as 1994, were banks still seemed under the impression that a mere 'shake of the hand' would be sufficient in relation to the Consumer Credit Act. So much so many of the agreements were actually thrown away!

Out of the banks who did decide to take me to court, their arguments as to why they had not complied with the Act were embarrassing. So much so on occasions I cringed. With one exception (which I won on appeal) the Judges ruled in my favour without the hearings being too long.

Now post 2007, is a different matter. The Act has now been updated. The banks over recent years have woken up and smelt the coffee. But I still stand by my original statement. Most Pre 2007 are unenforceable. Out of my 12 agreements - none stood up.

I hope that explains my point a bit better!!

You lot are like a religious cult...how do I join?

My mate was in a sect and all he did was occasionally mention this stuff and then he'd strike, we now call him Si the wierdo rufftrade werewolf.

stebiz

Wutang wrote: »

You lot are like a religious cult...how do I join?

My mate was in a sect and all he did was occasionally mention this stuff and then he'd strike, we now call him Si the wierdo rufftrade werewolf.

:rotfl::rotfl: