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First Time Buyer Adverse Credit Advise
tropicaltiger1
Posts: 2 Newbie
Hi
Wonder if anyone can help. My son went through his younger years not realising the impact his credit score would have on him in later years despite my desperate pleas'. Anyway he has finally grown up and taking life seriously. His credit file shows some outstanding debts for small amounts which he is going to pay off. However he has a large amount which is owed to lloyds TSB which was a £500 overdraft which grew to £3k with charges and interest, he buried his head at the time as he had lost his job but this is now effecting his future. So my question is would he be able to negotiate a reduced settlement and pay off the debt, and if he managed to pay off the money he owes how long will it be before he can improve his credit score and be in a position to take on a mortgage.
He has been back in full time employment for some time and has some money which he can use to pay off debts.
Any advice is welcomed
many thanks
Wonder if anyone can help. My son went through his younger years not realising the impact his credit score would have on him in later years despite my desperate pleas'. Anyway he has finally grown up and taking life seriously. His credit file shows some outstanding debts for small amounts which he is going to pay off. However he has a large amount which is owed to lloyds TSB which was a £500 overdraft which grew to £3k with charges and interest, he buried his head at the time as he had lost his job but this is now effecting his future. So my question is would he be able to negotiate a reduced settlement and pay off the debt, and if he managed to pay off the money he owes how long will it be before he can improve his credit score and be in a position to take on a mortgage.
He has been back in full time employment for some time and has some money which he can use to pay off debts.
Any advice is welcomed
many thanks
0
Comments
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Always best to settle debts in full. As failure to do so will be noted. There's no quick exit route.0
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