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learntmydebtlesson
Posts: 49 Forumite
Hi all -
Won't keep you long.... any advice on the below would be hugely appreciated.
Me and my OH want to buy our first home home but I have £20k of debt! I am on a good wage and my debt is now manageable debt. We have worked out figures and taken into consideration everything from my loans to petrol, mortgage, council tax etc. At the end of every month, after everything, we are left with £800.00. Also, we have a deposit to put down of £6k and perhaps more by the time we get there! My OH has a great credit history and no loans etc but earns a lower wage than me.
However, this is the not so good part. As well as the adverse debt that I have (£20k) I also have a bad credit rating/history. I have missed 14 payments over the last year, this largely being due to when I changed jobs and the payment date falling just before my new payday, before I got straight I called the companies but they wouldn't change the date due to the statement and when it is processed. I haven't missed any loan payments this is missed for credit and store cards.
Anyhow, I spoke to an IFA yesterday and he seemed to think that the missed payments would cause more problems than the adverse debt that I have. To add to this I got a default back in 2005 which is settled and showing on my credit report as "satisfied", he didn't seem to think this would be as much of a problem as it's over a year old.
Any advice on the above and what I can perhaps do?
Are there any high street companies that might accept us?
Has anyone had a similar experience and can recommended a mortgage provider?
Do you think we'll get our home?
Thanks muchly for any help!
Just wanted to add, I am so glad I found this site, it has a massive support community and the advice is awesome!
Won't keep you long.... any advice on the below would be hugely appreciated.
Me and my OH want to buy our first home home but I have £20k of debt! I am on a good wage and my debt is now manageable debt. We have worked out figures and taken into consideration everything from my loans to petrol, mortgage, council tax etc. At the end of every month, after everything, we are left with £800.00. Also, we have a deposit to put down of £6k and perhaps more by the time we get there! My OH has a great credit history and no loans etc but earns a lower wage than me.
However, this is the not so good part. As well as the adverse debt that I have (£20k) I also have a bad credit rating/history. I have missed 14 payments over the last year, this largely being due to when I changed jobs and the payment date falling just before my new payday, before I got straight I called the companies but they wouldn't change the date due to the statement and when it is processed. I haven't missed any loan payments this is missed for credit and store cards.
Anyhow, I spoke to an IFA yesterday and he seemed to think that the missed payments would cause more problems than the adverse debt that I have. To add to this I got a default back in 2005 which is settled and showing on my credit report as "satisfied", he didn't seem to think this would be as much of a problem as it's over a year old.
Any advice on the above and what I can perhaps do?
Are there any high street companies that might accept us?
Has anyone had a similar experience and can recommended a mortgage provider?
Do you think we'll get our home?
Thanks muchly for any help!
Just wanted to add, I am so glad I found this site, it has a massive support community and the advice is awesome!
Still in debt but with a positive attitude and enjoying watching it decrease each month. :beer:
0
Comments
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Jeez pay the debt off! If you have £800 left a month then use this to repay the debt. I would say unless your salary is minimum 40 k a year then thats not a managble level at all!
The only companies that would give you a mortgage are sub prime mortgage companies where you will pay higher interest.
If you are insistent at buying in at whatever cost perhaps your partner could get a sole mortgage and a deed of trust or whatever its called can be drawn up so you are recognised as joint owner0
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