Advice on Position

samtr

Good Afternoon

I am looking for some advice over our current position.

My Partner has a good credit history, earns 13k p/a and is currently on maternity pay.

I have two default's on my account one is dated 1/9/10 for £1,141 and was satisfied on the 31/01/2011.

The second is currently being argued, I have had it successfully removed from my Equifax account and am trying to have it removed from Experian where it is currently showing, as settled for £127. It shows on my account as a green 0 with that balance for 22 months then as default. The full balance had been passed to Moorcroft at the time and the balance had been paid in full of around £350 to them. I was never contacted for any further balance.

I currently have an overdraft of £1550 which I live in with Natwest, I am paid £21k, due to be increased over the coming months.

I also have a student loan of roughly 20K.

We currently rent paying £600 p/m and have done for 18 months. We have been offered a gift of £10k from my partner's family, and are considering our next move.

With the rent taking a large chunk of money, it is hard to save a decent amount on top, but we are prepared to if we have no other options. Roughly I could afford to put £250-300 away per month, plus any future increase in salary, that I expect to come over the next months. Estimated £100-150.

What are our best option's and where would we stand in the hope of gaining a mortgage?

Thanks in advance

Sam

Thrugelmir

First objective clear the overdraft. After that start to save.

As necessary then use your savings not your overdraft to manage your financial affairs better.

samtr

Thanks for that, I had expected that to be a starting point and have actually reduced it from £1800 in the last 2 months!

In terms of application's how much damage have the defaults done? Would I be avoided by all?

Unfortunatly as I am the higher earner we would struggle in just my partners name! Are you able to use a guarantor to help in any situation?

Thanks

Sam

Thrugelmir

samtr wrote: »

In terms of application's how much damage have the defaults done? Would I be avoided by all?

Not by all. Though damage as such is the interest rate that would on offer.

The good news is that you can repair your credit rating. Takes time to achieve. As only time can ultimately heal.

So keep heading in the right direction and you'll get there in the end.