Do I realistically have any options?

newleafmum

We have £13000 of debt most of which has been sold to debt agencies all of which have defaults plus one CCJ on my partners file. We're currently in repayment plans with all companies bar two which we'll set up when we can track down who they've even sold the debt to.

We live in a rented property and our landlord will most likely be selling in two years. They want to sell to us.

The most recent default is August 2012.

We have considerably more money coming in than going out as from the start of next year due to me starting full time self employed work.

Realistcally we can pay off our debt in one year if we pay all spare money to the debt and I'm dedicated to doing this.

But then what? How will we ever get a mortgage and if we don't get a mortgage and they sell how can we move house when letting agencies credit check you. We couldn't go to the council as our annual income would be good and we've previously rented, we have two children two jobs and only qualify for child benefit.

I just can't stop thinking what is going to happen. I also need a property from which I can work, I'm a childminder.

If we had more time we could save up a very considerable deposit so long as my work continued which I see no reason why it shouldn't. But we just don't have time.

We have been so broke for so long and unsure of how to survive and we've just got to the light at the end of the tunnel for this to come along. It feels like a consequence of all the stupid decisions we've made in the past come up to bite us.

Dave_Ham

Ok you cannot change the past, so can only look forward.

You will need to repay the debt first and not pick up anymore defaults, missed payments etc.

If you do this for the 2 years, that will mean 2.5 years of good behaviour on your credit files before you get to the adverse.

In order to make the mortgage possible in this timeframe, you will need to have saved a decent deposit (once debt is clear)

20% deposit will almost guarantee success, 15% should be ok and 10% or less will be extremely unlikely.

A lot may depend upon the financial climate in 2 years as no-one knows if mortgages will be easier or harder to achieve.

Guard your credit files and ensure no debt agencies spring a surprise default on there as that will put you back and potentially make the plan unachievable..

All the best

newleafmum

Thank you so much!

I will most definitely do these things