New worrier - court summons, defaults, arrears and husband with no job

hallowitch

kaah wrote: »

Right, time to knuckle down on clearing the debts now.

Am I right in thinking that a default will stay on my credit report for 6 years after I finish paying off the debt? So if it takes me 1 year to pay it off the default will drop off the report in 7 years?

council tax debt is not recorded on your credit file

worried48

kaah wrote: »

Am I right in thinking that a default will stay on my credit report for 6 years after I finish paying off the debt? So if it takes me 1 year to pay it off the default will drop off the report in 7 years?

No, it's six years after the default was issued.

kaah

It's my other debts that I'm thinking of. I have about 5.5k that I need to pay off and am just trying to decide where to start

kaah

worried48 wrote: »

No, it's six years after the default was issued.

Thanks, that's good to know. I shall start with the one with the highest interest rate

Leebertine

Just wanted to say good luck. I feel for you, me and my wife were in a very similar situation this time last year. We caught up (with a little help from my parents) and so can you. It is doable.

You have the basics, priority bills first;

Mortgage
Council Tax
Electric
Gas
Water

As far as I was concerned everything else can jump for it. Even car finance took a hit so we could catch up with priority bills. I am now back up to date with 99% of things (although I have outstanding payday loans, so don't go down that route!).

We are doing better and so can you. Good luck, and feel free to message me directly if you need anything or just need a chat!

kaah

Right. The first debt I'm going to concentrate on is my Capital One credit card on which I owe about £285. I've chosen this one as the interest rate is 30 odd % and the balance is fairly small. Hopefully clearing this will spur me on to knuckle down on the bigger ones next.

As I said in the early posts my husband is unemployed so currently our household income is about 1300 per month. I need to do an SOA to work out how much I can afford to spare, if it all! Fingers crossed he will find a job soon

kaah

Oh great, just done my SOA but for some reason it won't copy and paste on to here.

We are -171 per month!! My goodness, I hope hubby gets a job in the next month!

kaah

I'm aware a lot of my posts are me talking to myself on here (you must all think I'm crazy) but it feels like a bit of a diary for me. I've decided that for the following month I am going to document every penny I spend on food as I think that is an area I should be able to cut down on with a little planning and effort. I will be working from 23/5 to 23/6

To make it interesting has anyone got any figures for me to aim for? At a rough guess I would say I have been spending 300 per month for 2 adults and a 4 year old