New guy needs loads of help

[Deleted User]

offer a sum you can afford each month; there isn't really a lot of point paying them early because of defaults on your file. To quote an Australian friend of mine, you got Buckley's chance of getting a mortgage with defaults on your file even if you have paid the debt. You just have to wait until they drop off.

R_P_W

How about acting like an adult. You borrowed the money so pay it back!

Bane84

R_P_W wrote: »

How about acting like an adult. You borrowed the money so pay it back!

How about you read the thread and stop being a jackass. At no point have i refused to pay.

BristolBob

Bane84 wrote: »

At no point have i refused to pay.

It is just that you seem to expect them to chase you for it before you will start. Also, at some point you did refuse to pay (even if out of necessity), otherwise they would not have been passed to DCA.

You are now in a position to be able to make payments. Your SOA puts your finances in a healthy state. I am also of the belief that you should now be paying back that which you borrowed.

Clear your debts and then start saving like mad for your deposit, for when the defaults slip off your record in X years.

Bane84

BristolBob wrote: »

It is just that you seem to expect them to chase you for it before you will start. Also, at some point you did refuse to pay (even if out of necessity), otherwise they would not have been passed to DCA.


You are now in a position to be able to make payments. Your SOA puts your finances in a healthy state. I am also of the belief that you should now be paying back that which you borrowed.

Clear your debts and then start saving like mad for your deposit, for when the defaults slip off your record in X years.

Refusing to pay and not being able to pay are two separate entities. but anyway, like i said, I am completely new to this all. And yeah maybe you're right and I am still putting it off. My SOA is still somewhat iffy as i have remembered a couple of things i forgot nothing major. I will be paying of the majority of my debt this week and work towards a cleaner record.

onamissionEU

A default on your file will cause mtge lenders to refuse you a loan full stop - wether it is open, partially settled or settled -certainly in the first 2 years. Older defaults whilst bad might be overlooked by certain banks depending on their nature. Either way, you will struggle to get a mtge with defaults on your file.

I would suggest that you write to your creditors explaining what caused you to get into trouble and that you are now looking to make amends. Tell them that you MAY be able to raise the full amount to clear the debts but in exchange you would like to see the default removed from your file. This is not any easy road but you have 6 years before you can get a decent mtge so worth a try.

It may well happen that the creditors take a renewed interest in persuing the debt but the worst has already happened; default.

Offer them token payments or payment in full on condition that the default is REMOVED (not just marked as settled). You have nothing to lose.. Make sure any agreement reached is make in WRITING before payment is made. Good luck.

fevlo

Easy one to answer....Pay Them

Just because they arnt chasing now doesnt mean the debt wont be sold on and then they will start chasing again.
What happens if they catch up and chase after youve used the money you have no for a house deposit or something ?
Youll then have to offer to pay them monthly, you have the money, pay the debts off and have a clear head.

chevalier

I would pay them. Having defaults marked as satisfied on your credit file is better than them not being. And then it is all done and dusted. If you leave them and they get sold on aga in, then you run the risk of the next company adding interest or charges to the original debt.

Once you have then all satisfied, you can get onto saving. I would look through you outgoings a month and add on a reasonable amount of spending money. Anything above that put aside to save. If you really want to be serious about saving, put the money aside straight after you are paid, that way it is away from temptation.

Ref getting a mortgage, I am sure that even with defaults you could get a mortgage via a broker - you would just be charged more for it. Or else wait 6 years until the defaults drop off and by then you should have a pretty chunky deposit saved
good luck
chev