My SOA ( Be gentle :P )

Bane84

ViolaLass wrote: »

You still haven't explained why your money isn't in the bank either. As it is, it's earning no interest, you're still in debt AND it's a risk of being stolen/lost/burned etc.

The bulk of my savings is in my bank account. I have about 3k in my account and 1500 in cash. The cash was a loan to my brother which he paid back, the money will be going back into the bank account.

R_P_W

Bane84 wrote: »

Who died and made you my creditor? It's kinda sad that you have nothing constructive to add and spend your sundays trolling.

Trolling? Hmmmm

You owe an amount of money. You are now able to pay it. Don't really see what your trying to achieve here. So why don't you just contact them all tomorrow and pay?

Bane84

Ok mate, well done.

ViolaLass

Bane84 wrote: »

Ok mate, well done.

Not clear why you're getting at R P W. S/he it right. You have the money, pay off your debts. It's not complicated.

notanewuser

Bane84 wrote: »

The bulk of my savings is in my bank account. I have about 3k in my account and 1500 in cash. The cash was a loan to my brother which he paid back, the money will be going back into the bank account.

Your SOA says you have £1k in the bank.

liltdiddylilt

Hiya. I really hope you ate before you went shopping! Worst thing in the world is to go shopping for work food on an empty stomach. If I make that mistake I come out with enough junk food to feed a family of 5 for 4 weeks and a very light wallet. Now I make a list & stick to it rigidly, AFTER eating a sandwich

Sorry you lost your job, but at least you were living with family and so managed to keep the debt incredibly low for 2 years of no money coming in. I can understand splashing out on your car. It's basically the only place in your SOA apart from work food you can save money but lets face it, your outgoings are not exactly extreme so you don't really need to cut back.

Regards the defaults, you won't be able to get these removed. The creditors are only going to remove them if they made a mistake in applying them in the first place and it seems pretty clear cut that they had every right to register them unfortunately. You can't negotiate rid of them. That would be tantamount to buying yourself a good credit history, and don't we all wish we could do that!!! :rotfl:

A default, or two or three will show for 6 years from the date it was registered. Pay it off now, now that you have the money to do so. It will then show as satisfied on your account. It goes some way to rebuilding your credit history. It will also stop any debt collectors adding £100's in charges when they do get around to chasing you!

A mortgage company will not touch you for at least 2 years from having 1 default registered and it is highly unlikely that with 3 you will be able to get a mortgage at all I'm afraid. I work for an IFA, and we struggle to get people with more than 1 late/missed payment a mortgage with decent rates at the moment.

You also need to prove you can now manage your money, perversely by getting some form of credit card, 'creditbuilder' and paying it off in full every month. You don't have to spend a fortune. Buy your work food on it weekly and set up a direct debit to pay in full so you don't even have to think about it.... You need to prove you can manage your money, so not having any form of credit won't help you!

Personally my advice would be to pay off your debts immediately & get saving. Keep going until those defaults drop off & by then you'll have enough to put down a huge deposit depending on where you live, which will mean you can negotiate the best mortgage rate possible and be in a great financial position for the long-term.

Good luck

Bane84

Thank you for your reply. That's all i wanted was some constructive advice on how to best tackle this issue, and the rec curing theme is by the horns. Most of the debt to be fair was from fee's ect. But what's done is done. Will go about paying of some of that big debt tuesday as a i have a day off.

With regards to the 1k issue that is what i have in cash, i have about 3k in the bank.

I didn't get a chance to go shopping unfortunately as mum needed help around the house. Will go on the way home from work. Defo need to curb the amount i spend on groceries ect.
I really want a new car, not that i need one. After selling privately i have figured i will need another 2k, so any overtime i do now, will go towards that, I'm hoping that even with that, i can squirrel away at least 1k a month for a deposit, and even if it takes 1 2 or 3 or more years, the extra money can't be a bad thing.