We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
fwd planning, defaults
toots82
Posts: 69 Forumite
Hi all :money:
so, just after a bit of advice really. Hubby and I are about to start our DAS (Scotland), we have taken it over 5 years but have been informed we can overpay as much as we like so get rid of it sooner.
I know defaults will stay on our history for 6 years, all in we have 34k of debt with a few banks etc (this is getting rid of every penny of debt we have, overdrafts, cc's, loan).
From a mortgage point of view, is it better to try and pay off DAS sooner and have defaults settled? We'd like to move when we are debt free but are aware the defaults will make this more difficult (our own fault I know). We have a mortgage with Halifax at the moment, never missed a payment in 10 years. As it stands we have 30k equity in this house & any property we would be looking to buy would be no more than 200k. How much of a deposit would we be looking to have & does equity count?
I'm trying to get a big picture to assess how its best to deal with everything. We got ourselves in this, am determined to be better organised this time. We are both relatively young (I'm 31, dh 34) Any advice etc is very welcome.
Thanks
so, just after a bit of advice really. Hubby and I are about to start our DAS (Scotland), we have taken it over 5 years but have been informed we can overpay as much as we like so get rid of it sooner.
I know defaults will stay on our history for 6 years, all in we have 34k of debt with a few banks etc (this is getting rid of every penny of debt we have, overdrafts, cc's, loan).
From a mortgage point of view, is it better to try and pay off DAS sooner and have defaults settled? We'd like to move when we are debt free but are aware the defaults will make this more difficult (our own fault I know). We have a mortgage with Halifax at the moment, never missed a payment in 10 years. As it stands we have 30k equity in this house & any property we would be looking to buy would be no more than 200k. How much of a deposit would we be looking to have & does equity count?
I'm trying to get a big picture to assess how its best to deal with everything. We got ourselves in this, am determined to be better organised this time. We are both relatively young (I'm 31, dh 34) Any advice etc is very welcome.
Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.8K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 245.9K Work, Benefits & Business
- 601.9K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards