Advice needed please

Misswinelover1973

Im not sure if I'm posting in the right section but I was living in shared accommodation for over 8 years in which time i got myself into a mess financially,had over 7 creditors (payday loans,logbook loans,overdraft) and was making minimum repayments to all creditors or sometimes no payments at all leaving me with a poor credit report. I have since moved back in with my mom and have spent the last 3 years clearing my debts. I now have 3 left that will settle in May,July and November this year.

I'm desperate to get my own place and my plan is from 2015 to finally start saving for a mortgage deposit. I'm hoping to go for one of those Government schemes for first time buyers or via shared ownership.

I will be 41 this summer and think it will take me say 2-4 years to save a decent amount whilst hopefully repairing my credit score at the same time so would I actually be eligible for a mortgage by then or should I rent? Also I have no pension in place but Ive been saving £50 a month for the last 2 years which I know isn't much and would ideally like to increase it but am unsure if I will be able to do both. Can anyone suggest anything/someone who can advise me as I've no idea who to ask for impartial advice.

Many thanks

LandyAndy

Why have you been saving £50 a month for two years when you have outstanding debts?

Misswinelover1973

I was actually thinking the other day of using that towards clearing my debt

wannabe_credit_free

Best to get rid of debts first. Your debts will be costing you much more in interest, than your savings will be making. Clear your debts first, then you can start afresh with a clean slate.

The payments you made toward your debts will then be freed up and you can apply them to your savings. :beer: