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Advice please on buying with previous bad credit history
DEADBIRD_2
Posts: 7 Forumite
I am hoping that someone in the know can give me some advice.
My husband and i accrued a significant debt (around £50,000). We have had a DMP with the CCCS since 2002, recently paying £1,187 per month, with only £3,000ish left to pay (last payment due in October but have money to clear this now if appropriate). We own our own home worth approx 85,000 and we have not defaulted any payments on mortgage since 2000. We made some reduced payments to cccs (arranged) in early 2006, which i now know count as defaults.
We have seen a house we like for 169950, which is more suitable for our needs and more accessable for work etc and we are really keen to move (and have a potential buyer for our house already). I know we wll have no problems meeting the mortgage payments as they would be far less than our cccs payments.
My question is will anyone lend to us now our cccs dmp is (potentially) finished. Will we still be classed as sub prime?
Any thoughts would be helpful.
Cheers
Lil
My husband and i accrued a significant debt (around £50,000). We have had a DMP with the CCCS since 2002, recently paying £1,187 per month, with only £3,000ish left to pay (last payment due in October but have money to clear this now if appropriate). We own our own home worth approx 85,000 and we have not defaulted any payments on mortgage since 2000. We made some reduced payments to cccs (arranged) in early 2006, which i now know count as defaults.
We have seen a house we like for 169950, which is more suitable for our needs and more accessable for work etc and we are really keen to move (and have a potential buyer for our house already). I know we wll have no problems meeting the mortgage payments as they would be far less than our cccs payments.
My question is will anyone lend to us now our cccs dmp is (potentially) finished. Will we still be classed as sub prime?
Any thoughts would be helpful.
Cheers
Lil
Lightbulb moment 2001 - Can't remember the exact date.
Well on the way to being debt-free!!!! Hard work but will be worth it.
Well on the way to being debt-free!!!! Hard work but will be worth it.
0
Comments
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I would suggest you apply to get a copy of your credit files from equifax and experian.
It'll tell you what each DMP with each creditor is showing as on your credit file.
From my experience working alongside the cccs DMPs can show on your credit file for upto 6 years after they have finished.0
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