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Liz11221

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andyfromotley

Hi liz, i'm not an expert but I'm not sure that there will be much difference between a full and partial settlement on your ability to get a mortgage. I think your credit history is fairly shot and you may find it difficult to obtain a mortgage until they drop of. (i'm sure one of the brokers will have more specific advice)
As to getting them removed as part of the settlement, some companies do but it seems that most don't. It is entirely at their discretion. All you can do is ask.
As i say, don't take what i have said as gospel, but i hope it points you in the right direction,
good luck.

Liz11221

Thank you for the response iv been told I can get a mortgage with a larger deposit as nearly all my defaults are over three to four years now and I have positive things on my credit also. I have known people with CCjs to get mortgages also and default and debt. I'm not asking for a large amount either compared to my wages. I also think if I partial settle it surely it would look negative but some sites are saying as long as I had it in writing they won't chase the remaining debt that it is still positive as I am paying the debt off and also there is only a few things left on my credit totaly of 5400 dedt showing on my credit the other debt I don't think see. It's all very confusing with so many different answers

Thank you once again for taking the time to reply

Jon_B_2

If I'm reading right, you state you have a defaulted Wonga loan from 2014? That is neither years ago, nor going to look good to a mortgage lender surely?!

kingstreet

In about ten months' time, obtain all three versions of your credit file and put them in front of a broker.

You can then establish what can be done and when.

In the meantime, stay away from PDLs and pay everything on time.

shortchanged_2

What confuses me is where will you be getting the money from for the deposit?

Shouldn't you be paying off your debts in full first?

Liz11221

Hi the Wonga loan has been cleared off my credit I forgot to mention. The deposit is coming from a scheme through work but the money is only given for a deposit to a house so I couldn't use it to the debt.

Long as I have no defaults in the last three years I will still get an ok rate but I need to be debt free before I apply.

Thank you for your help

Thrugelmir

Partial settlement of debts may well restrict your options with regards to lenders in the future. As the lenders you default on may not be willing to advance you monies again in the future.

Liz11221

I don't think the bank I ow the money too would have gave me one anyway. I will get an advisor once iv got rid of the debt but there is no point while I'm still in debt. I think most banks won't touch me with defaults on my credit report