So who is starting afresh?

LolStevo

After having a visit from a bailiff i need to stop burying my head every few months!

I'm hoping to sort the bailiff situation off asap and can focus paying off my other debts!

I'm going to do a full SOA, I know I spend/waste far too much money on food and clothes for the kids!

My story: I'm a mum of 3 kids who are 2,3 and 4 almost 5. I have gone part time in work as the nursery fees were putting me in debt as I wasn't earning enough to cover them!

By September il have a child in full time school so I'm hoping to go back full time then! I'm also in college 2 nights a week so I'm always pretty busy!

Anyway my goal is to buy my own house in 2 years time so I'm going to pay my debts off which are roughly £6000 (includes a 4k ccj for tuition fees) then save roughly £10k

I'd love to hear your stories, how you got here and where you want to be :A

[Deleted User]

I'm sorry to say with recent(?) ccj's you won't be buying a house anytime soon,but good luck sorting out your debts and post that SOA asap

LolStevo

woodbine wrote: »

I'm sorry to say with recent(?) ccj's you won't be buying a house anytime soon,but good luck sorting out your debts and post that SOA asap

😟😢😥:(:( it's from 2012 only started paying it back last year was hoping to clear it before the 2 years time?

How old would it have to be to be considered 'ok'?

nicp60

The CCJ will drop off your credit file 6 years from the date it was applied - so probably sometime in 2018. You won't be looked at for a mortgage before then I'm afraid.

However as it's only an extra year, you could increase the size of your deposit and savings etc once you're debt free!

I feel your pain with the nursery fees and wondered if you were eligible for tax credits?? It's worth checking them out to help.

Best of luck on your journey!

HappyMJ

LolStevo wrote: »

After having a visit from a bailiff i need to stop burying my head every few months!

I'm hoping to sort the bailiff situation off asap and can focus paying off my other debts!

I'm going to do a full SOA, I know I spend/waste far too much money on food and clothes for the kids!

My story: I'm a mum of 3 kids who are 2,3 and 4 almost 5. I have gone part time in work as the nursery fees were putting me in debt as I wasn't earning enough to cover them!

By September il have a child in full time school so I'm hoping to go back full time then! I'm also in college 2 nights a week so I'm always pretty busy!

Anyway my goal is to buy my own house in 2 years time so I'm going to pay my debts off which are roughly £6000 (includes a 4k ccj for tuition fees) then save roughly £10k

I'd love to hear your stories, how you got here and where you want to be :A

An SOA is great but what I've found is a spending diary works so much better. You carry a little mini diary around with you writing down everything you spend and on what then at the end of each week you enter that into either a spreadsheet by category and/or a program designed for that purpose. Then after one year you should have a good idea what you've spent adding up the entire years payments then dividing by 12 and seeing where you've gone wrong. Sometimes unexpected expenses come up but really these should have been budgeted for in advance. Maybe as an emergency fund or sofa fund, or new bed fund or whatever.

As has been said I'd wait until CCJ no longer appears on your credit report before applying for a mortgage. I'd apply for and properly manage a credit card to show I could handle credit responsibly.

sourcrates

LolStevo wrote: »

How old would it have to be to be considered 'ok'?

For mortgage purposes you have to be squeaky clean nowadays I`m afraid, any defaults or CCJ`s on your file will rule you out of the game.
You will have to wait until they drop off your file before applying, still it should give you more time to save a deposit.

andyfromotley

What is your occupation? Thats quite a lot to pay off and save over the two years particularly when you factor in childcare and the costs of three kids.

I'm not saying that you can't do it, you go for it girl!!

LolStevo

Well iv worked out 2 years probably isnt feasible. I am going to aim for buying in 2018 when the CCJ has gone and by then i should have a pretty decent deposit?

I hate that i am penalised for this ccj when it was the student loan company who withdrew my funding after i had left uni! I didnt have a clue about it before it was too late :-(

Oh well i have just been accepted for a £200 Capital one credit card so going to use that as my debit card and try and better my credit report whilst paying this all off!