Questions regarding bad credit, joint accounts and mortgages

jamest1993

Hello, i'm new to this and was unsure where to post it, sorry if its in the wrong place.

I'm 23 and have been in a serious releationship for nearly 6 years. I have recently started a debt management plan with Stepchange to help get over my past debts.

I was young and found payday loans, it got out of hand (stupid mistake by me, i know) and ended up using one to pay off another. As well as this i had a phone contract which one month was way more than expected, resulting in me not paying.

To cut a long story short i'm now trying to sort out my mess as i now have a CCJ that has just started this month. Like mentioned before i'm now on a plan with Stepchange for 3 debts totalling around £1000.

My partner however has an exellent credit score, she is on around £23k in a very stable job whilst i am on around £12k in a stable job. 'Why didn't you pay the debts before if your on 12k?' Because I'm an idiot, i didnt realise how bad it could get and kept saying i'll do it next month, then something else would come up.

Going forward do you thing the best option for us would for my partner to try for the mortgage on her own as surely no one would accept one for the both of us.

Would the answer for the question above be the same regarding a Joint Account, would there be any point trying to get an account together?

Thanks for reading and i hope to hear from someone soon.

Thanks again,
James

Candyapple

No, don't get a joint account as you and your partner will be linked financially meaning your bad credit history will affect hers - any time she applies for anything, your records will be searched as well as hers.

Since your CCJ is dated from this month, in 6 years time it will drop off. You could pay off your debts and save as much as you can in this timeframe and then apply for a mortgage with your partner once the CCJ drops off and that will place you in the best position. If however you are looking to buy in the near future, assuming your partner has saved a substantial deposit and will be able to obtain a mortgage on her own salary, then you will need to seek legal advice with regards to what type of ownership:
https://www.gov.uk/joint-property-ownership/overview

jamest1993

Hi, thanks for your reply. Your answers have helped me out and i appreciate your time. Thaks again.

rfor

Hi, I thought this thread could help me.
I currently have a ccj on my credit file, it will drop off in october.
I was wondering if anyone knows how long it will take for my credit score to improve once it is gone. There are no other negative factors affecting me and I am already using a credit building Cr ed it card. I am hoping to get a mortgage as soon as I can after it is gone from my record, and want to know what the realistic chances are of me getting one?

Thanks