Being in debt sucks

bookadict

Dear all,

Some of you may have seen me lurking on the How much have you/will you spend each day challenge.

I'm currently in debt and on a DMP which I'm starting to regret. I recently got engaged:j and we've now started to look at houses. My partner is fully aware of my DMP and I've told him that we'd struggle to get a mortgage.

Yesterday we looked at an apartment which we both feel in love with, now as you can imagine I'm dreading sorting out a mortgage - A & L have said that no high street bank will touch us, maybe 3 years after I've come out of my dmp and have referred us to Freedom Finance.

I suppose I'm scared that by doing this DMP that i've ruined our future chances of getting a mortgage/ :mad: For which I've certainly shed some tears over and yes I know it's not worth it.

thinking about it, I'm in a position that I could come out of the dmP and start paying off my debts myself - would that look good on my credit report?

I am trying to remain positive but with house prices increasing all the time - it's going to be impossible for us to get on the property ladder. the only way we could ever afford a house of our own, is when one of my relatives dies and I inhert the house - which is sad.

I'm sure I'm not the only one in this position but you do feel alone. I know th elovely people on here will offer sound advise that will cheer me up.

cx

GettingThingsDone

Hi bookadict - not sure what the answer is, but now might not be a good time to buy property anyway. Also, you never know, there may be a way i.e. don't trust what A&L say as the gospel truth.

Anyway good luck and keep posting! I'm sure you'll get some help here.

gtd

hypno06

Get yourself an appointment with an independent mortgage advisor - or PM pania, on this site, she knows what she is talking about in this area and can give you some pointers.

kraft_2

I think maybe away round it, is speak to a Financial advisor, have you got one in the family?.. My father-in-law is one, and it is really good as they can "swingle" things to get your on the rungs of the ladder.

What one bank will tell you about what companies can offer changes from bank to bank, definalty shop around. Maybe get a FA round your house, take their advice as they will go through all your incoming and outgoings, and then come up with a company that would offer.

bookadict

Many thanks to you all for replying in my hour of need. It was really appreciated and I knew I could count on you to help me see through hte tears. :beer:

We've been up front and honest with the mortgage people - an independant FA and they don't feel it should be a problem. :rolleyes: We're now just waiting back to hear what they say.

At this precise moment in time, I feel scared and I'm now a fully fledged grown up and it's scary. PLus it'll be an insentive for me to be more comitted to watching what I spend - keeping my spending diary up to date and trying out more own brand stuff.

I think this place is fantastic and :money: you're a GOD in my eyes along with all the other valuable help and advise thats on here. Without this site, who knows where I'd be. It's given me the inspiration and the motivation to kick my debts!

Cx