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Saving for deposit query
Options
pmgray12345
Posts: 1 Newbie
Hi all
Looking to save for a deposit over the next year or two. Currently after all outgoings got around 500 to save each month. However, i was a little silly in my younger years taking out things on credit, and when circumstances changed, was no longer able to keep up with payments, and have defaulted on 4 accounts (3 which i have satisfied). Thus my credit history and score is pretty awful at this time
Anyways the question is should i
a) satisfy the last default (£1800), with a default date of 2016, then start saving.
b) split payments between the default, and a LISA
c) maximise use of the LISA bonus, and wait until default drops of file in a few year time
i am inclined to go for option A, as it shows certain amount of responsibility to potential lenders, and potentially for CCJ if unpaid, but any thoughts would be appreciated.
cheers
Looking to save for a deposit over the next year or two. Currently after all outgoings got around 500 to save each month. However, i was a little silly in my younger years taking out things on credit, and when circumstances changed, was no longer able to keep up with payments, and have defaulted on 4 accounts (3 which i have satisfied). Thus my credit history and score is pretty awful at this time
Anyways the question is should i
a) satisfy the last default (£1800), with a default date of 2016, then start saving.
b) split payments between the default, and a LISA
c) maximise use of the LISA bonus, and wait until default drops of file in a few year time
i am inclined to go for option A, as it shows certain amount of responsibility to potential lenders, and potentially for CCJ if unpaid, but any thoughts would be appreciated.
cheers
0
Comments
-
Yes to option A, get your debts paid first.
Good luck with your savings!0 -
I would go for option A Its going to take you 4 months to pay that default off . Then you can focus on the saving . Still be able to get £4000 into your LISA this year .0
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