Any advice welcome!

Clouds88

Hey guys,

I am after some advice on if you think this is a good plan going forward? We have had some bad luck in the past, bad money management, lost of a job ect. I am BR and due to finish April. My husband was going to go for a DRO due to his debts but it has been taken months for it to go through and still no closer yet as a student and me working part time he qualified for it.

However, he’s due to get a job in May time so I’m thinking of just not doing it and waiting until then and then start to pay off our debts so at least we’ve done his half and he won’t be ‘Black listed’ as I am.

Debts are as follows:

Child tax credit £3,000 total ( paying £20 PM at the moment)

Over draft £2500
Credit card £3,000
Next £1,500
3 pay day loans, £1500,£1500,£900.

Two of the pay day loan companies have offered 50% settlements and currently not paying any of the above except the CTC one.

Once Husband gets back in the work once my BR has finished, we will have a disposable income of at least £600 a month and I can do over time shifts too which will bring in more. I really want to own a house but I know I have no chance for 5 years but if we paid off my husbands debts and negotiated full and finals, Would he be in a good position to apply for a help to buy mortgage In say 3 years? He has no CCJ’s just defaults- probably around 6 and all have registered at least 6-12 months ago, a few maybe longer.

Thanks in advance for the long and not very well constructed post.

sourcrates

Hi,


This "blacklist" you refer too, does not exist, once negative information has dropped off your credit file, its gone for good.


The lender or lenders with whom you defaulted, may keep there own internal records for longer, simple solution, don`t ask them for more credit, go elsewhere.


Old defaults should not be the end of the world when it comes to mortgages, I think most people tend to use a broker to obtain a deal.


As regards husbands debts, it would be nice to take advantage of his current unemployed status to clear his debts, but the chance of a job does not come around that often, he will need to weigh up what is more important, a wage coming in, or been free of debt, and that`s a tough call to make sometimes.