Timeframe for resurrecting credit

Quaglino

Hello, first time poster here.

My credit rating is Very Poor : 483 on Experian.
3 years ago my ex walked out and my finances went completely to hell. My youngest child who has autism was excluded from school which severely restricted my work ability... yadda yadda,,, catalogue of disasters like a Country and Western song I will not bore you with.
The key facts are that I racked up about £18k of CC debt, got in arrears on Electric and gas, council tax, made late mortgage payments (although no arrears) incurred 2 CCJs etc

I have managed to get things more in order since then and paid off approx half of the debts (which have been transferred to collection agencies with whom I have arranged payment plans). Slowly but steadily we are clawing our way back to solvency.

The issue is: my ex has decided to move back to Slovakia and I have to remortgage if I am to keep the family home. My son is already very traumatised about everything and losing his home where he has lived all his life would be the last straw.
Obviously I cannot get a mortgage at the moment, not even from the less discerning lenders because of my credit rating. I may be able to take a shortish term loan to cover the payment in the interim though, but would need to remortage ASAP as this would not be a desirable long term solution.

My question is: given that I am paying off the debts as quickly as possible and keeping my nose clean with making payments on time (I still have an active credit card I pay in full every month etc) how long is it realistically going to take to bring my rating back up? six months? a year? 2 years? or do I have to wait the full six years from my last default?

[Deleted User]

You don’t need to improve your rating or score as it’s not a real thing.

As your debts get paid off you will look more and more favourable to lenders.

If you need to remortgage then speak to a broker who specialises on your situation

Willing2Learn

Hi Quaglino and welcome to the forum

I just wanted to say I hope you recognise how well you have done to have halved your debts in three years.

Have all your accounts been defaulted or are they being marked on your file as 'AP' (Arrangement to Pay)?

DCFC79

Theres no definitive period of time, as long as you keep your nose clean then the older the debts are the less impact they have.

System

Quaglino wrote: »

The issue is: my ex has decided to move back to Slovakia and I have to remortgage if I am to keep the family home.



Obviously I cannot get a mortgage at the moment, not even from the less discerning lenders because of my credit rating.

What does your current lender say?



As for losing the family home and moving, your son will manage especially if you're able to get some of the debt off your back and de-stress as a result of selling the house. We have an autistic child too and he coped much better than we thought when we moved.