Soooo many late payments between us

Looking2thefuture

MovingForwards said:I

@Looking2thefuture there is one broker who deals with a lot of adverse history clients, who normally posts on these boards, have you thought about approaching him for a bit of a chat, see how your expectations match reality? 

At least then you can plan ahead, have an end date as to when you may be able to get a mortgage etc. There's nothing wrong with chipping away at debt and saving at the same time, it's what I did.

I can see why people are posting what they are, I can also see it from your perspective. You need to find out what is feasible for your exact circumstances rather what you have posted here.

Thanks for the added comments. I didn’t like the way you started with suck it up buttercup as felt it was condescending but everything else is fair and after time to reflect I appreciate your comments. 

As above I’ve Manage to pay £7k off our overall debt by paying off a loan early for £3700 then the money saved each month is going straight towards the next debt.

a house is now way down the list of priorities and paying the debt off is definitely number 1, even more so than I thought even just last week

FtbDreaming

Good luck. I spent 2 years clearing every penny I owed. Wasn't as much as yours but Im the only earner in a family of 5 so it was hard going. I now don't owe a penny and am in the process of getting a mortgage. The time has flown from 2017 to now and I'm so excited to get the mortgage and ill be even better off financially with no debt and a mortgage thats less than my rent. Just by having your debt paid off you'll have much more money to build up a bigger deposit or at least move out and rent to start a family. 

onthemend88

Paying the debt off is definitely the best choice you can make. 

Our journey started in early 2017 when we first went to see a mortgage broker as we really wanted to buy our own home. We had 3 children at a young age and have been renting for 15 years. 

We had several outstanding CCJ's and defaults between us and the mortgage advisor was blunt and said we would be much more favoured by adverse lenders if we paid the debt off (it was about £12,000 that we owed at that point). 

We worked really hard to get the debts paid off (made spreadsheets, set budgets, worked overtime) and within 14 months they all had £0 balances. We were then able start really saving towards a house deposit. 

We applied, and got accepted (through an adverse lender), for our first mortgage in March this year, exchanged contracts a few weeks ago and are only a few weeks away from completion. 

Anyway, long story short, it might feel like a long way off before your debts are paid and you have a sizeable deposit but you can do it, and the time will pass so quickly! Just keep that end goal in sight. 

And as a side note, once the debts are paid, you will be able to borrow slightly more towards a new home. 

MovingForwards

@Looking2thefuture I've never said suck it up buttercup, I think you have me confused with someone else who has posted.

I've got adverse history, including a CCJ, I've been judged when I enquired with a face to face adverse broker and probably felt worse than you did reading the comments on this thread, was made to feel like the scum of the earth and there was no point me ever thinking about buying my own home as that was never going to happen anytime soon.
The broker I used, who posts on MSE, was a million times better and listened without judgement, guiding me in the right direction and I have now been in my own home for just over 2 months.

Tuesday1510

onthemend88 said:

Paying the debt off is definitely the best choice you can make. 

Our journey started in early 2017 when we first went to see a mortgage broker as we really wanted to buy our own home. We had 3 children at a young age and have been renting for 15 years. 

We had several outstanding CCJ's and defaults between us and the mortgage advisor was blunt and said we would be much more favoured by adverse lenders if we paid the debt off (it was about £12,000 that we owed at that point). 

We worked really hard to get the debts paid off (made spreadsheets, set budgets, worked overtime) and within 14 months they all had £0 balances. We were then able start really saving towards a house deposit. 

We applied, and got accepted (through an adverse lender), for our first mortgage in March this year, exchanged contracts a few weeks ago and are only a few weeks away from completion. 

Anyway, long story short, it might feel like a long way off before your debts are paid and you have a sizeable deposit but you can do it, and the time will pass so quickly! Just keep that end goal in sight. 

And as a side note, once the debts are paid, you will be able to borrow slightly more towards a new home. 

Do you mind me asking which lender you went for? We are in the same predicament at the moment.

onthemend88

Tuesday1510 said:

Do you mind me asking which lender you went for? We are in the same predicament at the moment.

Our mortgage broker placed us with Precise mortgages. Hope that helps. 

Looking2thefuture

MovingForwards said:

@Looking2thefuture I've never said suck it up buttercup, I think you have me confused with someone else who has posted.

I've got adverse history, including a CCJ, I've been judged when I enquired with a face to face adverse broker and probably felt worse than you did reading the comments on this thread, was made to feel like the scum of the earth and there was no point me ever thinking about buying my own home as that was never going to happen anytime soon.
The broker I used, who posts on MSE, was a million times better and listened without judgement, guiding me in the right direction and I have now been in my own home for just over 2 months.

I’m so sorry it was somebody else commented, my annoyance clearly effected my sight 🙈

Do you know the brokers name on here at all please? 

MovingForwards

@Looking2thefuture the broker I used is ACG he often posts on the adverse credit mortgage threads.

I've messaged you the link to his business.

jazzyja

Hi just wanted to say i feel your pain. Im 29 (I know im young but certainly don't feel it) but 30 this year and it was painful knowing I still hadn't bought a house by time I was 30. But my attitude has changed completely since starting my mortgage/debt free journey. I have stressed myself out SO much to the point I've has countless sleepless nights. I've spent a fair few years shaving my debts down but now I'm currently working 50+ hour weeks to save and pay off debt. I've 2 small children and I'm so so tired. I've rented since I was 17. Homeless before that. I've been to the pits and back. Trust me you are in a very good position. The debt you can get rid of. You have good family which is priceless. Its not a race. We're still young and given the current circumstances that is a privilege. Good luck, youl get there!

lantanna

I’m 41, I’ll be 42/43 by the time I’m ready to mortgage. I rent have done since I was 20, living with parents was not possible for me. I’ve a default from 2016 and about 2k of Debt’s to pay off first. We just need to be patient. It will happen!