Devastated

cvm_2

MalMonroe said:

I do agree with MovingForwards, there IS life after debt. There's no need to be devastated.

I was in a very bad place 7 years ago and with the assistance of one of the free debt help agencies, took out a DRO. Things were tough for a few years but now things are so much better. I do have a credit card but pay it off in full - as Martin suggests - each month because lenders DO look at whether or not you can handle money well, that you can have a credit card and you can pay it off regularly. Sometimes having no credit can actually work against you. You need to let lenders know you're a responsible borrower. However, that's for the future.

You also have the benefit of age. I was 63 when I took out my DRO. Imagine my shame, doing it at that age! 

Once you get your debt paid off and everything is sorted out and everything drops off your credit report, you definitely WILL be able to have a fresh start. But then you will be a bit older and wiser and will have the experience needed to get, and keep, things on track and get yourself out of that flat. 

My advice would be just take one thing at a time, it's not really that long until things drop off your credit file, you are young enough to start again and although you feel as if everything is on your shoulders and you can't bear it, I can see so many positive factors here. You've managed to get yourself a great job with a good salary. (In spite of having had financial troubles). You are paying off your debts. You need to start patting yourself on the back a lot more instead of hitting yourself over the head (metaphorically speaking, of course!)

You're almost there, you're getting everything sorted out, so please have faith in your own ability, it seems to me that you have ability in spades. It's a pity that nobody else knows about this because they could give you encouragement, you are on the way to success now, so stop looking backwards because you aren't going that way!!

Thank you so much for your kind reply, and for your encouragement. 

sleepyjones

John_ said:

What do you think is incorrect about the markers?

I think the issue was that it took them 2 years to default the account,  so while everything else drops off the credit file next year, the TSB default will remain for a further 2 years (hence the 8 years).

nyermen

cvm_2 said:

Thanks for your reply. 
I don't think I'll every have a credit card or overdraft ever again. The only thing I would like to do is to move to a decent area as the one I live in now is so awful. 

If you have a mortgage plan to move to buy, then you'll get there and it'll be worth the effort.  When all your markers are historical (ie. no new marks, recent entries are good stuff, reducing balances etc), then it may be worth a chat with a broker to see their view.  Lending criteria are tightened at the moment, but in a couple of years I'd expect that to either relax, or house prices to have come down (both of which would be good for you). 
If you plan to move and rent, then different story - last time I checked, letting agents aren't generally allowed to access your full credit history, just the public records (eg. CCJ's).  So make sure they're all done / satisfied / etc.
Anyone else with better knowledge about how much data agent checks can see?