Paying Defaults

Donewithnow

Hi
I could do with your thoughts about my situation & what I could do.
In May 2018 I had two defaults registered against me, totalling some £30K. In addition to these I entered into a Debt Management Plan, with Stepchange. I am 55, and in a full time job. I have other financial commitments following a divorce. However I have managed to save around £6k. In the long run I would like to purchase a property again (I am currently renting) although I think this will not happen for another 2 years, which of course will only leave about 10 years to pay off a mortgage......which at that point I could afford to do.
The issue is the defaults. I know they will cause me issues when applying for a mortgage (I have tried recently) and am confused by how they are viewed now, and possibly in the future.
I am considering making a sub standard offer to settle the defaults managed by Stepchange with the £6k I have saved. I could possibly stretch to £8k. What effect would this offer , if accepted, have on my credit rating now, and possibly in say 2 years time ? (Note apart from these two defaults, a result of a divorce battle, my credit file is absolutely squeaky clean, for at least 10 years prior to  2018, and up to date. Nothing is ever late!).  I suppose I am asking is worth me paying the defaults, or should I simply squirrel away the £6k ?

Thoughts ?

D3xt3r5L4b

You can still get a mortgage with a decent broker

sourcrates

They will be gone in 4 years regardless of what you do.
The debt will still be owed, unless you’ve paid it off by then that is, a good broker can still get you a mortgage, albeit at a higher rate.