Not sure if I’m a write off

stickysituation

Hi all I’ve searched and searched and yet to find an answer or similar situation.  So the long and short of it current situation husband purchased house 2.5 years ago his name only due to me writing myself off with a previous bankruptcy on file (2009)(marriage separation) and adverse credit, as it stands we have around 19k debt however we had the house valued and if we sold would habe 50k profit min this would enable us to clear said debt and start afresh with around 20k for a deposit for a house purchase of around 130k ish so 110k mortgage earnings roughly 30k (40 if tax credits and child benefit can be used) between us 
my question is at present I look a complete write off due to mainly all my cc debt is there any hope here can it be looked at as if the debt will be gon on completion or do I just plod on for a few years paying off debt 
I appreciate on paper I look a bit of a knobber but I really aren’t over never missed a payment in my life and my bankruptcy was due to a marriage brakedown 
Many thanks 

MovingForwards

Why are you selling?
If it's just to clear the debt then don't do it, instead join the debt free wannabe board where you will receive guidance and support to clear the debt.

If it's because your current property doesn't suit your needs now, clearing the debt is a bonus, can you say what adverse history is currently showing on your credit reports (ignore the score and rating as that's not seen or used by lenders when assessing applications).

There is life after debt, mortgages are possible albeit sometimes with a sub-prime lender at higher interest rates.

Don't write yourself off.

stickysituation

MovingForwards said:

Why are you selling?
If it's just to clear the debt then don't do it, instead join the debt free wannabe board where you will receive guidance and support to clear the debt.

If it's because your current property doesn't suit your needs now, clearing the debt is a bonus, can you say what adverse history is currently showing on your credit reports (ignore the score and rating as that's not seen or used by lenders when assessing applications).

There is life after debt, mortgages are possible albeit sometimes with a sub-prime lender at higher interest rates.

Don't write yourself off.

Thanks so much for understanding when I say adverse I mean there’s just a lot it cards mainly so my utilisation is very high it’s all paid every month no missed payments etc it’s just I’m stuck i over pay most stuff as best I can but thos could change everything 

we want to move as we hate the area it was just a starting point to get on the mortgage ladder after 10 years of renting

i just want to know that there is a possibility of a broker looking at us as if the debts are gone once we were to complete, it could pretty much change our life being £700 plus better off a month.

K_S

@stickysituation There isn't enough information to say what your chances might be.

- a BR discharged more than 10 years ago is unlikely to be material for most lenders. The same for adverse that isn't on your credit reports any more.

- the lenders involved in the events that led to the BR might have internal records that will rule out some of them

- 19k debt on a 30k income is on the higher side but it isn't high enough to necessarily stop you from moving. Some lenders will disregard the debt for affordability purposes if you are paying it off from proceeds of sale.

stickysituation

K_S said:

@stickysituation There isn't enough information to say what your chances might be.

- a BR discharged more than 10 years ago is unlikely to be material for most lenders. The same for adverse that isn't on your credit reports any more.

- the lenders involved in the events that led to the BR might have internal records that will rule out some of them

- 19k debt on a 30k income is on the higher side but it isn't high enough to necessarily stop you from moving. Some lenders will disregard the debt for affordability purposes if you are paying it off from proceeds of sale.

Thanks so much this is the bit I wanted to hear that some lenders disregard the debt! I just needed to know that this is an actual thing x

K_S

stickysituation said:

K_S said:

@stickysituation There isn't enough information to say what your chances might be.

- a BR discharged more than 10 years ago is unlikely to be material for most lenders. The same for adverse that isn't on your credit reports any more.

- the lenders involved in the events that led to the BR might have internal records that will rule out some of them

- 19k debt on a 30k income is on the higher side but it isn't high enough to necessarily stop you from moving. Some lenders will disregard the debt for affordability purposes if you are paying it off from proceeds of sale.

Thanks so much this is the bit I wanted to hear that some lenders disregard the debt! I just needed to know that this is an actual thing x

@stickysituation Just to be clear, while it may be disregarded for affordability purposes, it may still play a role in the decision making process. For example, for cases where the existing debt levels are significant in relation to income, at underwriting they may ask for the reason for the accumulation of debt.