In my 40s will I ever own a property.

ayupmeduck · 28 December 2023 at 1:29PM

So I have been in debt most of my life and have had diaries on here before but never kept up with them. This year I see a light at the end of the tunnel (sort of) and want to be kept accountable.

So here goes...

I have my finances split into different areas: focus, SB, affordability complaints.

£4412 – main focus

£7694 – SB

£10214 – affordability complaints

I should have the majority of my focused debt paid off by 1st July 2024, at this time defaults will also start dropping off my credit reports. I don’t hold out much hope for the affordability complaints, two are already with the ombudsman, but you have to try. I will tackle those when I need to. One of my SB accounts becomes fully SB August 2024, one other will drop off then also (not SB though) and the last one has 2 years to run but they took nearly 4 years to default me!!! I do not hear from two of these companies, the other is in administration, and occasionally sent balance statements or 'set up repayment' emails, so let’s hope it stays that way, if not then I will set up repayment plans.

Splitting debt like this, helps my brain and makes it easier for me to focus on debt payments.

I make a descent wage and work from home, but we rent and if we needed to move from here we would have to increase our rent by at least £400. If this happens then the debt payments get reduced drastically. We have £10k for a deposit or another rental (if needed), thanks to an early inheritance from my parents, but that doesn’t get you anything down here, we’d be looking at £30-£50K at least for a deposit and that’s for a 2 bed flat.

We are seriously considering shared ownership, flats in the local area are pretty nice. None in our desired location just yet and as my other half doesn’t work from home we don’t want to move too far out just yet. He only has a few more year left till retirement, then we will see where we are at. Of course repairing my credit rating is going to help, I think we would have maybe 3 defaults on my report at around 3 years old.

We are also not adverse to renting into retirement.

Let the adventures begin!!!!

ayupmeduck · 6 September 2024 at 8:29AM

Coming back on here to update:

Starting debt: 24027
Current debt: 4293
SB: 1588 (due to fall of credit reports 11/2024)
Deposit: 10000
SIPP: 1165

I only have one debt I'm going SB for now, my Barclays loan fell off my reports last month & I've heard nothing from them or anyone else for 6 + years.

I took some debts to the ombudsman and won. Loan's to Go removed all evidence from my reports and reduced my balance to £650 from £3000 so will be paid off very soon. Lendable also removed all evidence of their loan & credit card and reduced the balance to include no interest and minus anything I'd already paid. There further reduced it by a 50% offer which I accepted and this to will be paid off very soon, £5340 to £1770! The credit card I had with them, I've heard nothing about.

DFD: August 2025