20 Defaults - Is it possible?

Holyt

Hi everyone,

I am hoping to get some suggestions/opinions advice if allowed?

I’ve been reading through lots of threads here and have found the advice and personal experiences really helpful, so I thought I’d ask about my own situation.

Im going through a really tough time that will result in about 20 defaults across various credit accounts including credit cards and mobile phone contracts. I know that’s a huge number — I’m honestly embarrassed to even type it — but all of them are now either satisfied or partially satisfied. They’re about two years old at this point, and I’ve had no missed payments since.

I’ve managed to get everything back under control, but I’m really worried that I’ve completely wrecked my chances of ever getting a mortgage. I understand that defaults stay on file for six years, but I keep reading mixed information about whether it’s ever possible to get a mortgage before they drop off, especially when there are this many.

I’d really appreciate any insight from anyone who’s been through something similar or works in this area.

• Is there any chance of getting a mortgage before the six years are up?

• Does the number (20!) automatically make it impossible, even if they’re all older and settled?

• Do specialist lenders ever consider this kind of situation, again 20!!!! if income and affordability are solid?

• Would waiting until the defaults are five or six years old make a big difference?

• I am aware i could wait till they drop off and getting a better rate however, if my aim is to get on the property ladder sooner than later, i could re-mortgage once they drop off right?

• Im just so worried that i have about 20!!!!

I know I’ve made big mistakes and I’m working hard to rebuild, but the thought of having to wait six full years before I can even try is quite worrying.

Thanks in advance for any advice or success stories — it really helps to hear from people who’ve been through the same thing.