A little bit of advice

[sparkie96]

Hi there

Well I guess I am on here as I have realised that although compared to losts of individuals I have what is known as a debt problem. For the last year I've kept my head above water, getting a few defaults but nothing more serious on my file and a few mis payments. With time I thought this would get better but with the credit crunch this just hasn't been the case. This year I I have recieved 3 CCJ's not for serious amounts but enough to dent my credit file for the next six years. The total amount is about £2700. Turning 33 next year I was thinking about buying a house however I now think that this is out the question. My total debt is about £17,000 and a debt management plan seems the best soloution. How can I improve my credit and maybe get on the housing ladder?

[MARTIN3030]

Welcome to the site.
Despite the problems-at least you acknowledge them and want to tackle them.I know you will be aware it wont be easy but everything must have a starting point.
Will move your thread to general debt to invite some responses.

[emmaf01]

List your debts and what you owe- and what the court has said you need to pay on them.

Do you have any debts which haven't yet gone to court? Find out if you have any charges to reclaim back on any of your debts and see what is enforceable and what is not- taking control means you have more time to negotiate and avoid more CCJs if possible.

Finally follow the advice her to maximise your income and trim your expenditure. Therefore you can pay debts off quicker and be able to start saving for that now essential deposit!

[sparkie96]

Thanks Emma

I've jsut got an income and expenditure from CCCS and am filling it as we speak. The stupid thing is that actually i earn a decent wage but dont seem to have paid anything off over the years since graduating hence the debt surmounting. It is infact only 2 of my debts that have gone to court and the rest are mainly arrangements to pay and 3 defaults with agreements to pay on them. Once the court has accepted a payment amount if your circumstances change can you reduce this payment?

I've heard that if I can get my finances straight within three years although I may have adverse credit history if I can prove that I'm paying my bills on time and reducing my debt this will mean I maybe able to go to a specialist broker and gain a mortage that way. Does anyone know if this is correct?

[emmaf01]

Due to your adverse credit history and in this economic climate, it would probably mean that if you get a mortgage at all it would require a large deposit and be at an exorbitant interest rate.

Not really recommended.

[sparkie96]

So in effect for 6 years I have to sort my finances out and wait for my credit to clear up as otherwise I'll be paying the earth for a mortage and wont really gain the benefit of owning my own property. If only I had addressed the issue before.

[emmaf01]

That is how we all feel sometimes, Sparkie. However, at least we are all doing something about it now.

My unattainable dream is a current account, with a cheque book and an overdraft.

No real chance with my credit history... and I'd probably just b***** it up anyway. At least I've got a solo card now!