Jump to content

showmethemundy

Registered Users

Change your profile picture
  • Posts

    3
  • Joined

  • Last visited

Reputation

1 Neutral
  1. Cabot said that a payment was made 5 y 11m before the CCJ, but we proved through bank statements that we never made that payment. Court didn't accept our evidence. Can we leave this please, as I don't want to distract from the OP
  2. Under my instruction, my wife took Cabot to court to remove the CCJ as the debt was statute bared at the time the CCJ was granted. The court rules against her and allowed Cabot to place a charge on her property. The judge (?) was very understanding to the point with agreeing with our interpretation of the law, but still took the view of "you borrowed the money, you pay it back".
  3. Hi All New to forums, so please move if I have posted in the wrong place. Thank you in advance for any comments. Introduction My wife (38) and I (44) are currently in a joint ownership mortgaged property, in a debt management plan, with defaults on bank loans and credit cards. We both have good earning potential and hope to remortgage in approximately 2 years (after April 2019/20) to achieve full ownership. Current financial position Our current property is in my wife's name. It's a joint ownership (50%) 3 bed semi. Our 50% is valued at around £85k. We have £18k o/s on the mortgage and a further £6k charge on the property from Cabot re: an old CCJ that is no longer on the wife's credit history. Approximately £60k equity. Wife is in long term permanent employment earning £32k per annum. Husband is Director of own Ltd Company. Currently in year 1 with expected earnings of around £28k (£8k salary + £20 dividends). First year end is April 2018. Current debt position We currently have around £20k of debt under a debt management plan. Two years ago my wife was ill and I was made redundant. Rather than bury our heads in the sand, we tried to deal with our creditors, asking for payment holidays or help with interest payments. We tried to consolidate but none were helpful. Despite being pro-active, they all served us with defaults. Below are the debts showing as default on our credit check. The bottom two credit cards show as "up to date" but when you drill down it shows the payment with "DM" next to it for debt management. Type of debt Amount £ Default date 6 year date Bank o/d 742 28/08/2012 28/08/2018 Bank o/d 998 29/08/2012 29/08/2018 Bank Loan ,627 31/12/2012 31/12/2018 Credit Card 2,617 29/01/2013 29/01/2019 Credit Card 1,716 27/03/2013 27/03/2019 Credit Card 424 06/12/2013 06/12/2019 Credit Card 1,494 28/12/2016 28/12/2022 Credit Card 1,948 28/12/2016 28/12/2022 Bank o/d 325 22/02/2017 22/02/2023 Credit Card 1,819 up to date - DM Credit Card 4,013 up to date - DM 20,723 The default date is from our credit reports and I have added on 6 years as I believe/hope the debts will drop off our credit reports after this date (?). Plan A What we would like to do is buy a full ownership in approximately 2 years. My wife's earnings will be around £35k, and I expect my earnings to be around £45 (£8k salary + dividends). We hope to borrow in the region of £300k and use our equity to spend around £330k and pay off the rest of the debt. If my understanding is correct, debts older than 6 years won't show on our credit history, so we would spend the next two years paying off the more recent debts, so that our credit check is clear (ish). We would clear the old debts with the remortgage. Plan B Our current property is owned 50% and we could buy the other 50% at a good rate from the Housing Association. Because of the work we have done to the house, I hope we could buy the other 50% for around £75k and have full ownership of a house worth between £190 and £200k (at a cost to us of £160k). We would use this as a stepping stone to achieve PLAN A in roughly the same time frame. As the property is currently listed as 'affordable housing' I believe taking full ownership would allow us to potentially sell for more, and open up more options in terms of dealing with lenders, without the restrictions associated with joint ownership properties. Questions 1) Is the £6k debt to Cabot likely to affect future borrowing? It doesn't show on a credit check, but Cabot do have a charge against the property. 2) Husband is owner/Director of Ltd Company. Other than waiting for 2 year trading history and maximizing earnings from Company, is there anything else I should be doing over the next two years? 3) Will our defaults 'disappear' from our credit checks at 6 years old? Can they still affect our rating? 4) Is there any debts that should take priority over the others? 5) After April 2018, when I have been trading 1 year, would it be possible to buy the other 50% of our current property with the above credit history, equity and earnings? This could be an opportunity to clear off some of the debts to improve our position for the future. 6) Are their any considerations around 'help to buy' that we could take advantage of now and things we should/shouldn't do to jeopardize any opportunities? For example, I have never owned a house. Might this help me in getting 'help to buy'? 7) Do lenders ask for bank statements? Should we perhaps keep any unhealthy payments out of our main bank accounts? 8) Do we need to be concerned about our ages? 38 and 44? I would appreciate any thoughts, comments or suggestions. We are committed to paying off our debts and hopeful that we can achieve our goals. Thank you.
×
×
  • Create New...