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Advice on a mortgage (with CCJ)

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Please can someone help me, were wanting out of this flat we are in altho (as iv explained before) my ex left me with about £3000 debt and my name has been taken to the CCJ....all because of her!!:x … Read More
saxo_appeal Avatar
[helper] 9y, 7m agoPosted 9 years, 7 months ago
Please can someone help me, were wanting out of this flat we are in altho (as iv explained before) my ex left me with about £3000 debt and my name has been taken to the CCJ....all because of her!!:x

Is there anyway me and my lass (mrs saxo) can apply for a mortgage in the state we are in?
We went to the bank before altho they never put through the application because of what we told them about the debt.

The debts she left me run out and come off the record by 2010 altho i have been paying some of them off, should i just bite the bullet and pay them off weekly or should i just wait till there off my record and that way i dont have to pay any of them?

Has anyone else been in the same position as myself? what have you done to resolve things? whats the best plan of action etc etc.

thaks for any help !:thumbsup:
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saxo_appeal Avatar
[helper] 9y, 7m agoPosted 9 years, 7 months ago
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1 Like #1
Your probably best going through a broker to get a mortgage then atleast you won't have to ring millions of places yourself to be told they can't help you... But you'll be paying a much higher apr because of the ccj...

It always looks better on your credit report when you've tried to settle debts etc... Is there no way you can take your ex to small claims court or something?? Very unfair that your name has been damaged as badly :(
1 Like #2
bummer, i had a similar story with an ex mr superhot, left me with about the same amount of debt

what i did was to pay the debt off on a new credit card (which used cheques same as a balance transfer - i think mbna do this not sure about other credit cards) therefore got the debt at 0%, then when the balance transfer period had ended got a new card with another 0% balance transfer. i did this until i had paid it all off

if you do this and pay the creditors you can get them to write you letters to send to the court stating the debts are cleared, therefore clearing the CCJs. this also allows you to pay off as an when you can only incurring say a fee of approx £70 a year based on the balance transfer fee

you could sue her as sadiebabes says, although you may be in the same boat as i was and this wouldnt be worth your time or energy

hope things work out for you :)
[helper]#3
thanks folks for the help, looks like i will have to pay this debt off i think.
1 Like #4
I wonder what avenue's there are to take her to small claims court

You would need a very detailed papertrail I would imagine to PROVE that debt was hers.

Not to mention a detailed diary of events.
1 Like #5
superhot
bummer, i had a similar story with an ex mr superhot, left me with about the same amount of debt

what i did was to pay the debt off on a new credit card (which used cheques same as a balance transfer - i think mbna do this not sure about other credit cards) therefore got the debt at 0%, then when the balance transfer period had ended got a new card with another 0% balance transfer. i did this until i had paid it all off

if you do this and pay the creditors you can get them to write you letters to send to the court stating the debts are cleared, therefore clearing the CCJs. this also allows you to pay off as an when you can only incurring say a fee of approx £70 a year based on the balance transfer fee

you could sue her as sadiebabes says, although you may be in the same boat as i was and this wouldnt be worth your time or energy

hope things work out for you :)


Yes, if you do pay off the debt you can request that the debt be registered as "satisfied" with the credit reference agencies, BUT the CCJ and orginal default on the credit agreement will remain on file with the credit reference agencies for 6 years from the date of the CCJ or default, which will still make it very difficult to get a mortgage through the prime lenders.
1 Like #6
Although it's very unfair,I would say bite the bullet and pay the debts off as soon as you can.As mrgrumpyman stated,this does not mean that the defaults and ccj will disappear from your record but it will show that the debt has been satisfied,therefore this will help potential lenders make an assessment on whether you are likely to pay in the future.

Having defaults and ccj against your name should not necessasrily stop you from getting a mortgage,though it will limit who will lend you the funds.You may also not get offered the best deals,but at least you will have a rung on the ladder and not be paying dead money in rent.

When we went for a remortgage(after having had financial strife with defaults etc) our lender requested that we put in writing the reasons why we were in that position.The majority of the debts had been paid off by that time,which they could see,and it did not stop them from approving our new deal(with extra funds).

As someone has pointed out it may be better to see a mortagage broker,they should haver more knowledge on who will offer you funds.

Good luck :)
#7
muckypup
Although it's very unfair,I would say bite the bullet and pay the debts off as soon as you can.As mrgrumpyman stated,this does not mean that the defaults and ccj will disappear from your record but it will show that the debt has been satisfied,therefore this will help potential lenders make an assessment on whether you are likely to pay in the future.

Having defaults and ccj against your name should not necessasrily stop you from getting a mortgage,though it will limit who will lend you the funds.You may also not get offered the best deals,but at least you will have a rung on the ladder and not be paying dead money in rent.

When we went for a remortgage(after having had financial strife with defaults etc) our lender requested that we put in writing the reasons why we were in that position.The majority of the debts had been paid off by that time,which they could see,and it did not stop them from approving our new deal(with extra funds).

As someone has pointed out it may be better to see a mortagage broker,they should haver more knowledge on who will offer you funds.

Good luck :)


Well put mucky :-D
1 Like #8
I hope this doesn't sound too harsh, but if you cannot afford to pay off the £3000 debt, can you really afford to pay a mortgage?

Like others have said, try to pay off the debt ASAP, then take it from there.
#9
I can understand 100% why saxo doesn't want to pay this off as it's not his debt. I think anyone would feel the same... I don't think at any point saxo said he couldn't afford to pay off the 3k... he's just peed off at having to?

Mortgage payments are a lot lower than normal loans/payments anyway. We took out a loan to pay for our wedding and the monthly repayment is half of our mortgage monthly payment & the loan was for pennies compares to our mortgage...

But whether he pays the debt off or not it'll still be harder to get a mortgage with a CCJ on file unfortunately...
#10
Have sent you a wee pm saxo :)
1 Like #11
With the way the markets are at the minute, you will have to go through a sub-prime lender who will ask for minimum 10% deposit on the house. If you pay the CCJ off make sure you ask for a certificate to confirm this, as courts will charge you £60 to send you one in the future.

Basically, if you can afford the deposit go for it. If not and you borrow money as a loan ensure you can pay it back over the best period alongside the mortgage.

Get a fixed rate over two years which may have a seemingly excessive rate on a sub prime, but in a couple of years when you're looking to switch you can use the 2 years well paid experience as a tool to get a lower rate from a prime lender.

Me and my partner have just gone through something very similar so if you need any first hand advice, drop me a pm.

Good luck
#12
sadiebabes
I can understand 100% why saxo doesn't want to pay this off as it's not his debt. I think anyone would feel the same... I don't think at any point saxo said he couldn't afford to pay off the 3k... he's just peed off at having to?
.


It doesn't really make any difference who's debt it is, if it is against his name, unfortunately it is his debt, I have every sympathy with his plight, but facts are facts.


Mortgages are getting very difficult to get, and it looks like they will get even more difficult.

I still believe it best to pay off the debt ASAP if possible, then try to get a mortgage.

Best of luck Saxo.
#13
I never said it did make a difference whose debt it was :? I just said I could understand why he didn't want to pay it... And even if he does pay it "CCJ" will still be on his credit report for 6 years.
#14
Clearly he will be in a far better position to get a mortgage if the debt has been repaid, that really is all that matters.
#15
Of couse he will. I said that on my first reply in the thread.
[helper]#16
Inactive
I hope this doesn't sound too harsh, but if you cannot afford to pay off the £3000 debt, can you really afford to pay a mortgage?

Like others have said, try to pay off the debt ASAP, then take it from there.



whats the point in paying it off if its still going to be on my account till 2010
1 Like #17
Lenders look upon CCJs that are repaid more favourably than those that aren't
#18
saxo_appeal
whats the point in paying it off if its still going to be on my account till 2010

Lenders use experian or equifax(I think) to look at your credit history.All payments made are registered along with any defaults and ccj's.

Whilst defaults and ccj's are noted and stay on for 6 years,when the debt has been paid up that also shows as well.It states 'satisfied',so lenders will then be able to see that you have paid it off.

Basically any lender uses a credit scoring system to decide if they will advance you credit or funds.What their score is for passing credit can vary from lender to lender.Every payment you make will go towards increasing your score,whilst every payment missed will reduce your score(so to speak).

If you pay it off the lender can then see that you have settled the debt,not shirked it,they will look on this more favourably.
[helper]#19
right so im 4 years into the 6 years, can i start paying the B**** debt off just now on repayments and the score will go up?
or will the score only go up if i pay it off in full?
#20
saxo_appeal
right so im 4 years into the 6 years, can i start paying the B**** debt off just now on repayments and the score will go up?
or will the score only go up if i pay it off in full?



I think it is highly unlikely that any lender would consider you for a Mortgage whilst you have any CCJ against your name with payments outstanding.

So I guess the answer is, only if you pay it off in full, but that is still no guarantee that you will get a Mortgage.
[helper]#21
Right so there isnt any point in paying it off then coz its wiped off my record anyway in 2010. just got to wait till then
#22
The best chance you have is if you pay off the ccj.

I would go and see a mortgage broker first before you do anything to find out the options regards getting a mortgage with an adverse credit history.I am sure there will be lenders who will help,not the tradotional high st ones and not at the best rates,but you may have to pay the debt or at least attempt to pay first.
1 Like #23
Firstly let me state I am a mortgage broker but the following is not advice/recommendation in my role as an advisor but as a fellow HUKD member.

I assume the £3000 debt was in joint names so that is why you have the CCJ. You should continue to pay the CCJ and keep records of all your dealings with the company involved. If you haven't got an agreed repayment program i.e. something in writing then get one. Also write or type up a history of why the debt came about, the dates, the action you took to deal with it, etc. With all of this then go to high street lenders and present your case - basically you are trying to show them that you are not a risk and that you keep to your obligations to pay debts. Lenders will look for a reason to lend as they all want business, though with recent events there has been a lot of tightening in lenders criteria and a reductions in the products available. You should get a 'prime rate' and not have to go a 'sub prime' lender. Also be careful of the really attractive headline grabbing rates as they come with a high arrangement fee, which in the last few years has moved from a flat fee to one based on a percentage the value/purchase price. If you use an independent mortgage advisor i.e they are not tied to any one lender or use a panel of lenders, they should be able to also show the true cost of a mortgage which takes into account the arrangements fees, interest rate/s, other fees etc over the term of the particular product you are interested in i.e. 2 year fixed rate. Other factors will influence who will lend - if you have no or little deposit, have been self employed for a short time with no or little in the way of accounts, etc. Also look at the Moneyfacts website as you can source mortgage products on there and use it to get an indication of the true cost.

I also suggest that making appointments and going to lenders branches rather than trying to do it over the telephone will be better as you can present your case to a 'real' person, if you don't use a mortgage broker.

Hope this helps and pm me if you have any questions.
1 Like #24
Saxo - I would go and see a financial advisor, when me and my ex husband were looking for a mortgage my ex had a CCJ and we were offered a mortgage no problem (this was 6 years ago now though).

As for the CCJ rather than worrying about paying it back straight away get the right advice - You may be able to still get a mortgage regardless of weather its paid or not. although obviously it is always better to pay it!!

We were offered a mortgage by a company called Birmingham Midshires (maybe worth looking into).

I hope you and Mrs Saxo manage to buy a lovely Love nest!
[helper]#25
thansk everyone again, some good advice.

My folks told me the best place to get a mortgage would be my bank of scotland, altho would they look on the ccj etc as really bad?
[helper]#26
All repped thanks
#27
yes def go and see a mortage adviser, as my closet friend has just had a simular problem to you.

they already had a mortage with a well known high street bank, and had this for 15years, they then decieded to move to bigger property and needed to take on a bigger mortage, there bank wouldnt touch them even when they had a few £1000.000 equatiy, due to a ccj which occurred quite a few yeares ago, but thats another story and a bit complicated to explain at min.

so to cut a long story short they went to adviser who got them a mortage a slightly higher % but fixed rate for 2 years.


they have always paid the ccj off but only at min.

but their aim is to get rid of this before the 2 years is up, so they are in a better position to get a high street mortage.

good luck, but just speak to as many advisers as possible and be honest! :thumbsup:

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