Originally Posted by Dicko
Originally Posted by *Bri.4.b.Cos*
Right chaps, I'm currently in the process of getting a house with my fiancee but i have approx 18K of debt, I have already had to sell my S2 and now will have to sell my saph
.
I have heard on the radio and TV that if you have aover about 15K debt there is a goverment legislation or something that will wipe out some of your debt
.
How does this work and will if effect my credit rating and cause problems when getting a mortgage ( we have already been pre approved for the mortgage if i can pay off 8K from sale of both cars
)
Any help much appreciated as my head is battered by all this debt and we really need our own place and me saph
cheers Bri.
Bri if your gonna do that wait til AFTER the mortgage, your credit rating goes up the swanny, and youll have an iva on your record which fucks up any credit for about 10yrs, not sure if itll ruin your mortgage, id say just get rid of as much of it as you can and try and get a 100% mortgage to get the rest of it paid off, my mate got a mortgage for £70k but her house was only £64k so used the other 7k to pay off her bank loan, not sure how she did it mind
Sarah
edit- get a cheaper house instead of looking for the most expensive of what you can borrow, get your debt paid off and move up the property ladder, most people spend years progressing, its silly to get in ridiculous amounts of debt for the sake of having the best house of all your mates
64k, fuck me, couldn't buy a pot to piss in here for that.