Will my score go up if i pay my CCJ and Default off?

[Born1982]

Hi guys hope you can help.

 

About 3 years ago i lost my job, girlfriend etc and so became a bit depressed and ignored everthing..And in no time i had a default with Lambard and a CCJ from my solicotors for 3000 pounds of unpaid fee's. I am happy to say i have found my feet again and have a fantastic job with a good wage. I want now to move on with my life and buy a house etc. When i looked at my credit score it was 300:eek:, i was gutted. I am paying off both debts at the end of this month to bring them back into settled status on my credit report. I will have then only 1 credit card which will help to rebuild my credit score. What i want to know is

 

1, Once my CCJ and Default are paid, will my credit score increase straight away.

 

2, How long will it take to repair my credit score in order to buy a house roughly as i would expect exact anwsers, 6 months? 12 months? longer??

[danukindebt]

You wont get a decent score for 6 years from the ccj.

 

Your best bet is to get the ccj set aside, you need to find some cracks in the credit agreement or default notice to do this.

 

Also you need to try and remove all defaults as these are just as bad.

 

You could still get a mortgage with a huge deposit but the interest rates will be high making it a foolish move.

 

Sign this too and everyone you know

Petition to: reduce the time Credit reference agencies hold data for to 3 years. | Number10.gov.uk

[Born1982]

Hi thanks for you quick reply. Is there anyway of getting a quick way to bump up the score??

 

On the mortgage front. There is a house for 80,000 and i have a 20,000 deposit plus can pay 1000 per month for a house, at a higher rate of 7.89% it is a 7 year mortgage. With a Credit score of 300 would any1 take the risk? Plus is it a good idea doing it this way??

[danukindebt]

you should be able to get a mortgage

 

dont waste your time with high street lenders with a ccj

 

go through a mortgage broker, but ask about any fees at start of application

[Born1982]

Thanks again...danukindebt.

[sequenci]

Your best bet is to get the ccj set aside, you need to find some cracks in the credit agreement or default notice to do this.

 

Please bear in mind that a set aside application must be made 'promptly' and most case-law suggests that this would be weeks rather than months.