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Hi, just after a bit of advice if possible please.
I’m 35 years old, married (no financial ties at all) & with no children.
I would very much like to have a baby, but currently live in a 1 bedroom appartment which is totally inpractical with a baby & also time/my age will soon become an issue.
I have been in a debt management plan with Payplan which has now ended.
I have got 2 other accounts, both of which have defaults & both of which are enforceable;
Cabot : £1,678
0% interest
paying £100 / month
defaulted March 2009
Lloyds TSB inhouse collections : £8,960
0% interest
paying £100 / month
defaulted October 2010
In December 2011 I offered a 22% f&f settlement figure (intending to increase it monthly until accepted) to Cabot, but they kindly chose to ignore me!
Do I;
a)
- let the Cabot account take its course & end in July 2013
- pay off the Lloyds account when I have enough savings
doing this plan I will obviously have no savings left but will be debt free, although with 3 defaults
or
b)
- let the Cabot account take its course & end in July 2013
- let the Lloyds account take its course & end in September 2019, (but falls off credit reference agency files in October 2016)
doing this plan I will hopefully have built up decent funds to move house in a few years,
but will have the Lloyds account with an outstanding balance for much longer
I know that one day I should be able to have a joint mortgage with my husband & move house, but my heart sinks when I think how foolish I have been in the past & how any sensible chances of having a baby are diminshing just because of my finances.
My head is telling me that option b) is the way I should go, but, I also like the idea of being debt free (excluding my mortgage). Would I benefit in any way if I went with option a)?
Any wise words would be much appreciated.
Many thanks,
JC.
I’m 35 years old, married (no financial ties at all) & with no children.
I would very much like to have a baby, but currently live in a 1 bedroom appartment which is totally inpractical with a baby & also time/my age will soon become an issue.
I have been in a debt management plan with Payplan which has now ended.
I have got 2 other accounts, both of which have defaults & both of which are enforceable;
Cabot : £1,678
0% interest
paying £100 / month
defaulted March 2009
Lloyds TSB inhouse collections : £8,960
0% interest
paying £100 / month
defaulted October 2010
In December 2011 I offered a 22% f&f settlement figure (intending to increase it monthly until accepted) to Cabot, but they kindly chose to ignore me!
Do I;
a)
- let the Cabot account take its course & end in July 2013
- pay off the Lloyds account when I have enough savings
doing this plan I will obviously have no savings left but will be debt free, although with 3 defaults
or
b)
- let the Cabot account take its course & end in July 2013
- let the Lloyds account take its course & end in September 2019, (but falls off credit reference agency files in October 2016)
doing this plan I will hopefully have built up decent funds to move house in a few years,
but will have the Lloyds account with an outstanding balance for much longer
I know that one day I should be able to have a joint mortgage with my husband & move house, but my heart sinks when I think how foolish I have been in the past & how any sensible chances of having a baby are diminshing just because of my finances.
My head is telling me that option b) is the way I should go, but, I also like the idea of being debt free (excluding my mortgage). Would I benefit in any way if I went with option a)?
Any wise words would be much appreciated.
Many thanks,
JC.
Golly, if we all waited to become debt free before having a baby the world would be underpopulated ! Babies are expensive but you'll get Child Benefit to ease the cash-flow so not all bad 
It takes nine months to produce a baby the last time I checked, so that first debt of yours will be almost cleared by the time of arrival. You asked for wise words so here are mine: Go For It and don't look back 
I could fit what you have for debt in one hand honest! Babies are not as expensive as you thinka nd the best part is for a long time all they need is love. esp when young. PS cots are small fit at the foot of your bed... and Babies don't need toys for the first wee while they roam around you won't need much honest we would live in my 1bdrm flat in leeds when my son was first working and we managed just put some toys playmats in the livingroom and cleared away at night. (we had another house in scotland but i had to be in leeds for work) and clothing.. LOL my son had X amount of sleepers and not many outfits why? Babies grow at rapid rates and its too hard to get them dressed and undressed 5 times a day lol so sleepers are a darn sight easier.
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