Life after my DMP
Bubsie
Posts: 9 Forumite
Hi guys
I'm new to the forum and after some advice please.
I got into a pickle financially in 2011 after having to take a significant pay cut at work, which meant that I couldn't keep on top of my debts. I entered into a DMP with the help of PayPlan.
Fortunately I was able to make a life change and decided to move to London so that I could find better paid employment. Over the next few years I put every spare penny towards my DMP, made overpayments as often as I could and tried as hard as I could to get it all paid off as quickly as possible.
PayPlan said it would take me 8 years to pay everything off, and I did it in 4
which I was really proud of. It was all settled in October 2015.
Now that I'm more financially stable and settled into a good job with a decent salary, I'd like to try and buy my own place. My credit file is creating an issue with this, as of course the defaults are still showing (due to be removed in September 2017).
I've added a Notice of Correction to my file to explain the circumstances which caused my financial pickle.
I've spoken to a couple of different financial advisors and have been to see the bank, and basically there is no hope for me getting a mortgage until these defaults have dropped off.
I know that's only another year and a bit, but I wondered if anyone had any advice to help me get sorted quicker?
I also have a couple of queries about my credit file:
1. The Next Directory was one of my creditors and part of the DMP (store card) and MBNA was another (credit card) and their entries show up differently on my credit file. Next shows the account as settled and has a note that there was a DMP with the start and end dates showing. MBNA shows their account as a default (even though it has been settled and the balance is £0). Is there a reason for this? The way that Next show their entry seems beneficial to me. Would there be any hope of getting MBNA to change theirs??
2. With the MBNA debt, they sold it to IDEM, so it therefore shows on my credit file as two default entries - one with MBNA and one with IDEM - even though it's one debt. Is this detrimental to me?? Is there any way of getting the duplicate entry removed??
Any help would be gratefully received.
thank you
B
I'm new to the forum and after some advice please.
I got into a pickle financially in 2011 after having to take a significant pay cut at work, which meant that I couldn't keep on top of my debts. I entered into a DMP with the help of PayPlan.
Fortunately I was able to make a life change and decided to move to London so that I could find better paid employment. Over the next few years I put every spare penny towards my DMP, made overpayments as often as I could and tried as hard as I could to get it all paid off as quickly as possible.
PayPlan said it would take me 8 years to pay everything off, and I did it in 4
which I was really proud of. It was all settled in October 2015.Now that I'm more financially stable and settled into a good job with a decent salary, I'd like to try and buy my own place. My credit file is creating an issue with this, as of course the defaults are still showing (due to be removed in September 2017).
I've added a Notice of Correction to my file to explain the circumstances which caused my financial pickle.
I've spoken to a couple of different financial advisors and have been to see the bank, and basically there is no hope for me getting a mortgage until these defaults have dropped off.
I know that's only another year and a bit, but I wondered if anyone had any advice to help me get sorted quicker?
I also have a couple of queries about my credit file:
1. The Next Directory was one of my creditors and part of the DMP (store card) and MBNA was another (credit card) and their entries show up differently on my credit file. Next shows the account as settled and has a note that there was a DMP with the start and end dates showing. MBNA shows their account as a default (even though it has been settled and the balance is £0). Is there a reason for this? The way that Next show their entry seems beneficial to me. Would there be any hope of getting MBNA to change theirs??
2. With the MBNA debt, they sold it to IDEM, so it therefore shows on my credit file as two default entries - one with MBNA and one with IDEM - even though it's one debt. Is this detrimental to me?? Is there any way of getting the duplicate entry removed??
Any help would be gratefully received.
thank you
B
0
Comments
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Hi firstly amazing job of paying these off, tough but you've done it!
What sort of deposit have you got? It is possible to get a mortgage dont give up hope x
Paid off all Catalogues 10.10.20140 -
Hi
Don't give up hope, I have defaults on file, now settled from a little a bit later than you, ive just been approved for a mortgage, at "normal" rates, The underwriter queried circumstances of how I got into debt etc and approved the mortgage
on your queries
1) MBNA is actually better as it will drop off sooner
2) do both show same default date, if so that's fine and just a way some report any creditors searching your file will know its one debt0 -
Thank you both - that's really helpful
I've only got 10% deposit. I was told by one broker that I could get a mortgage at higher rates if I had circa 30% deposit....which I don't!0 -
@glentoran
2. Yes, they show same dates & amounts etc0 -
Well 10% is a good start - make sure you see an independent broker. Ours was amazing and we got one with Halifax even with a fairly recent default.
You will get there
Paid off all Catalogues 10.10.20140 -
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glentoran99 wrote: »That's fine then, they are just one debt, its just the way the CRA displays it, is it on noddle?
What does 'on noddle' mean?!? (sorry!)0 -
What does 'on noddle' mean?!? (sorry!)
www.noddle.co.uk the free way to access your call credit file
www.clearscore.com the Equifax version,
hope your not paying a monthly fee to anyone0 -
glentoran99 wrote: »the free way to access your call credit file the Equifax version,
hope your not paying a monthly fee to anyone
Oh! Whoops! Yes, I'm paying Experian
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