Feeling so stupid

stupid1975

Thank you guys i am sticking with what i have arranged i have had it all explained to me that the ccjs and baliffs are for people who have missed many payments to their creditors and not me i have managed to keep the payments up on everything. But found myself spending more and more on credit cards. I was my very own rebecca bloomwood i think.

RAS

stupid1975 wrote: »

, i have been advised it will not affect or morgage which i am happy with.

Hi who told you that?

As per the second post, if you do any sort of debt arrangment (DMP,IVA or BR) in which you pay less than the originally agreed for unsecured debt, it will affect your credit rating which may well affect your future choice of mortgages.

However, whatever arrangments are made, secured debts like mortgages are priority debts that have to be paid in full before you start to pay the unsecured debts off.

stupid1975

i know that it will affect my credit rating for the length of time that i am on the plan. But i have no plans th change my mortgage in this time and all payments to it will remain in place. I have not defaulted on any payments yet to my creditors and understand that above all my mortgage has to be paid

Saving_spree

debt management scheme really works...

stupid1975

thanks saving spree it feels like the right thing to do just scares me at the same time. I know its right as it will give us more money to live on and to save which we have never done before. Plus at the same time pay everyone off. My plans are to save as much as i can then pay a lump sum off every year to reduce the length of time we are on the plan plus hubby is getting some money in a few months which we plan to pay off the management plan

IWantToBeFree_2

stupid1975 wrote: »

i know that it will affect my credit rating for the length of time that i am on the plan. But i have no plans th change my mortgage in this time and all payments to it will remain in place. I have not defaulted on any payments yet to my creditors and understand that above all my mortgage has to be paid

It won't just effect your credit rating whilst you are on the plan, but for upto 6 years after you have paid your debts as well as that is the length of time that information stays on your file.