Going to do a DMP debt mostly in my name how will this affect my wifes credit rating

garwil

Hi There
still plucking up the courage to take the plunge.
If i go down the route of a DMP for our debts which are mostly in my name how will this affect my wifes credit rating?
Will she still be able to obtain credit - or get a mortgage if we wanted to change our mortgage?
Any help would be appreciated.
:beer:

Tixy

If you have joint financial products (which it sounds like you do if you have a joint mortgage) then you will be financially associated on your credit reports. This means unfortunately that her credit rating will be affected by yours.
If you were in a position to close all joint accounts (overdrafts, laons, credit cards, mortgage etc) or move them into just her name then you could financially disassocate yourselves and then her credit rating would not be affected. Obviously this may not be practical in terms of her getting a mortgage alone on just her salary.