Dmp

llh189

How much does a DMP with ccsc effect your credit rating, I am really struggling to meet my monthly repayments £725, although I only have two year outstanding on my loan account which is £631 of that amount.

Don't want to consolidate again and have cut expenditure back to £200 per month, food, petrol, cat food, day to day stuff.

My question really is how much damage will I do to my currently excellent rating, I have ever missed any payments.

Thanks

Lisa

sgx.saint

A DMP means you will be making reduced repayment below the agreed contractual amount.

Therefore creditors will and have to issue you with a default notice.

So obviously your credit history will be adversely affected.

shayshay

Without trying to sound harsh, does it matter what it does to your rating as long as it prevents you from struggling in ther meantime? I am with a DMP, I would like to get a mortgage in the fuiture once thing settle but know that I will have to bide my time until then but being on the DMP lets me breathe a little easier as I have three kids under 5 which cost a bit. Defaults only stay for 6 years on your file, so its not that life changing.

sgx.saint

I'm sure there are companies now a days that will even offer you a mortgage with deafults and CCJ's as it is secured on your property and of course a higher APR would be in place.

On that subject, does anyone know any companies that offer this?

CLAPTON

you can get a mortgage with defaults or CCJs but you will probably need a decent deposit and will probably pay more interest that the main high street lenders. once you have a mortgage for a couple of years you'll probably be able to remortgage at high street rates.

try

http://www.whoslending.co.uk/

LittleL_4

Hi, I was in the same boat as you a couple of months ago and my outgoings are similar (c/c and 1 personal loan) I also had never missed a payment and then it got to the point where i had maxed my cards and started struggling.

Then i missed 3 payments and everything spiralled from there. I contacted CCCs and they were fantastic. I start my DMP next month and I will be paying £357 per month towards my debt but this can be changed if your circumstances change. ie up or down.

My credit rating will be shattered to pieces but i don't want credit EVER again in my life. I would like a mortgage eventually but again CCCs have companies they can recommend.

If you're struggling i would contact them and assess it from there.

hope this helps....

Little L
xx

llh189

I don't have a problem with never having a cc again, but I am 32 now and single for 5 months, would like to meet someone new, buy a house and have a family, if this doesn't happen then at least be able to put some roots down somewhere and get a place of my own, the thought of waiting 6 years until I am 38 before getting a decent mortgage scares me.

Even when you get new rented accomodation they credit check you, when I moved the couple who moved in to my old place had had some credit problems which were discovered by the agent, my landlord who is a nice guy still insisted in 6 months rent up front.

Maybe I will struggle on for the next 2 years, work towards being debt free that way, would love a life though!!!!!!!!!!!!!

LittleL_4

Hun I'm in the same boat. I'm 37 and rent with my b/f. Let's just say things are a bit stale and we're not gonna make it to marriage. I want kids, get married and have a lovely home too (mortgage) but it's all a mess.

But i've accepted this is where I am at the mo. I feel every day is a struggle I also have (CFS) which is like a huge weight on my shoulders every day.

But you need to plan ahead. I'm now starting to put money aside in the event that things turn sour and we have to go our separate ways.

You can always rent elsewhere (not using an agent). I'm sure there are ways around it. Or save up the 6 months and prove that you got into a mess but it's all sorted and are therefore trustworthy.

Just keep that glass half full. It's so easy to focus on the negative but have faith and you'll get there.

Good luck!
Little l
xx