dmp help

bobsky_2

can anybody tell how badly your credit profile is affected by entering into a DMP?
also how does it affect you if you want to apply for a remortgage??

Tixy

Fairly badly - although to be fair it depends what its like already.

If you enter a DMP you will almost certainly get defaults - which will stay on your credit file for 6years and affect you ability to get credit. But if you already have defaults you can only get 1 default for a debt so it won't make things worse than they already are.

As part of the DMP you will also have to agree not to take on anymore credit until the DMP is completed.

You could possibly be taken to court and end up with a CCJ (which again would stay on for 6years) but whilst this might happen its not particularly common whilst on a DMP.

If you want to remortgage you home you will find you probably won't be able to get the best deals around - due to the defaults you would have on your credit file.

If you have joint financial products with another person (motgage/overrdfta/loan) then they will also find it harder to get credit.

bobsky_2

thanks, best if try to stay clear...however my credit is top...just bit too much spening. I have never missed a payment on anything since i got credit many years ago.and neither has anybody in my household.

WASHER

Bobsky, could you just have one thread on the DFW board and not multiple, it makes it easier for all to comment and easier for you to keep tabs of;)