DMP and irregular salary

mountainofdebt

Zulu_Dawn wrote:

My current mortgage deal with Abbey finishes in February, from when I revert to a standard rate mortgage. My credit rating is clearly now rubbish. If I negotiate a new mortgage deal, will they automatically check my credit record and is a poor credit record likely to affect the deal they offer me? Do you think I would be better off just accepting the higher rate mortgage to avoid too close an investigation. There is plenty of equity in my house and I have never missed a mortgage payment?


ZD

We recently phoned up Abbey as our mortgage deal ends next month and they offered two deals and all they needed was our signatures on a couple of forms.

I don't know if they do do credit checks but your rating can't be worse than ours !!!!

Zulu_Dawn

Thank you so much WG and others.

Sultana, mountainofdebt - You have put my mind at ease re the mortgage

WG - I am a self-administered DMP. I suppose my thought was "is anyone going to notice?. As long as I do what I say I am going to do, they will be happy. Then at each renewal I can try to offer a little more to keep them from digging deeper into my overall affairs. At this stage I cannot see them checking with my other creditors to ensure that they are getting a fair slice of the pie.

I have a little slack in my DMP as they allowed me to do it just for me and not include my wife's income and expenses. I have also since preparing my SOA changed my mortgage from repayment to interest only, which has freed up quite a bit which I am planning to save in a different place. Good job really with the recent increase in interest rates which increased my mortgage by £70 per month.

My long term plan is to save sufficient money to offer full and final settlements all round.

Morally I accept I am playing a little fast and loose. However I was getting to a place where they were changing me interest at 25% - fairly outrageous and immoral with a base rate at below 5%.

It seems to me that as long as you do exactly what you say you will, they will play ball - but then I've only been doing this for a few months. Maybe it will all soon change. I also accept that if it gets to CCJ, I will have to do things differently.


ZD

dottyanne

Zulu_Dawn wrote:

Oh Dotty I hope you are not right. The difference for me is £400 per month!!!!!!!!!

Well mine when it was fixed was about £665 and now its about £775 so an increase of around £100 pcm.....however were stuck with it as we have no credit rating, im self employed and hubby now works for me on a low income - basically were f***ed!!

dotty xx

Zulu_Dawn

Dotty

Just read your post LOL.

On the plus side, you've reduced your debts, and you've still got a sense of humour and you've got this whole community here to help you.

Things will sort themselves out for you, I'm sure of it.

Good luck

ZD