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katieb.1983
Posts: 14 Forumite
Hi there am seriously in debt and panicking. I have been onto the cccs website and they have told me if i enter onto a dmp i could be debt free within 3 years. which is great!.
However i will be due to get a new mortgage deal within time, will i still be able to secure a new mortgage?
i am so confused and annoyed that i have got myself in such a mess.
However i will be due to get a new mortgage deal within time, will i still be able to secure a new mortgage?
i am so confused and annoyed that i have got myself in such a mess.
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Comments
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Is this for a totally new mortgage or a remortgage? If it's a remortgage then you should be able to still do this, although your credit rating will not be great so it's doubtful that you would be able to benefit from the better deals out there. If it's a totally new mortgage then you may struggle. Is there no way you can put it back since your dmp is a relatively short one?0
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katieb.1983 wrote: »Hi there am seriously in debt and panicking. I have been onto the cccs website and they have told me if i enter onto a dmp i could be debt free within 3 years. which is great!.
However i will be due to get a new mortgage deal within time, will i still be able to secure a new mortgage?
i am so confused and annoyed that i have got myself in such a mess.
Hi Katieb1983.
You’ve already done the right thing by contacting us for advice – and 3 years is a very reasonable amount of time to become debt free.
Through making reduced payments, your credit rating will inevitably be affected. Unfortunately if you are unable to maintain the minimum payments on your debts, this can’t be avoided.
From reading through one of your older posts, it looks like you’ve recently bought a house so you probably won’t be looking for a new deal on your mortgage straight away. When the time comes that you want to look around for a new provider, we will refer you on to a ‘whole of the market’, independent mortgage brokers who specialise in clients with adverse credit history.
Although I can’t guarantee how your DMP will affect your application for a new mortgage, there should be some options available to you.
Hope this helps to put your mind at ease.
Kind regards
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0
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