Credit Rating & The House

SA919756

All,

Thinking about taking out a DMP with Payplan but have some questions first

1) How badly will my Credit Rating be affected?
2) How long will it take to repair my Credit Rating?
3) Will my wife's rating be affected - all debts are mine?
4) Is the house at risk?
5) Will I get numerous telephone calls and letters from the CC companies once an arrangement is in place?
6) Is a DMP a better option than a secured loan?

Have people positive impressions of PayPlan?

CLAPTON

1. your credit rating will be trashed as you will default on your debts
2. defaults stay on your file for 6 years
3. if you have joint a/cs with your wife, she will be financially linked to you so her rating will be adversely affected.
if you have no joint a/c she should be unaffected...check her credit file.
4. usually not but your creditors could apply for a charging order
5. yes you will probably gets lots of calls initially but they will trail off after a while
6. its not possible to say without seeing full SoA. with full details of income, spending and debts and assetts

Gemmzie

Further to the OP's questions

If joint debts are all fully paid, then will the partner's credit rating be affected?

CLAPTON

not entirely sure what you mean but

closed a/cs (fully paid ) would probably still show on the CRA files but you could make a case for disassociation

but joint bank a/c or joint mortgage a/c would show a financial association