Advice re loan on my DMP

scottygees

I have a loan included on my DMP with Tesco. Where the credit card companies have frozen interest the loan company have front loaded all the interest. Has anyone been in the same situation and managed to get this interest removed.

Can I also ask whether my situation would have an impact on my wifes credit rating.We have a joint current account and mortgage only.

Thanks

Standingtall

Hi. Not sure about the loan but I would hazard a guess that you would not get the interest back, however the debt as it now stands has a good chance of being frozen.

Regarding your wife's credit rating, I would expect that's the joint account makes you financially linked so it would be affected.

eyeopener2

No, the Loans are front loaded so the chances of having that removed is slim. The thing is, it doesn't really matter as your debt isn't growing, unlike credit card debt,so your actually paying it back and you know exactly when your debt free day is.

katsu

scottygees wrote: »

Can I also ask whether my situation would have an impact on my wifes credit rating.We have a joint current account and mortgage only.

Thanks

Yes, because you are financially linked to her. You could close the account but as you have the mortgage together you would still be linked.