debt management plan

hannahlouise834

hi my boyfriend has just finishe paying off his debt managemnt plan does anyone know how long it will be before people will start to look at him again ie. s we can have a joint mortgage?

happy_bunny_2

Check his credit file as I guess he has defaults. These drop off 6 years after the default date and then he will be in a better position to get a mortgage.

Tixy

It depends on what is on his credit files / how long ago his creditors issued defaults.

Get him to get copies of his credit file from all 3 agencies and look through them and see when his defaults are, and if the debts still appear (if he was on his DMP more than 6years its likely many of the debts won't appear any longer).
Check all his debts show as settled/satisfied.

He'll need to work on slowly building his file - have a look at subprime credit cards with a low limit, which he can use and repay in full to show he can handle credit but still not pay interest.

Whilst he has defaults still visible getting a mortgage would be tough -you'll be looking at subprime lenders only (expensive and needs a higher deposit). Ideally wait until they are no longer on file and in the meantime work on building a new 'clean' credit history.

DS4215

Tixy wrote: »

Whilst he has defaults still visible getting a mortgage would be tough -you'll be looking at subprime lenders only (expensive and needs a higher deposit). Ideally wait until they are no longer on file and in the meantime work on building a new 'clean' credit history.

And a sizeable deposit...