DAS - Mortgage query

ChocksterNo1

Hi

My wife and I are about to enter a DAS, paying £26k debt off with payment of £950 a month. My question is that we would like to buy a new house in about 3 years time, our advisor has said our credit rating will be poor for a number of years.

Would we be able to secure a mortgage in 3 years time or will we have to wait until 6 years after the das has finished. We currently are homeowners and in 3 years time, we will be eligible to sell our house (ex council home).

thanks

Chock

monday_blues

Sorry I dont have the answer to your question, but May I ask Chockster why a DAS, I am new to posting really and currently considering a DMP, however have only spoken to CCCS once so far, my interview with them is on monday. I live in Scotland and am curious as to the best options for me. Current debt around 28k. Thanks,

ChocksterNo1

Hi

Well, we talked through our situation with an advisor and my wife and I have a good amount of money to pay towards our debts and we are also homeowners, we have secured debts too.

I think the advantages of the DAS over a DMP, was that with a DAS, the interest and charges are frozen, so we know exactly when the debt would be paid off and it gives you slightly more legal protection from creditors. our overall aim was to protect our house.

hope this helps

Chock