DMP Affect re-mortgage?

loug_2

Hi There
Can anyone offer any advice....if I took out a dmp with CCCS (which is looking like a v.likely option at this stage) do you know if it will make it harder when we come to re-mortgage? Has anyone been through this? Its the only thing putting me off going for it.....
loug

endora

Going on a DMP means not keeping up with min payments so creditors are likely to default you and inform the Credit Reference agencies so yes, it could definitely have an effect.

Tixy

Its likely to make it hard for you to switch to a different lender yes.

Often people find they have to stay with their existing mortgage company, either just on the SVR or usually their existing lender will allow them to fix again (despite defaults etc on a credit file).

I understand that may put your off a DMP, but if your unsecured debts are becoming an issue anyway for you then this could mean you'd struggle to remortgage anyway, either if your debts are high compared to your income, or if you end up missing payments/having payments bounce on your debts.