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Impact of DMP on credit record and mortgage offers

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  • This article may provide a little more guidance, but ultimately it will be down to the lender making the assessment. A mortgage broker might be a sensible option.

    http://news.payplan.com/2012/05/14/understanding-credit-reports-and-how-they-are-affected-by-dmps/

    James Jones

    Many thanks James

    The photo was an added bonus too! ;)

    Still feels contradictory though, on one hand it seems that it's good to show that you have kept up commuications and commitment to pay back but it still feels like people that 'walk away' and get defaulted will end up with a clean record quicker than someone on a DMP without defaults.

    Still confused.com

    HHx
  • Well I don't know about mortgages yet, because I'm yet to get to that point.

    BUT I was in a DMP and Halifax offered me a 15K loan at the same time, some of my accounts with them were in a DMP the month before the offer!!!
  • Thrifty_Pixie
    Thrifty_Pixie Posts: 1,036 Forumite
    HH thanks for the new thread from a fellow paddler. I will end my dmp next year also. My predicament is slightly strange and I wonder if anyone can help. Next year I hit the big 60 and due to lucky employment that automatically enrolled a young 17 year old in a final salary scheme, no knowledge input by me, I will actually have more money spare than at anytime of my life. I won't need credit. Not likely to need a mortgage, don't drive, so no car finance but would like a credit card for booking holidays just incase anything happens and the security of booking via cc than a debit card sounds good. I am also sure that paying for something monthly on a 0% rather than paying in full (might as well have the money in an account gaining interest if I can) could work. If they do a credit check and see the amount of money would this negate the dmp markers or at least help?

    it would be best to start your own thread with your question so as not to confuse HH's specific query here :)
    Mortgage-Free Wannabe
    Mortgage at start [20/6/12]: £151,800/MFD Jun 2035 (age 65)
    Mortgage now [5/11/14]: £139,212.14/MFD Oct 2029 (age 59)
    Personal Library 2014
    :starmod: Read in 2014: 57/60 :starmod: In Progress: 2 :starmod: Books In: 94 :starmod: Books Out: 12 :starmod: TBR: 847 :starmod:
  • it would be best to start your own thread with your question so as not to confuse HH's specific query here :)


    Thanks but am more than happy for Gibbs query to be here

    HHx
  • Thanks but am more than happy for Gibbs query to be here

    HHx

    With two people asking questions, it's hard to keep track!

    When I see this I often stop reading.

    Also made me chuckle as it seems your giving people permission to post :D
  • Hopelessly_Hopeful
    Hopelessly_Hopeful Posts: 2,868 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    edited 26 March 2013 at 5:08AM
    assj wrote: »
    With two people asking questions, it's hard to keep track!

    When I see this I often stop reading.

    Also made me chuckle as it seems your giving people permission to post :D

    No offence intended but I started the thread. It was more an issue that I didn't want to exclude! Futhermore, Gibbs is a good ally of mine, sensible and measured, the query is still related, it is the credit record that has the impact on the mortgage. I'm not worried about keeping up!!!!!!

    HHx
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No offence intended but I started the thread. It was more an issue that I didn't want to exclude! Futhermore, Gibbs is a good ally of mine, sensible and measured, the query is still related, it is the credit record that has the impact on the mortgage. I'm not worried about keeping up!!!!!!

    HHx

    You'll most likely find that there'll be few responses. As keeping posts to a single thread is basic forum advice. Multi threads just become confused and difficult to follow.
  • Thrifty_Pixie
    Thrifty_Pixie Posts: 1,036 Forumite
    as the above posters said - i was commenting for clarity rather than thread-Nazism ;) but if you're happy, we're happy, etc etc :)
    Mortgage-Free Wannabe
    Mortgage at start [20/6/12]: £151,800/MFD Jun 2035 (age 65)
    Mortgage now [5/11/14]: £139,212.14/MFD Oct 2029 (age 59)
    Personal Library 2014
    :starmod: Read in 2014: 57/60 :starmod: In Progress: 2 :starmod: Books In: 94 :starmod: Books Out: 12 :starmod: TBR: 847 :starmod:
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