Help! arrangements to pay on credit file but want to get a mortgage

ponjy

Hi, this is my first ever post although I have spent hour and hours over the years reading really helpful advice.
A bit about me, im in my 6th year of a DMP paying back £38K with payplan and should be making my last payment at the end of may.
Checking my credit file I have 3 defaults which will come off over the next 3 months but, for one an MBNA credit card now transferred to moorgate I have and arrangement to pay noted on the file.
Is it right that this history of this will remain on file for a further 6 years after I have paid the debt off?
If so is this judged as serious as a default? and make it hard for me to get a mortgage until 2019?
Its been a real struggle in the DMP. I know I got myself in to this mess but I've paid back every penny made sacrifices like holding off starting a family, saying no to many things for a long time and I have been looking forward to the day I'm finally debt free, but today I feel that in effect this debt will hang over my head for a decade in all, despite breaking my back to pay it all back in 6 years.
The light at the end of the tunnel is suddenly a lot dimmer.

Does anyone know anything about the effect of arrangement to pay on a credit file and what it means in the way of being approved for a mortgage? (id never get a credit card again).
Thanks in advance for any advice.

Thrugelmir

Arrangements to pay will be recorded as such on your credit file. In no way are my comments directed at you personally but people do abuse such arrangements. As a consequence the penalty is a period of time where you'll need to maintain squeaky clean credit record.

You've done the hard part of clearing your debts. This in itself is a major plus. So now focus on saving for a deposit. Time will heal you credit record. The larger the deposit you can put down the better.

bigadaj

Whilst this will be on your credit file until 2019 the significance of it will diminish with time. All things are grey, not black or white, so by say 2017, assuming you operate your finances properly and can save a decent deposit then there may well be options for mortgage products.

Hopelessly_Hopeful

These things create a difference of opinion with some people believing defaults are easier as they do disappear yet APs show commitment to paying back the debt.

The thing to bear in mind is that these markers only make up one part of the decision. What does seem to be important is that when there is a history of adverse credit that you apply through a broker with experience.

That's my plan.

Good luck with yours.

HHx