Remortgage with a DMP?

hopeful1983happy

Hi All,

I am hoping someone can help- we are looking to remortgage as our fixed rate period has run out. We don't want to get any more credit, just to fix it so we know our monthly payments. We currently have a debt management plan, however our credit report is still poor due to one creditor refusing to default us, just saying we haven't paid for months.

Has anyone got any recommendations as too which lenders would be likely to remortgage us with bad credit please? Any experience would be gratefully received.

Thank you.

ACG

Who is your current lender?
Have they not got any retention products for you?

amnblog

hopeful1983happy wrote: »

We currently have a debt management plan, however our credit report is still poor due to one creditor refusing to default us, just saying we haven't paid for months.

This suggests you believe a debt management plan is beneficial to your credit file - it is not.


I suspect you will be restricted to mortgage products offered by your current lender.

hopeful1983happy

It is NRAM, previously Northern Rock. They are no longer offering new mortgage deals.

Don't worry I know about credit scores etc, I am fully aware about it, didn't mean to imply anything. As a mortgage broker do you have any recommendations at all please?

Thanks for your comments. :-)

ACG

What is the current loan to value (value and loan amount)?
What rate are you currently on?

hopeful1983happy

Mortgage is £129k, house is worth approx £165k, so ltv 78ish%. Rate is 4.79%. Happy to pay the same just want to fix it if we can!

Dave_Ham

We are seeing this more often.


I believe you should be contacting the specific creditor and asking them to administer the default backdated.


If they have frozen in interest and agreed a lower figure as repayment, then technically they have accepted the default.


This is an area of great debate though.


Unbelievably, with many of the adverse credit lenders this will cause you a much bigger issue than the historic defaults and DMP as they class it as current credit in arrears.


Best of luck

hopeful1983happy

Dave_Ham wrote: »

We are seeing this more often.


I believe you should be contacting the specific creditor and asking them to administer the default backdated.


If they have frozen in interest and agreed a lower figure as repayment, then technically they have accepted the default.


This is an area of great debate though.


Unbelievably, with many of the adverse credit lenders this will cause you a much bigger issue than the historic defaults and DMP as they class it as current credit in arrears.


Best of luck

Thank you - yes I have been told this, so I am looking to try and get it backdated, so far no luck. It's so frustrating, many years if excellent credit then one redundancy and !!!!!! it's all gone! But getting it back slowly.

Many thanks all.