Mortgage and D.M.P

downhillfast

ACG wrote: »

There may be 1 or 2 lenders who will consider you.
Neither will be high street rates (although probably not a million miles out - I imagine sub 6% possibly less) but the potential is there. You are likely to need a 15% deposit and the DMP will be taken into account when assessing affordability.

Definitely definitely one for an experienced in adverse broker as a lot of brokers will just knock this back without putting in the leg work.

I would be more concerned with her existing creditors within the DMP pulling out of the agreement as why should they only get their money trickled back to them yet they can afford to take out a sub-prime mortgage! When entering a DMP it is agreed that you won't undertake any more borrowing for this very reason.

Saddler1975

downhillfast wrote: »

If those default dates are corrrect then they are due to drop off her credit file this year which is great - are they the only ones still on there?

If that is the case then I would be tempted to approach her creditors with Full & Final settlement offers and see if you can wipe out the DMP without digging into too much of your deposit... once the DMP is gone and the defaults drop off it would only be a case of rebuilding her credit rating and topping up your deposit savings.

p.s does the defaults drop off one by one? and with Amex the last default will drop off this year but will the settled remain on my file till next year?

Good luck :beer:

Yes that is all the bad stuff I have on my file everything else is upto date and it has been 67 months since anything negative has been recorded. But the DMP is my wifes not mine, would she approach the management company or The Halifax who she owes?

as the DMP started 2009 will all or most of her Halifax defaults have dropped off?

Saddler1975

downhillfast wrote: »

I would be more concerned with her existing creditors within the DMP pulling out of the agreement as why should they only get their money trickled back to them yet they can afford to take out a sub-prime mortgage! When entering a DMP it is agreed that you won't undertake any more borrowing for this very reason.

Wish I was with her at the time, she would not have gone down the DMP route then.

Also going to get her to write to Experian to add a note that the reason why this happened was due to being made redundant and going through a divorce at the same time.

amnblog

If you have sufficent and deposit this case should be placeable now with the DMP in place as is.

As ACG says you need a broker experience with adverse cases.

Saddler1975

amnblog wrote: »

If you have sufficent and deposit this case should be placeable now with the DMP in place as is.

As ACG says you need a broker experience with adverse cases.

As down suggests, would applying for a mortgage flag up with Halifax and the DMP? and would it cause problems?

ACG

Shouldnt do no.

amnblog

You already have problems.

Your other alternatives are settle or leave your life on hold.

Saddler1975

Thankyou for your help guys, can any of you answer the question I asked Down regarding who would we approach for a settlement and will her Halifax defaults already started to be removed considering they were back in 2008/9 from her file and will her DMP be on her file?

We were going to check but she put her wrong details in and access has been blocked until we call experian lol

ViolaLass

You should also pay your own debts off too. They may be a lot smaller than your wife's but no reason to hold on to them.

downhillfast

Saddler1975 wrote: »

Yes that is all the bad stuff I have on my file everything else is upto date and it has been 67 months since anything negative has been recorded. But the DMP is my wifes not mine, would she approach the management company or The Halifax who she owes?

as the DMP started 2009 will all or most of her Halifax defaults have dropped off?

Sorry I think I misunderstood whose defaults you were talking about.
What you need to aim to do ultimately, is to have the DMP paid off and the defaults gone from BOTH of your files. Knowing the date of the last default either of you have (the actual date the default was put on file not the last month of your file that shows it is in default - it will show in default every month since the default was registered) will indicate when you will both be default-free (ie 6 years after the last default date).

As regards F&F settlement there is a good guide here. You should be able to approach the creditor direct but you should check that this is ok with your managament company. If you are with Stepchange it will be fine, that's who OH was with. Not sure how it works with paid for management companies as they will probably want their share (parasites).

Whatever you do, if you decide to go ahead with trying to get a mortgage without finishing the DMP check with the management company first that it is ok as it would be an awful position to be tied into a new mortgage and then find out that your creditors want their money and have started adding interest again! :eek: