Mortgage and D.M.P

Saddler1975

I think we need to pay her DMP off first and then start saving again and then possibly have a mortgage over a shorter period of time.

As I said earlier, with past knowledge of my debts I would have advised her to reach an agreement with the Halifax rather than go down the dmp route. 18 months ago they advised her to take an iva, why? I have no idea but they put it into her head it was a great idea until I put her straight.

Thankyou for your advice

downhillfast

Saddler1975 wrote: »

As I said earlier, with past knowledge of my debts I would have advised her to reach an agreement with the Halifax rather than go down the dmp route.

Maybe but if she'd have ended up in an 'Arrangement to Pay' scenario I believe her credit file would be in a worse state than it is now as these markers are placed monthly so it takes 6 years from finally paying it off for the marker to be gone from the credit file. I may be wrong about that but I'm sure I read it somewhere... it actually made me glad that OH had been in a DMP and had the accounts default instead

Saddler1975

Just seen something that I have never spotted before, it says on experian

'A defaulted account will be removed after 6 years even if the debt has not been paid off in full, but what you owe will still be showing'

So because my wife's debt was defaulted in June 09 that has to be good news? I just thought it meant each missed monthly payment will (i.e number 6 7 or 8 for example) will just drop off in turn as each month passes by.