DMP question

TheNut

I have looked at going onto a DMP a few times due to credit card debt, but so far I haven't gone down that route as I have always managed to make my minimum payments on my credit cards. I may need to go on one soon due to a change in financial circumstances.

What I need to know is, does it affect my partner if I go on a DMP?

We have a joint mortgage, we both work full time and split everything 50/50. But my other half is worried that if I go onto a DMP that it might affect her credit etc.

The only thing joint is the house and the bills, she has a credit card with not much on it and her finances and credit are good.

Can anyone clarify whether or not me going onto a DMP will impact on her?

glentoran99

Yes it will a syou are financially associated with them, Mine didnt seem to have that big an effect though as my wife hasn't had any issue getting credit since my DMP

HappyMJ

TheNut wrote: »

I have looked at going onto a DMP a few times due to credit card debt, but so far I haven't gone down that route as I have always managed to make my minimum payments on my credit cards. I may need to go on one soon due to a change in financial circumstances.

What I need to know is, does it affect my partner if I go on a DMP?

We have a joint mortgage, we both work full time and split everything 50/50. But my other half is worried that if I go onto a DMP that it might affect her credit etc.

The only thing joint is the house and the bills, she has a credit card with not much on it and her finances and credit are good.

Can anyone clarify whether or not me going onto a DMP will impact on her?

If you were not financially associated it would not affect her credit at all.

You've got a joint mortgage and therefore an asset you can sell to repay your debt. Together you will choose to reduce your own personal repayments below the rate that they requested rather than sell and clear the debts in full.

National_Debtline

Hi TheNut


Yes, due to the joint mortgage there is an "association" between your credit files. If your wife seeks credit, her potential lenders will take this connection into account - how much it will affect their decisions is impossible to say and in some cases it may make no difference to the outcome at all.


I probably don't need to stress this but nonetheless, please do make sure you steer clear of any fee-charging debt management companies.


Dennis
@natdebtline