DMP/Mortgage advice

Jacko_amz

Hi everyone and happy new year


I just wanted some guidance please. My partner has started a DMP 6 months ago has 15k debt, these have defaulted and show on his file. in 6 years these will drop off if i'm right in thinking.

He recently sold a house he had with an ex partner and has 10k in the bank (gave to parents to keep safe), he is planning on staying on the DMP for couple of years and then start to offer F&F's, he has 4 creditors and 3 already been sold on.

What i would like to know is in 6 years we hope to have a deposit and be able to get a mortgage, its possible he may still have some of the debts left but the defaults won't be on the file report. Would the mortgage lenders be able to see he still has outstanding debt? hopefully by then it will all be paid but you never know! any guidance is appreciated

sourcrates

Hi,

Once an entry has fallen off your credit file, it's like it never existed, no one will know about it.

The only exception would be if you applied for a mortgage to a previous creditor he had debt with, some companies keep there own personal records for longer than 6 years, for example the Halifax keep records for up to 7 years, so you may need to give it a little thought.

Jacko_amz

that's great thank you sourcrates

sourcrates

No problem, hope things work out for you !!