Single DMP Joint loan

Bluebird70

Hello, new one here. I hope I'm posting in the right place.

I have a DMP for myself. I have been on one for about 2/3 years and an estimate of over 15 years left to pay it off.. My husband came on a loan with me before the DMP (so I could get it). He gets monthly defaults on the loan and is keen to settle this, to clear his credit rating, so he has a chance to get a mortgage in the future. The loan is for £9k which he can't afford at the moment to pay off in one go but in my recent review with the dmp i was advised to consider doing an iva. Just wondering what our best options are and any implications would be if he did pay the loan off in say a years time, also I had letter from wescot the debt collection agency thanking me for the continued payments and the possibility of a reduced settlement figure and to phone for details. Were not sure what kind of discount they would offer and what effects on his chances of a mortgage in a few years. Any help or advice would be great. Thank you.....Jo

Hope this make sense.

Sorry if this post is in the wrong area.

sourcrates

Hi,


Well you have to look at it this way, your credit will be ruined as your on a DMP, until all defaults drop off your file, in around 3 years time, the same for your other half, that is assuming all your accounts are defaulted now, and don't show as "arrangement to pay", because AP markers will stay a further 6 years, AFTER you have cleared the debts, so potentially a very long time.


Are all the accounts defaulted ?

HappyMJ

Bluebird70 wrote: »

Hello, new one here. I hope I'm posting in the right place.

I have a DMP for myself. I have been on one for about 2/3 years and an estimate of over 15 years left to pay it off.. My husband came on a loan with me before the DMP (so I could get it). He gets monthly defaults on the loan and is keen to settle this, to clear his credit rating, so he has a chance to get a mortgage in the future. The loan is for £9k which he can't afford at the moment to pay off in one go but in my recent review with the dmp i was advised to consider doing an iva. Just wondering what our best options are and any implications would be if he did pay the loan off in say a years time, also I had letter from wescot the debt collection agency thanking me for the continued payments and the possibility of a reduced settlement figure and to phone for details. Were not sure what kind of discount they would offer and what effects on his chances of a mortgage in a few years. Any help or advice would be great. Thank you.....Jo

Hope this make sense.

Sorry if this post is in the wrong area.

Do you own a property?

If you don't then I'd just consider getting a DRO and starting again.

An IVA is suitable if you own a property and it doesn't seem like you do.