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Debt Management advise
Amy112
Posts: 3 Newbie
Hi,
My partner and I have been on DMP past few years and have about 6 years more to pay off everything. However, we have decided to separate. I was thinking of creating a different DMP account and pay off my debts as quickly as possible. Now, he also took out a secure loan agianst the family home and we have a mortgage together. The plan is he will continue to make payments towards those. What I am wondering is will my cfedit score improve when i have cleared my debts or will not because my name is financially linked with his withthe secured loan and the mortgage. Would there be any positive changes in my credit rating by paying off DMP?
Thanks in advance
My partner and I have been on DMP past few years and have about 6 years more to pay off everything. However, we have decided to separate. I was thinking of creating a different DMP account and pay off my debts as quickly as possible. Now, he also took out a secure loan agianst the family home and we have a mortgage together. The plan is he will continue to make payments towards those. What I am wondering is will my cfedit score improve when i have cleared my debts or will not because my name is financially linked with his withthe secured loan and the mortgage. Would there be any positive changes in my credit rating by paying off DMP?
Thanks in advance
0
Comments
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The sooner you settle debt, the better lenders will view you, although the history of defaults will remain.
Your actual credit score will drop but that's ok.0
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