Partner looking at debt management plans

[Deleted User]

MinuteNoodles said:

If you're applying for a joint mortgage one of the applicants being in a debt management plan is going to be fairly catastrophic, especially now when lenders are reluctant to lend. Payday loans and defaults are bad enough as it is but a DMP can be even worse. Also once you have linked finances, which you would have because of a joint mortgage, her bad credit record has an impact on your own as you are deemed to be financially linked. 
In regards to a consolidation loan, which is what I think you're more talking about, she's going to struggle to get one at a decent rate so it would probably be better for you to apply, if you don't have the money spare, and to give her a formal loan setting out the date of the loan, the purpose of the loan, the amount, the payment terms, any interest and what that amount is, due date and any penalties for not complying. Doing it that way if you split up and she doesn't pay at least you have the ability to pursue her for the debt. Also remember that any finance either you or she takes out would reduce the amount you can borrow on a mortgage to buy a property.

Thanks, she has tried a consolidator loan, but none will accept her.

I don’t mind lending money, providing I get it back as you say.