Do I need to declare to financial advisor....

worrygirl

Hello please is anyone able to tell me do I need to declare my DMP to a financial advisor its £600 and I pay 20.97 off a month.  I have put off paying it all off in one go as the debt is no longer on my credit report and im not paying interest. All Debt is years old and gave defaults over10 years ago. I paid off the ones that I still had any link too.  One debt is unenforceable with PRA Group that is for £1700 but,  the Mortgage thread on here say no need to declare that to her (Im not paying them and its not on my credit report)  I have the money to pay the DMP off but to be honest I was hoping to top up my help to buy ISA instead, as the DMP is no longer accruing interest or mucking up my credit file? 

Or shall I just pay it off or just tell financial advisor? - many thanks!

Karonher

I don't see why the financial adviser needs to know. I would imagine that as long as you give them a correct overview of your accounts - i.e. the amount you are committed to spending each month - they can advise you. Is there a reason you have an adviser for this and why you are not just topping up your HTB ISA?

worrygirl

I have savings but can only put £200 in Help to buy ISA a month.  We need the financial advisor to know how much mortgage we can get between us? 

Grumpelstiltskin

I hope you aren't paying the advisor for advice, make sure you aren't persuaded to take on a financial product that you don't need is  he a mortgage broker?

enthusiasticsaver

You do not need a financial advisor to tell you how much mortgage you can get.  You aren't paying him are you? 
Go to a mortgage broker.  

worrygirl

She’s free until if you take out a mortgage with her. My friends have used her she calls herself a financial advisor she independent and also give mortgage advise?  Is this not the best person to use? 2 friends have recommended her? 

Grumpelstiltskin

Have you read this?

https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/
Be wary of someone who isn't a qualified Mortgage Broker.

DCFC79

worrygirl said:

She’s free until if you take out a mortgage with her. My friends have used her she calls herself a financial advisor she independent and also give mortgage advise?  Is this not the best person to use? 2 friends have recommended her? 

Id use a mortgage broker, plenty around.

worrygirl

She is a fully qualified mortgage broker  - a local mortgage specialist turns out I went to school with her so all is good! Anyway the good news is we have a mortgage agreement in principle. I mentioned my DMP  she said to pay it off so it wont be on my bank statements (its only £500) I was just paying it off a few quid a month as I pay no interest and the creditors are no longer on my credit report. But she said a lender might see the 'DMP to Payplan' and query it.  We are not buying until after Christmas now so im just getting full and final settlements from the 3 creditors I have left and say good riddance to my DMP of 14 years!! feels good!!! - thanks for all your help and advise!

dunstonh

Most financial advisers are not mortgage advisers.  However, mortgage advisers will typically work out of a financial adviser firm.
If you are using a mortgage adviser or a financial adviser for mortgages or investment class business then you must tell them as it will impact on the advice they give.  On mortgage business, they will find out soon enough.  So, no point hiding it.

worrygirl

dunstonh said:

Most financial advisers are not mortgage advisers.  However, mortgage advisers will typically work out of a financial adviser firm.
If you are using a mortgage adviser or a financial adviser for mortgages or investment class business then you must tell them as it will impact on the advice they give.  On mortgage business, they will find out soon enough.  So, no point hiding it.

no didnt hide it as she said its fine just going to pay it off now