14 year DMP 30 September 2020 at 5:51PM in Debt-free wannabe 5 replies 441 views

[Deleted User]

I have been in a DMP with Payplan since 2006, although I have added several debts to the DMP since. The DMP is currently for approximately £50,000 at £61 per month. Most of the creditors no longer appear on my credit file including 2 CCJ’s which have legal charges on my property for approximately £11,000. Obviously my credit rating is poor but I am looking to move to a new property and get a joint mortgage with my o/h.  My credit file currently shows a debt with Oakbrook Finance which is showing as 6+ monthly missed payments. There are also 2 Capital One accounts for approximately £3000 total and an overdraft with Halifax for just over £3000.  I have requested CCA’s from all of my creditors, but would I be better dealing with the creditors on my credit file before any others and if so would full and final settlements be acceptable?

Thank you in advance

sourcrates

Anything you see fit is acceptable.
The CCJ debts may not take an offer, but you can but try.

John_

If you have continued to add debt king after you got into trouble, and are still not in a position to repay what you owe, are you sure that it’s sensible to be taking out a mortgage, especially with someone else who stands to lose a lot of money if you take on additional debt again?

Please think very carefully if this is the right thing for both of you.

[Deleted User]

Forgot to add in my original post that I have approx £60000 - £70000 equity in my current property, after the 2 charging orders have been settled, but prefer to use as much of that as possible as deposit for new property.

Galloglass

What APR and LTV rates are you being quoted given your poor credit? Seems that you are willing to pay a high cost (14 years on a DMP!) for money as long as it is in small amounts.

Have you worked out what interest and charges have cost you over that period of time? 

[Deleted User]

5.1% on 75% LTV

Interest and charges frozen since DMP started.