Completed DMP

BillyBrown76

Hi all, new poster here…

We were looking to see if anyone had experience on how long after a DMP has been completed that lenders would look at us.

it was set up 7 years ago & completed in Feb. 

All defaults relating to it have cleared off my file & my Experian & Equifax scores are around 780 ( though from reading on here scores aren’t looked at in a big way with mortgages unless low)

Other half has a perfect credit history 

I guess we’re looking to see what type of lenders would looks at us & deposit numbers over the coming months….any insight would be much appreciated.

ACG

You can get a mortgage with an active DMP. 
Personally, I would probably hold fire for 3 months so your bank statements are clear. Be careful on your choice of lender (some will ask if you have EVER had a DMP/made arrangements with creditors, others will ask in the last 6 years and some will not ask). 

Also some lenders keep internal records going back decades. So whilst your credit report might look clear there will be some lenders involved in the DMP who will hold a grudge against you for a long time to come. 

BillyBrown76

ACG said:

You can get a mortgage with an active DMP. 
Personally, I would probably hold fire for 3 months so your bank statements are clear. Be careful on your choice of lender (some will ask if you have EVER had a DMP/made arrangements with creditors, others will ask in the last 6 years and some will not ask). 

Also some lenders keep internal records going back decades. So whilst your credit report might look clear there will be some lenders involved in the DMP who will hold a grudge against you for a long time to come. 

Hi ACG,

Thank for the reply & info, we have found your other replies & post around the forum very informative.

We did think that the lenders we broke contract with may keep internal records so have definitely put them to the side.

I’m still leaning towards a specialist broker, just for the reason you gave regarding the questions they may raise in the application such as “have you ever”

We’re just hoping the 7 years since entering into a DMP & that no record of the defaults on “my” file may open up access some not so scary deals.

ACG

Difficult to say for sure without the details but I would like to think you would will be getting normal rates. 

BillyBrown76

ACG said:

Difficult to say for sure without the details but I would like to think you would will be getting normal rates. 

Thanks ACG,

As you suggest we will wait a few months that way the DMP payments will not show up on any requested bank statements which will be the last evidence of it.

speaking to a friend, he thinks Santander only asked about bankruptcy & IVAs but will definitely go through a broker to prevent knock backs & the knock on effect on our credit files.

ACG

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

BillyBrown76

ACG said:

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

That definitely asks the question!

This is 100% why we will need a broker like yourself to navigate the pit falls

BillyBrown76

ACG said:

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

Have just noticed that the last default account showing on my files which the default was 6 years ago is for PRA (originally MBNA) 

I’m guessing having PRA on my file is an automatic red flag to lenders 

[Deleted User]

BillyBrown76 said:

ACG said:

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

Have just noticed that the last default account showing on my files which the default was 6 years ago is for PRA (originally MBNA) 

I’m guessing having PRA on my file is an automatic red flag to lenders 

No one but you sees the name.

ACG

BillyBrown76 said:

ACG said:

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

Have just noticed that the last default account showing on my files which the default was 6 years ago is for PRA (originally MBNA) 

I’m guessing having PRA on my file is an automatic red flag to lenders 

Not necessarily. PRA buy up a lot of bad debts, along with lowell we see them both quite often. 
Lowell/PRA is not an indication of a DMP, just that a defaulted account has been bought. 

Is the date on the default correct? If not, speak to the credit agencies and see if you can get it back dated to the actual default date. Anything you can do to get it to drop off will help. However, if you still have defaults on your credit report, you might find that prevents you from getting normal rates. 

BillyBrown76

ACG said:

BillyBrown76 said:

ACG said:

I dont use Santander often but having just checked an application form they ask:

 Have you ever had a property repossessed, or had a court order for debt registered against you, or not kept to any credit agreements?

Have just noticed that the last default account showing on my files which the default was 6 years ago is for PRA (originally MBNA) 

I’m guessing having PRA on my file is an automatic red flag to lenders 

Not necessarily. PRA buy up a lot of bad debts, along with lowell we see them both quite often. 
Lowell/PRA is not an indication of a DMP, just that a defaulted account has been bought. 

Is the date on the default correct? If not, speak to the credit agencies and see if you can get it back dated to the actual default date. Anything you can do to get it to drop off will help. However, if you still have defaults on your credit report, you might find that prevents you from getting normal rates. 

The default date is correct & I think takes about 6 weeks to filter through to my credit file from reading on here?
So this should clear this month or next at the latest.