Debt management plan partner C S

Sirdazza1

Hi all. I'm new to this. I have 40k worth of debt and would like to look into a DIY debt management plan. But just need to know if there is anyone out there who has had direct experience with going on a DMP with a joint mortgage (partner) and it effecting the partners credit score i.e what actually happened. Only joint debt is mortgage which is always paid no problems etc. when I look at my score today it shows we are linked. Any help would be great.
Thanks in advance 

Grumpelstiltskin

Yes a joint mortgage does link you but you have no joint bank accounts?

You do know about letting the debts default before you start your DMP?

By the way ignore your credit score it's a made up figure only you see it's your credit report that matters.

Sirdazza1

Hi there.
No any link is joint mortgage. Yes got all that from reading on here about defaulting before so it doesn't carrying on for over 6 years on credit file. 
Just would like to know what impact it will have on my partner's credit score. If anyone has any direct experience with this. 

Thanks 

Grumpelstiltskin

Like I said your or your partner's credit score is a made up figure only you or your partner see, it's credit reports that can be affected.

EDIT   How to check your credit reports for free.
Check your credit rating & report for free – MSE

sourcrates

Sirdazza1 said:

Hi there.
No any link is joint mortgage. Yes got all that from reading on here about defaulting before so it doesn't carrying on for over 6 years on credit file. 
Just would like to know what impact it will have on my partner's credit score. If anyone has any direct experience with this. 

Thanks 

Because you have a linked financial product, then what one does will affect the other.

The thing is, if you don`t take action to deal with your debts, and you can`t meet the minimum repayments, then that would also reflect on your partners credit, so either way there credit file will be affected in some way or other.

It will only matter though, if they want to obtain credit, which is why its best to have them onboard with your plans from the get go, then you are both on the same page.

As said above, ignore the number, its credit history that matters, there credit may not be so bad in the long run, and after 6 years all will be forgiven anyway.

RAS

During the next 6 years, you'll need to arrange your new fixes by going to your existing mortgage provider 3-6 months before the current one ends and selecting the best alternative, without a credit check.

Don't try whole of market or an advisor.