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Moving Home with a DMP help please
samanthur193
Posts: 4 Newbie
My self and partner are on a joint DMP - have been for a while now, majority of the debts are mine.
We now find ourselves in a position where we have outgrown our current home & also have ALOT of equity in our current home we would love to move home to a bigger home & would easily be able to clear all our debts with the money from the move. The defaults that we have are all due to drop off this year.
I'm just wondered how hard it would be to get a mortgage for more - if at all, we are looking at it being in my partners name only on the new home for the time being as he has a better wage ( I'm self employed to work around the kids) so he has been able to steadily gain access to credit as his score has increased whereas I haven't due to having a low income but I'm worried the DMP will still have an affect on him being able to get accepted, the DMP only has 3 things his name is against.
just wondered if anyone has had similar,
thanks!
We now find ourselves in a position where we have outgrown our current home & also have ALOT of equity in our current home we would love to move home to a bigger home & would easily be able to clear all our debts with the money from the move. The defaults that we have are all due to drop off this year.
I'm just wondered how hard it would be to get a mortgage for more - if at all, we are looking at it being in my partners name only on the new home for the time being as he has a better wage ( I'm self employed to work around the kids) so he has been able to steadily gain access to credit as his score has increased whereas I haven't due to having a low income but I'm worried the DMP will still have an affect on him being able to get accepted, the DMP only has 3 things his name is against.
just wondered if anyone has had similar,
thanks!
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Comments
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Lenders don't see the fake score
Speak to an adverse credit broker based on income and credit fileSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Don't forget that you can settle your debts by full & final settlement1
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Presumably if you are buying bigger and extracting equity, you'll have a much higher mortgage?If you've have not made a mistake, you've made nothing0
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We would yes but with the housing profit we would clear the DMP, pay off the car we currently have on finance & pay the help to buy off freeing us up over £500 monthly to go towards mortgage & still have £15k left from the house saleRAS said:Presumably if you are buying bigger and extracting equity, you'll have a much higher mortgage?0 -
What percentage have you assumed for your settlement deals?0
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we've assumed 100% on all but 2 as they frequently send us settlement offers of 45% offfatbelly said:What percentage have you assumed for your settlement deals?0 -
No, you never pay that much, these debt purchasing companies buy old debts in bulk.samanthur193 said:
we've assumed 100% on all but 2 as they frequently send us settlement offers of 45% offfatbelly said:What percentage have you assumed for your settlement deals?
They typically pay from anywhere between 10-20% of face value for them.
The original creditor having long since lost interest in it, sold it for peanuts, and wrote the rest off to tax.
So most will do a deal at 40-50% and still turn a profit, it helps to know the market you are dealing with.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
that's really intresting thank you!sourcrates said:
No, you never pay that much, these debt purchasing companies buy old debts in bulk.samanthur193 said:
we've assumed 100% on all but 2 as they frequently send us settlement offers of 45% offfatbelly said:What percentage have you assumed for your settlement deals?
They typically pay from anywhere between 10-20% of face value for them.
The original creditor having long since lost interest in it, sold it for peanuts, and wrote the rest off to tax.
So most will do a deal at 40-50% and still turn a profit, it helps to know the market you are dealing with.
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