DMP is it a good idea?

manoriah

My husband is already in a DMP, and now I’m struggling with my credit cards and loan payments, which total around £35k. I didn’t enter a DMP myself at the time because the mortgage payments were coming from my account. If I start a DMP now, will it affect our ability to remortgage in four years’ time? And how long will it stay on my credit file? Please advise.

Grumpelstiltskin

OK before you decide on any solution please read this thread.

In Debt and Wannabe Debt Free? first Steps to take are here, please read, then ask questions. — MoneySavingExpert Forum

Complete a honest SOA for not just you you need all your husband's income and debt payments.

I hope his DMP is with one of the charities and he is not paying for it.

manoriah

Thank you. This is helpful. My husband arranged it with PayPlan and he pays about £100 a month

ManyWays

Payplan are one of the good DMPs firm that don't charge you. I suggest you talk to them about a DMP as it is much easier to have both with the same firm.. 

If I start a DMP now, will it affect our ability to remortgage in four years’ time? And how long will it stay on my credit file?
You will always be able to get a new fix from your current mortgage lender.
The DMP itself doesnt show on your credit record, but the debts in will be marked as in a payment arrangement or default, defaults are better as they will drop off your credit record sooner.
How long ago did your husbands DMP start? Have all his debts defaulted, have any been sold to a debt collector? This gives you some idea of how a DMP affects credit records.

manoriah

Thank you so much for the advise. My husband started his DMP last year just before the remortgage and all his debt is defaulted (nearly 50k) No debt collectors involved.

fatbelly

manoriah said:

My husband is already in a DMP, and now I’m struggling with my credit cards and loan payments, which total around £35k. I didn’t enter a DMP myself at the time because the mortgage payments were coming from my account. If I start a DMP now, will it affect our ability to remortgage in four years’ time? And how long will it stay on my credit file? Please advise.

You can remortgage with your existing provider

Defaulted entries stay on your credit file for 6 years from the date of default