Will we get a mortgage on DMP?

tingworthy

Hiya guys'n'gals,

we are in debt big style. We owe out 160k, our house is worth around 120K.
We owe 85K on our mortgage and 35K on a secured loan. The rest of the debt is credit cards and overdrafts. My wife and I both work F/T, out income is around 50k p.a. We have been liasing with CCCS and are in the process of setting up a Debt Management Plan.

After talking to my wife's parents (who are also skint), we have decided that we would like to sell our house, they would sell theirs, and we would all move in together into a larger house. The house we are looking at is 200k, there house is worth 110k.

Would we still be able to do this if we were on Debt Management Plan?
Is there anything we need to know before we even start thinking about this?
Have any of you guys got any useful tips, advice, anything at all to offer?

We all get on great and the house has plenty of room including a kind of self contained area for my in-laws. We have informed our creditors of our siruation and contact with CCCS, though the DMP is not actually up and running yet. Do you think this could happen in financial and practical terms?

If anyone has any advice it would be greatly appreciated.

Thanks
tingworthy.

UK007BullDog

Sorry to burst your bubble but it wont work once you are on a DMP you are like the untouchables.

You have missed payments or are behind or defaulted?

Be very careful with these DMP's some only make things worse. Are you paying them to pay your creditors? Be very careful and get advice from CAB.

Also visit the debt free wannabee board as people there can help you better.

cassy

hi there, may not be helpful to you but

my parents did the same thing not in debt though and it all worked out very badly, i have not spoke to my grand parents in 15yrs, so just think on as we all got on well but people do change....


btw on the dMP part, it is against most companies to take additional credit while on a plan, and EVEN if you do get a mortgage the rates will be sky high