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  • FIRST POST
    • Worrying1980
    • By Worrying1980 12th Apr 18, 12:38 PM
    • 2Posts
    • 0Thanks
    Worrying1980
    Is this a DMP???
    • #1
    • 12th Apr 18, 12:38 PM
    Is this a DMP??? 12th Apr 18 at 12:38 PM
    Hi,
    Long time lurker, first time poster, pulling on my big girl pants and trying to face my debt.

    I have defaulted on a NatWest credit card which is now with Moorcroft Debt Recovery.

    My house is due for remortgage in November, and my friend, who is a mortgage advisor, says that if I start a repayment plan with Moorcroft, its classed as a DMP, and that Ill really struggle to remortgage.

    Is this correct? Scared
Page 1
    • nomoneytoday
    • By nomoneytoday 12th Apr 18, 12:42 PM
    • 4,757 Posts
    • 2,879 Thanks
    nomoneytoday
    • #2
    • 12th Apr 18, 12:42 PM
    • #2
    • 12th Apr 18, 12:42 PM
    He's sort of correct.
    Any debt not paid on time will have an impact on a remortgage.
    • PeacefulWaters
    • By PeacefulWaters 12th Apr 18, 12:49 PM
    • 8,318 Posts
    • 10,672 Thanks
    PeacefulWaters
    • #3
    • 12th Apr 18, 12:49 PM
    • #3
    • 12th Apr 18, 12:49 PM
    Missed payments.

    Default.

    Arrangement to pay.

    All pretty disastrous when it comes to remortgages.

    Put the situation right as early as possible and start building a more positive credit history.
    • owen_money
    • By owen_money 12th Apr 18, 1:42 PM
    • 614 Posts
    • 724 Thanks
    owen_money
    • #4
    • 12th Apr 18, 1:42 PM
    • #4
    • 12th Apr 18, 1:42 PM
    It depends on what you mean by remortgage. If its just your mortgage deal is coming to an end you can get a new deal with your existing lender and there wont be an issue. If you change lenders then you'd probably struggle
    One man's folly is another man's wife. Helen Roland (1876 - 1950)
    • Worrying1980
    • By Worrying1980 12th Apr 18, 5:40 PM
    • 2 Posts
    • 0 Thanks
    Worrying1980
    • #5
    • 12th Apr 18, 5:40 PM
    • #5
    • 12th Apr 18, 5:40 PM
    Thanks all. His email said these arrangements are an absolute red flag and bankruptcy is seen better, surely that can!!!8217;t be right?
    • glentoran99
    • By glentoran99 12th Apr 18, 5:41 PM
    • 5,473 Posts
    • 4,661 Thanks
    glentoran99
    • #6
    • 12th Apr 18, 5:41 PM
    • #6
    • 12th Apr 18, 5:41 PM
    bankruptcy disappears sooner that's the only way its better
    • eskbanker
    • By eskbanker 12th Apr 18, 6:23 PM
    • 8,771 Posts
    • 10,037 Thanks
    eskbanker
    • #7
    • 12th Apr 18, 6:23 PM
    • #7
    • 12th Apr 18, 6:23 PM
    You've presumably shared rather more detail with your mortgage advisor friend than you've posted on here, so perhaps it would be worth giving some more information for people to go on, e.g. scale of debt(s), earnings/assets, credit history, etc....
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