Dmp and mortgage advice

[Lolly82]

Hi, I'm 27 with one child and live in rented property at the mo. I've just started a dmp with the cccsa who have been really helpful. Don't seem to be getting too much hassel from creditors at the moment so hopefully they are going to go along with it.

 

I'm paying 147 for the next 9 and a half years (ouch), I didn't miss any payment before I started my dmp, I was just using all my money to pay the credit card bills and then running up the debt even more for shopping and bills as all my cash had Bern spend paying the bills. Realised I coudnt continue to went to ccsa for advice. I did miss one or two payments when ccsa told me to stop haying the creditors and whilst waiting for dmp to start but write to all creditors to let them know what was happening.

 

I'm just wondering how this dmp will affect my credit score, I know this might seem a silly question to someone in so much debt but I'm really worried about not being able to get a mortgage in the future. I have money put away by my parents for a deposit (brfore anyone asks I def can't use the money to pay off any of the debts) but will the dmp stop me from getting a mortgage if I keep up to date with the monthly payments?

 

I've received really conflicting advice on the impact a dmp has, someone told me it will stay in my file for 6 years after I clear the debt which will mean the next 15/16 years!!!!

 

Any advice/info would be appreciated

 

thanks

[Lolly82]

Please excuse all the typos above!! Thanks

[sequenci]

Hi there.

 

A DMP on its own accord wouldn't have any effect on your credit file unless your creditors themselves choose to add deliquent information on your file such as late payments and defaults. once a default has been entered no further information should be placed upon your file, and it's likely to appear quite early on within your arrangement. The default would sit on your file for six years from that point. So, it's likely your DMP will still be running at the time your defaults etc fall off your file. Who ever told you that your file would be affected for 6 years after the DMP is totally incorrect.

[loobyloo85]

I am with a debt management company, and they have told me that it is from the original date that i have defaulted as to when my defaults will be logged on my credit file. From this date, it will be on my credit file for 6 years.

I think it would depend on individual mortgage companies, the smaller companies may look fonder on the fact that you are trying to clear your debts in a dmp whether your rating is affected or not.