www.iva.co.uk

Hello all,

I settled my IVA early after 3 years, back in 2016, and everything is going great.
My wife is still in a DMP which is slowly but surely coming down.

My question is would it be beneficial for me to take out a personal loan to clear her DMP in order for her to start repairing her credit file?
Secondly, how long does a DMP stay on credit file after it is paid off?

We intend to buy a bigger property and her wage would be benficial towards the mortgage application but doubt she would pass credit check whilst in her DMP.

Thanks

Jordan

Paying the DMP off with a loan could be a possibility, but that would depend on the whole picture. The DMP will stay on the credit files for 6 years after each account is settled and closed.
If your IVA started in 2013 it will probably hamper your attempts to get a loan of the required amount until your own credit files clear up and potential lenders have any degree of confidence in you again.

Hi Jordan,

Unlike an IVA under a DMP the Creditors don't have to issue defaults on the start date of the plan - as the defaults show for 6 years this can lead to issues where Mortgages are concerned, certainly for the High Street Lenders. Some Lenders are happy to lend even with a DMP in place though.


Regards

Hoping the advice provided has helped. Ryan and his team will support you if you have any questions.

Good luck x