It will depend on if your existing Lender would need to credit score you as to if they will offer you a new rate or not - some will some won't unfortunately. Entering an IVA normally means that you couldn't re-mortgage to a High Street Lender for at least 6 years from the start date. A DMP can have a longer impact on your ability to re-mortgage as the Creditors don't have to default the accounts at the start of the DMP (unlike an IVA) so that can lead to issues on your credit reports for much longer than the 6 years of an IVA.
I hope that helps.
Say you can afford £200 a month and they do freeze all interest in the DMP --- it will take you nearly 17 years to clear. An IVA will take 5 or 6 years. Yes, it is harder and much more financially intrusive and with many more hoops to jump through on the way, but definitely doable with the right mindset.
Who is onlineUsers browsing this forum: No registered users and 35 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location