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.
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.
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.
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