Mortgages and wife DMP

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Jordan.83

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Post by Jordan.83 » Fri Aug 10, 2018 12:46 pm
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

Foggy

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Post by Foggy » Fri Aug 10, 2018 1:27 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Ryan

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Post by Ryan » Fri Aug 10, 2018 1:48 pm
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
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

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luluj

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Post by luluj » Fri Aug 10, 2018 5:37 pm
Hoping the advice provided has helped. Ryan and his team will support you if you have any questions.

Good luck x
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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