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.
Who is onlineUsers browsing this forum: No registered users and 29 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