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Helzbelz
Starting Member

1 Posts

Posted - 30 Oct 2013 :  13:30:41  Show Profile  Reply with Quote
Hi,

I am currently in a DMP. I am looking to buy a house in a few years once it has been paid off. I owe about ?3600 still (my initial debt total was ?4200).

I want to save up the whole amount I still owe and pay the DMP off all in one.
The only thing I'm worried about, is getting a mortgage. How long will it take for my credit rating to improve after paying off the DMP and is there anything else I can do to improve my rating quicker?
Also, if I paid off half of my DMP, would that look better when trying to get a mortgage?

Any help would be appreciated.

Thank you

Phil Corfield
Debt Management Expert



897 Posts

Posted - 30 Oct 2013 :  15:20:12  Show Profile  Reply with Quote
Hi Helzbelz and welcome to the Debt Management Plan Forum.

For mortgage advice, you should speak with a qualified mortgage broker. They are able to assess your position for mortgage approval as this is based on deposit available, property price, your personal circumstances and so on.

With regards to your credit file, as you pay off debts then your score could improve but ultimately your best place for advice on your own specific file would be to speak with one of the credit report companies.

You have the option of "settling" debts or clearing them outright. Settling means paying less to clear the debt but this would reflect on your credit file. Clearing the debt in full is better for your file but costs more.

I am a CertDR qualified Debt Advisor and a Director of Bright Oak.
To contact me about a debt management plan or general debt advice please here:
   
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Mortgagesteve
New Member

4 Posts

Posted - 27 Jul 2017 :  15:22:50  Show Profile  Reply with Quote
Hi Helzbelz,
A bit late but I know of 9 adverse credit lenders that would consider an application if you are or have been in a DMP.
Regards
Steve

Regards,
Steve
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