DMP, defaults, CCJs and more :)

[Debt Camel]

Re: DMP, defaults, CCJs and more

Hi BBBSheep

you might find this article interesting as it covers many of the the points you raised: http://debtcamel.co.uk/paying-old-debt/. Do note the point about trying to reclaim PPI even if you think you never paid any or you don't think it was missold.

I disagree with nem that

I'm sorry to say that even if this and the other debts were paid off they will still have a major impact on mortgage application, the questionnaires now used in mortgage applications are intrusive in the extreme and all will have to come out.

If a full and final settlement is made on a debt which has already dropped off your credit file, it doesn't reappear. And it is likely to take you a while to save up a deposit, by which time your DMP will be ancient history and not appearing on your last years bank statements etc. Of course it is possible that a lender may ask if you have ever had a DMP, but most won't. if you want to get a mortgage, then F&Fs are your best option just so you can clear the debt as fast as possible and start saving for a deposit. Another article and DMPs and mortgages that may be of interest: http://debtcamel.co.uk/dmp-mortgage/

[blahblahblacksheep]

Re: DMP, defaults, CCJs and more

Thanks DebtCamel. I have done a PPI claim and received £1500 which went towards paying a chunk of my debt off before I went into my DMP.

I'm definitely going to look into F&F settlement figures and see how much I can get them paid off for - as you say, the sooner the better. Re deposit, in a couple of years we're hoping to get a mortgage and my partners parents have promised a lump sum as a gift to help with the deposit so on that front we're ok, but obviously anything that can be saved between now and then would help with costs and keeping the amount we want to borrow down.