Hi! We just finished an IVA. We managed to pay it off a year early. Best thing we ever did. We used McCambridge Duffy.
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I used stepchange debt management plan and joined a few debt groups on Facebook, the advice on here is good will defo have a look at staceys world and Martin Lewis x
I used PayPlan... started maybe 2015 and ended quite recently. All my interest was frozen, I was able to reduce my payment massively and never paid any fees or admin charges etc. Was a huge help for me
I worked for a debt collection company for 5 years so if anyone would like any advice I can try help the best I can!
I agree stepchange are amazing!
I agree stepchange are amazing!
Can anyone help me regarding something!
I’m on my 3rd month of my DMP thanks to everyone who helped me out, I feel so much lighter doing it this way than trying to afford crazy repayments.
I was just curious I know you can still get a mortgage but it’s dependent on how far into your DMP you are etc.
I had a mortgage as a first time buyer in 2018 with my ex partner, I was released from that in 2019 and he kept our home and had the mortgage in his name. I then just rented afterwards.
My new partner bought his home himself in 2020 and I moved in but we are wanting to buy a home together once my DMP is over in 4 years.
Do you know if I’d be more likely to get a mortgage having had one before? And does anyone have experience of getting a mortgage after a DMP?
I’m on my 3rd month of my DMP thanks to everyone who helped me out, I feel so much lighter doing it this way than trying to afford crazy repayments.
I was just curious I know you can still get a mortgage but it’s dependent on how far into your DMP you are etc.
I had a mortgage as a first time buyer in 2018 with my ex partner, I was released from that in 2019 and he kept our home and had the mortgage in his name. I then just rented afterwards.
My new partner bought his home himself in 2020 and I moved in but we are wanting to buy a home together once my DMP is over in 4 years.
Do you know if I’d be more likely to get a mortgage having had one before? And does anyone have experience of getting a mortgage after a DMP?
Yes you can get a mortgage after you’ve had a DMP, you’ll need to wait until the plan is finished and your debt is clear and it will likely have an adverse effect on potentially how much can be borrowed/interest rates etc but it’s by no means impossible. Go and speak to an independent FA to
Discuss it or nearer the time contact a mortgage broker for advice
Yes you can get a mortgage after you have paid the DMP in full - you will need to show income and it may have to be with a lender who has higher interest rates but deffo not impossible. Also will work in your favour that your partner has a mortgage before
Thanks so much for the replies!
I mentioned upthread, I finished my DMP in 2017 and have just bought my first house with a mortgage.
My credit rating was shot to smithereens when it finished. I got a credit building credit card that I put my fuel on and paid in full each month, and didn’t take out any other forms of credit in between it ending and applying for a mortgage.
My last failed payment was 52 months prior to my mortgage application so I got a decent mortgage, but I know there are a few lenders for people with adverse credit. I never thought it’d be possible but it is
My credit rating was shot to smithereens when it finished. I got a credit building credit card that I put my fuel on and paid in full each month, and didn’t take out any other forms of credit in between it ending and applying for a mortgage.
My last failed payment was 52 months prior to my mortgage application so I got a decent mortgage, but I know there are a few lenders for people with adverse credit. I never thought it’d be possible but it is
this gives me hope! Well done you xxI mentioned upthread, I finished my DMP in 2017 and have just bought my first house with a mortgage.
My credit rating was shot to smithereens when it finished. I got a credit building credit card that I put my fuel on and paid in full each month, and didn’t take out any other forms of credit in between it ending and applying for a mortgage.
My last failed payment was 52 months prior to my mortgage application so I got a decent mortgage, but I know there are a few lenders for people with adverse credit. I never thought it’d be possible but it is
I have an Iva, around £13k worth of debts and I pay £110 a month. I shouldn’t have let it get this bad but sometimes things happen in life and now it’s being sorted it’s a big relief x
Absolutely! I really didn’t appreciate the value of money and saw credit cards as free money! I cleared them with a consolidation loan initially and said to myself I’d close the accounts with credit cards and I spent another £6000 it was the worst thing I’ve ever done. It’s embarrassing how much I let it spiral, I only ever told my partner and he doesn’t even know the full amount he thinks it’s around £16,000 but it’s now under £20k.
It causes me so much stress I just don’t want to mention it again so if I’m paying my DMP then u can just know it’s being handled!
i hate calculating how much extra money I’d have it u hadn’t been so silly with credit cards!
It causes me so much stress I just don’t want to mention it again so if I’m paying my DMP then u can just know it’s being handled!
i hate calculating how much extra money I’d have it u hadn’t been so silly with credit cards!
I made this mistake of thinking credit cards were free money too! And things like very with but now pay later
so so easy to get your credit limit upped.I’m in a DMP which started in 2019, just been approved for a mortgage with a specialist bad credit mortgage company- it’s not a great interest rate obvs but it’s manageable for us. The sub prime lenders will generally accept DMPs if payments have been made for over 12 months and any defaults on your credit file are over 2 years old. In two years we can remortgage to a better interest rate then two years after that our DMP should be paid off, defaults fallen off credit file and hopefully we can mortgage with a high street lender
our previous mortgage was with a high street lender, before we got into debt, but it didn’t make any difference to our situation now that we had had one before. In short you can access a mortgage during your DMP after a couple of years but if you want a decent one you’ll need to be out of it and defaults older than 6 years
I’m currently starting to set up an Iva via step change. I’ve had to stop working due to A heath condition so I can no longer afford my debts. I’ve got £31000 to my name and I’ve been so ashamed and hidden it. Already I feel so less stressed to just start the process. It’s so horrible being in debt, anyone who is thinking of doing any form of debt management I would definitely recommend it.
Please don’t feel ashamed, we’ve all made mistakes that lead to this and you’ve made the first steps by sorting it out and not allowing it to spiral further. It’s a big weight lifted x
Being able to anonymously say on here has been helpful, kind of like I’ve released it in some ways. Just looking to the future now.
It’s so easy to get into debt, then having to leave work has been hard as it was, but to be constantly worrying about how to pay bills is awful. Now I just feel another stress has been relieved
I had to stop working because of a health condition and, with the help of a letter from my nurse, which basically said it was very unlikely I'd work again (which I haven't) I managed to get all of my debt, which was £20,000, written off on medical grounds. Did it all myself as well.
I agree it’s nice to know there’s others in the same position as me and I can discuss it anonymously. I feel like my mental health has improved since going on an Iva, I know everything is paid with one payment x
Revisiting this thread- I’m trying to help my friend. She’s in debt- not to a large amount (under 5k) but it’s enough that she’s worried sick about it. We’ve sat down and gone through all of the bills and she’s making minimum payments but not having enough to live on. Had a look at step change but it says that they cannot help as she’s self employed. Ideally she wanted to go on a debt management plan to freeze the interest so she could make a dent in clearing the balances.
Not sure what else to do? She can’t get a loan to consolidate as her credit rating is crap. I feel awful as I really thought Stepchange would be able to help and it’s taken her a lot to get her head out of the sand and address the debts head on.
Any ideas?
Not sure what else to do? She can’t get a loan to consolidate as her credit rating is crap. I feel awful as I really thought Stepchange would be able to help and it’s taken her a lot to get her head out of the sand and address the debts head on.
Any ideas?