Mortgage, DMP & Defaults

[nightwatch]

Re: Mortgage, DMP & Defaults

the debts on your DMP are not secure so why would you want to add them, unless they ask about them, you don't have to mention them. as you are paying them with no intrest added, why would pay extra intrest on non secure debts .
I would be tempted to let sleeping dogs lie, get the mortgage then look at sending for your CCA's from the company's involved
but that is just my opinion you and others may think differently

NW xx

[Susie]

Re: Mortgage, DMP & Defaults

I certainly would not be adding the debts on the DMP to the mortgage. IF anything happened in the future you could take payments in the DMP down to £1 a month for each creditor, but if its in the mortgage you will be paying interest (I assume the DMP has no interest).
I would be getting the longer mortgage that you can comfortably afford and then saving the difference between that and the rate you would pay if it was for the shorter time. If you have a month that you cannot afford the "extra" amount it would not matter. You then have several options, for example you could choose if you want to have the savings as an emergency fund, or make overpayments on the mortgage so that you do pay it off earlier, or at some point one of the debts on the DMP may take a low offer so you could get that paid off earlier.

[MrsD]

Re: Mortgage, DMP & Defaults

we extended our mortgage in the midst of our huge debt chaos and we owed considerably more than £20K no one mentioned it, I just told them that our endowments had gone bust (absolutely true) and that we needed to pay it off over a longer period, had never missed a mortgage payment, it was no bother one short phone call and it was sorted