I have had advice from you before but would just like to clarify a few things. I am on a dmp with payplan which has been running fine for 2 years. I now have made the decision to sell my flat which after the sale would leave me with approx £35,000. My debts outstanding are £52,000. I am hoping to move to rented Accomodation. The reason for decision is dmp will never finish in my lifetime. I am now in arrears with my mortgage ! And I am struggling to find the £100 to pay to the dmp and not sure of a way out apart from selling. I also have very high annual service charges which are totally unpredictable. Recently they asked me for £2k hence the mortgage arrears if £549. Anyway decision has been made and the flat goes on the market this week. The questions I have are . 1) my debts were all defaulted in 2011 if I settle them will they come of my credit file in 6 years ie 2017? Or will it be 6 years from settle date?
2) will I be able to rent through a letting agency will they be able to tell that I am on a dmp? Can they see my credit report? There are no ccj or charging orders on my account. I have a current account and a debit card.
3) would my creditors know about my equity from sale? Would I be able to retain some of it. Really need to replace car it's is 15 years old and I need a car for work as part of my contract of employment.
4) legally are the creditors able to see my saving account
5) I have already had 2 offers from creditor with 50 per discount on one and 25 on the other.
Trying to plan this and don't want it all to go wrong.
Ultimately I would like to pay of debts, retain a little and rent a home for me and my 2 children. One is also planning to go to university so would also like some of the equity for her
Would really appreciate any advice ? Don't want to revisit should I sell my home as I have decided a salary of £25,000 it was not a good idea in the first place! Managed to buy with government loan of 25 percent which is repayable at 25 percent of sale price. Reason for debt has been a combination of household maintenance service charge and generally affordability and using credit freely to pay Peter !