Debt management plan is a repayment option which procedure is very much similar to consolidation process. The only difference is you do not need to borrow new loan to settle your debts. A credit counselor will negotiate with you about your financial situations and prepare a budget for you to handle your debts.
However, it is important to know about some facts of debt management plan. In some cases, it can affect your credit ratings. This plan helps to avoid missing payments and regular payments help a low to improve credit score. If you enrolled in this plan for repayments then you will not allow taking a new credit and staying close to old credit line. Hence, this option will further help to improve credit score.
If you are enrolled in a DMP to pay off your debts and needs mortgages in between of the term then your accessibility to mortgage depends upon some circumstances. Some DMPs limits consumer?s accessibility on loans whereas some others do not consider any such terms. However, there is no guarantee in either case whether you can borrow mortgage or not. Leading financial organization give their decision on such issues after considering your credit reports, credit history and associated financial statements. Lender?s decision also affected from the DMP plan in which you are enrolled. Management plans of repayments also affect credit score so remember that this repayment option will surely affect your accessibility to mortgage. Good creditors generally get approval of mortgage faster.
It is not that all lenders refuse your debt consolidation loans application if you have bad credit score. In some cases, lenders can approve your credit score if other things are okay. If you are in process of improving your financial situation then chances of loan approval will increase. It is suggested to improve credit rating before applying for mortgage.
20 viewsDaniel Leo is an expert debt advisor. He has above five years of writing experience on debt issues.
Source: http://www.freepressreleases.com/debt-management-plan-mortgage/213192
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Source: http://hobbsmichal245.typepad.com/blog/2012/08/debt-management-plan-what-if-needs-a-mortgage.html
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