debt/defaults

tango

hi, i would appreciate some advice regarding defaults. we have always been crap with money, but we have sort of started to turn things around. we have two defaults, one my husband £11.000 and one me £3,000. they are both with debt companies, interest frozen and we are paying regular amounts.
we remortgaged a year ago,just before these defaults happened, with a interest only mortgage cost £1100 per month 6.5% fixed till feburary 2007.
my concern is the effect these defaults(which are on our credit file) will have when our mortgage fixed term ends next year. we are starting to earn a bit more money, but things are still very tight. we probably have only £15,000 equity
what can i do , if anything regarding my credit rating
any advice would be great

Xbigman

Ouch. This is becoming a common problem as the housing market has moved from steady long term mortgages to deal hopping. As far as remortgaging is concerned you are in a catch 22 situation. You can pay your current providers standard variable rate (SVR) or you can try to remortgage to a new deal but with a higher base interest rate. A lose, lose situation.
Your best bet is to talk to your current provider when your current deal ends and try to arrange a new fix/discount. C&G do this, so do some others.
Regards



X

tango

thanks xbigman for your advice, who knows i might have won the lottery by next feb, anything can happen!! :j