C&G Mortgage and Lloyds bank debt

caleo

Hi All

I have been lurking around for a while, but haven't had the courage to open up as yet

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yes, I know you all sound really friendly and don't judge.......

I have been paying token payments to my creditors for the past four months. This was done on advice from CCCS who worked out my SOA.

I have been on Mat Leave, so my income was reduced, and unfortunately due to severe Post Natal Depression, was not able to go back to work when I intended, so my income stayed low.

I have now been signed off by the doctor, so my pay will be back to normal at the end of july. Unfortunately it still won't be enough to cover my debts, so will be going on a DMP with CCCS.

My story is long....but will try and cut it short. My house is in mine and my ex's name. I am now remarried, but my husband has needed to stay home for support for me, so has no income. (He is from abroad, so unable to claim benefits). Now that my health is better, he is looking for work which will hopefully get sorted soon.

I have been paying the mortgage, and we have had the house on the market for 8 months with no joy. The house is not overpriced, cheaper than others the same, but we just haven't had many viewings, and houses around here just aren't selling.

Looking at rental properties from private landlords, we are going to end up paying out more on rent than we do now on the mortgage.

So as things stand now :

House Value : 130000
Mortgage : 62000

I decided to ask how much my ex would want in order for me to buy him out. I know he is strapped for cash....so offered £20K, which he accepted.

I know that the best step financially is not to drop off the property ladder, so would like to try and stay on if I can.

Mortgage is with C&G. It came off 2 yr fixed deal a few months ago, and we didn't do anything as the house was on the market. Mortgage payment went up by £60pm.

Now my problem.......I want to a) take my ex's name off the mortgage and have it in my name only and b) increase the mortgage by £20K to pay my ex off.

I would need a remortgage of £82K and I earn £28Kpa, so that should be okay, but my credit rating is awful now due to the last 4 months. I have got a copy, and there are 3 defaults listed, as well as missed payments.

Now most of my debt £15K credit card £4500 loan (from 20K) and £3000overdraft all belongs to Lloyds....who are joint with C&G.:eek:

I have got a financial advisor looking into mortgages available to me, but I am not too hopeful. Just wondering whether anyone else has been in this position, or can offer any thouhts as to whether C&G would even entertain my idea???????

Sorry....that was so long.....and not even the whole story!!!! Hope it makes sense!!

Thanks in advance!!!!

Caleo

CLAPTON

i would suggest:
go back to work as planned
OH gets a job
then reconsider and post a SoA with the full financial details