About to take control (I hope) but how?

bobble123

Hello. I haven't been on this forum before so sorry if I'm repeating what's been asked before.

I'm a forty-year old single father who's got into a load of trouble with credit cards. Won't bother with the sob story but £47,000 down at the minute. I've spoken to CCCS who have given great advice but before I go along their route, would just like to know if anyone has any input. As I see it, I've got two options:

i) Sell my house, pay off the cards with the equity, and be debt free but renting without the current income I have from a lodger and not as nice a place for my 8 year old to live.

ii) Go down the CCCS route with a debt management plan, take years to pay off the debt (actually I'm not too bothered by that) but, and this is the bit I don't know about, would I then have a dodgy credit rating for life or, if not, how long would it be before I could apply for a reasonable-rate mortgage or loan or something (not planning to do that, by the way, but just want to know where I might stand in 10 years' time).

Hope this isn't too boring for anyone. I'd really appreciate any advice anyone has.

Thanks!

pepe2008

The house will, eventually, go up in value.

What would your Son prefer?

DMP, once your debts are paid, any defaults etc will remain for 6 years from repayment date. You will probably be able to settle the debts quicker than the initial calculation by CCCS.