Who to go to??

keith_lard

Basicly
Got bad credit past, lost job (made redundant) and credit rating.

2 ccj's 1 fully paid.

In full time permenant employment once again.

on a DMP (with CCCS)

all bills payments up to date!

Need to remortgage!

Want to get shut of DMP and OH debts baby on route!

Any tips??

k.

AndrewSmith

Hi,

Post some figures and a bit more detail and let's have a look.

Andy

MortgageMamma

it is possible but as andy says we need details of both your earnings, credit commitments if any, amount you owe on your property, amount you owe on your DMP and wish to clear plus any additional amount you may want to borrow

keith_lard

Hi thanks for replys!!!

I owe £15,000 on Dmp

Final CCJ about £4,500 but they have told me to make an ofer of 75% for full and final offer

Other half Debt £12,000

House is worth £145,000

Mortgage outsatnding £52,000

Any more info????

Will post

thank you!

MortgageMamma

Salaries and outgoings such as csa payments or childcare coss would be helpful as would your age, and whether you would prefer an interest only mortgage or repayment and the mortgage term you would like

keith_lard

My SOA
Income £1200.00 Per Month

Outgoings

£237 DMP
£387 Mortgage
£40 ccj
£119 Council Tax
Car Tax/Insurance/Fuel £60
House Insruance £22
Gas £50
Electric £20
Phone/Cable/Internet £40
Tv Licence £12
Works Meals £30
Clothing and footware £30
Papers £10

OH Income

£13,330

Out goings

Food £250
Car Loan £170
Loan £180
Credit card £80 (total balance)
Credit card £0 (balance)
Credit card £0 (balance)
Next Account £200 (balance)

Note OH has no defaults on any accounts, all her bills have always been paid on time!
Our joint Mortgage has always been paid, and is upto date!

keith_lard

My age is 33 OH 35

Mortgage outsatanding £53,000

Need to wipe clean OH Debts, and see what if possible my Full and Final Payments would be on my DMP.

So looking to borrow around £83,000 mark.

Thanks for you advice!

Regards

k.

MortgageMamma

OK have had a look at this for you, there will be no problem borrowing the amount you require its just important you approach the right lender first time, as multiple credit checks can dint your credit rating. Have you spoken to your DM company regarding remortgaging are paying off O/s balance?

Are you looking to arrange this mortgage by yourselves or would you prefer to take financial advice from a professional?

keith_lard

Hi MortgageMamma!

Many thanks for your reply!!

And advice!!

Was going to ask CCCS about the remortgage first! Do you agree on this??

I am aware about the credit checks, we are with the Abbey at the moment but seeing as my credit rating is low, I dont think this would be a good move asking them for £30,000 more although repayments are up to date, what do you think???

Your advice MortgageMamma is very very welcome!

Thank you!!!

K.

MortgageMamma

Hi Keith

regarding your DMP. will it repay ALL of your debts and if so over what term? I think speaking to the DMP and CCCS is a good idea. Be wary of some of the specialist adverse credit remortgage companies you see on the TV and in the press, as they will charge you an arm and a leg and a bit inbetween as well to sort your remortgage out, and will take advantage of your situation unfairly. Do not agree to pay any fee's above say £300 for this. And make sure you speak to a whole of market broker who has access to all the lenders available rather than one or just a handful, that way you know you are getting the right mortgage.

Abbey generally will accept people with a little adverse credit, but usually just the type of a one off glitch e.g. default that was paid almost immediately, but as you are an existing customer of Abbey there is no harm exploring your options, however the chances are slim that they would advance you additional funds (and make sure they don't run a credit check!)

If you have any further questions please feel free to keep asking

keith_lard

Hi MortgageMamma!!!!!!!

Many many thanks for your advice!!

Will speak to CCCS First and before doing anything will get back to you, if you dont mind??

Most on the DMP want final payments to end the accounts, its just setting up what to pay them and how much? Hopefully CCCS can sort this out.

I have seen the APS Mortgage rubbish, they seem a short term solution to a long term problem.

Anyway thanks for your advice you have made some peace to a worried mind!!!!!

Will be back here, after a call to CCCS.


THANK YOU!

k.