remortgaging to pay of my debt ive defaulted with equity in my house

dazza2010

was just wondering if i could remorge to clear my debt even though ive defaulted and im using a debt mangement company .. the debt is £12000 my morgage is £65000 and the value of house is £100000 thx any info really appricted

Windmill67

why would you want to? If you've got a debt management plan together and can afford it its arguable that securing it to your home isn't the best idea. If the lenders haven't applied charges to your house that is.

Also if the debt management plan is over a 10 year period, for example, and you agree to remo it over 20 years you'll be paying twice as long. I consolidated 4k's worth on unsecured debts a few years ago and really regret it. I wish I'd paid it off as now I'll be paying it for the next 20 years or so. Fool that I am.

Each situation is different though. Citizens Advice Bureau are tools a lot of the time but do have some excellent people working for them as well. It might be worth contacting them and getting some proper impartial debt advice.

Also you might find getting a remortgage with your advers credit a challange and if you did find one it'd be expensive. Really really expensive!

Peelerfart

I'm no expert but I would say no you don't have much chance of a remortgage.

I hope I am wrong but the amount of money you're after would take you to 77% LTV from your current 65% .
Add that to your less than perfect history and........

Sorry but

getmore4less

If you are paying for the DMP then fix that first

post here

http://forums.moneysavingexpert.com/forumdisplay.html?f=76