remortgage to offer full and final settlement

mariaq

hi could anyone advise me please, at the moment im on a debt management plan due to credit cards owing 14,224 i have been on the plan for about 18 months, does anyone know if it would be a good idea to remortgage for extra 10,000 and offer full and final settlement, and are there any lenders who would lend to me.

rog2

I would think it depends on what you are paying now, and what the cost of remortgage is.
You will get a mortgage, but the rate will usually depend on your credit rating, which may have been shot to hell by the credit card companies.

Justindebt

Depends on the equity on the house.

If they see you can raise 10K, they will likely say raise the full amount required and they won't accept anything less.

nelly_2

whos the plan with and are they taking a cut?

mariaq

thanks all for replying the plan is with cccs they dont take a cut, but its going to drag on for years at the moment i owe 37000 mortgage for which i pay 233 a month, the debt i pay 81 a month im on the sick from work and get dla, im just want rid of the debt i was stupid enough to run up

lynzpower

Maria

As your new here I wonder whether there might be a nit extra from cutting back in your budget. Have you done an SOA before lok at southern scousers sticky first time posters?

Lynz
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