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Remortgage or not remortgage

Hi

This is the first time I have visited this website, recommended to me by my son.

I am 58 years old and was looking forward to a nice retirement. Unfortunately, my husband who is self employed has had a bad run of luck with his business and unbeknown to me has run up credit card and loan debts and got into trouble with loan repayments. His credit rating has been affected and he has a very poor credit score. My credit score is excellent.

I have some modest savings and have tried to help out with the arrears but how can we reduce the debt.

My query to anyone out there would be do we remortgage on a property worth about £250,00 (reducing the monthy outgoings) which is mortgage free and then try to downsize next year and repay the mortgage. Should the property be transferred into my sole name as my credit score is good but I would not be able to borrow as much (my earning are about £16,500).

or

Do we carry on trying to reduce our outgoings and hammer away at the credit card and loan debt which would take forever to repay?

Carry on trying to keep our head above water and not remortgage but try to downsize on property next year and pay off debts.

Thanls

My husband has taken on extra work to try and rectify the situation but I can see it is physically wearing him out.

Comments

  • lizzie12_2
    lizzie12_2 Posts: 409 Forumite
    Welcome to the site, good idea by your son.

    You could have a look at the other threads but it may be best to put all your details on the board so other people could try and help.

    Good luck.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    to give advice we need you to post your statement of affairs
    i.e.

    your income

    details of your outgoings
    that is everything you spend

    details of your debts i.e. debt amount, minimum payments, APRs

    any savings
    details of mortgage, value of property

    any other details that seem relevant (i.e. family situation, children, ages etc.)
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