Credit cards, credit rating & mortgage

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Hi guys,
I am new to this and looking for some advice.

I have a debt of about 12k on 6 seperate credit cards and would like to reduce my payments and interest rates. I have spoke to the debt counsellers about offering to pay what I can afford and hopefully freezing or lowering the interest. my monthly payments are almost inline with my monhtly interest so at this rate i will be paying this off for the rest of my life!

I am ahome owner and a bit worried about my credit rating being damaged and being unable to remortgage.
I am one of the lucky people who's mortgage went from £600 a month to £240 a month when the bank of England rates went down to 0%. When this goes back up I will need to remortgage to get a better deal as my payments could rise to £900 a month.

What I would like to know is if I ask my creditors to freeze or lower interest and reduce my monthly payments and then my mortgage increases, will I be able to get a new mortgage?
Or will my credit rating be too damaged to re-mortgage?
Thanks

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  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
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    AJHU wrote: »
    Hi guys,
    I am new to this and looking for some advice.

    I have a debt of about 12k on 6 seperate credit cards and would like to reduce my payments and interest rates. I have spoke to the debt counsellers about offering to pay what I can afford and hopefully freezing or lowering the interest. my monthly payments are almost inline with my monhtly interest so at this rate i will be paying this off for the rest of my life!

    I am ahome owner and a bit worried about my credit rating being damaged and being unable to remortgage.
    I am one of the lucky people who's mortgage went from £600 a month to £240 a month when the bank of England rates went down to 0%. When this goes back up I will need to remortgage to get a better deal as my payments could rise to £900 a month.

    What I would like to know is if I ask my creditors to freeze or lower interest and reduce my monthly payments and then my mortgage increases, will I be able to get a new mortgage?
    Or will my credit rating be too damaged to re-mortgage?
    Thanks

    If you come to an informal agreement (AP) with a creditor or any of them default you this will be reflected on your credit file and massively hamper your chances of getting a remortgage. Is it possible for you to remortgage now before you've missed any payments? And / or borrown an extra £12K against your equity to cover the credit cards (ONLY IF you CLOSE them all straight after, remember!!)?
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