Interest Only Mortgage, future concerns!

1Moneymonster

Six years ago i had an IFA come to the house to find me and my partner a mortgage, Cut the long story short the motgage we signed for, we didnt get and was mislead on the interest rates, we ended up paying a 10.2% interst rate on a £165k mortgage, i complained to the FSA and we had £2600 compensation from the IFA company, nice but it didnt help our future struggle with mortgage payments, we missed few payments, and struggled to pay a few bills, recently our mortgage company platform have changed to Morgan Chase! the interst rates have gone down and we now have an affordable mortgage, we have managed to keep all payments up to date and have no arrears. but my credit score is 43 which is bad. i want a new mortgage as i still have interest only and i am concerned about the future when they do rise i will be on big payments, how can i now get a mortgage without paying high interest, to help build my credit rating do these cash builder cards work? I the tax payer bail the banks out but there is nobody to bail me out! there has to be help out there. for the past 3 years i have been with gregory pennington who i pay directly towards my debt and they deal with all my debt, shall i go for an IVA? as will never pay off `my debt with a debt mgt company? i still have the 165k mortgage still live in the same house with 40k worth of debt, i have 4 children work full-time and my fiancee looks after the kids we really want to get ourselves sorted but with so many options out there and not wanting to be ripped off again what do we do! HELP :rotfl:

Hannah_10

You would save money by moving your DMP from that company you are paying, to CCCS.