what to do about mt debt

sarahjane1972

hi my hubby lost his job , but has been very lucky to get another one straight away. the only thing its 6500 a years less than what he was earning.(better than dole)we have about 17000 of debt that we where struglling to pay them before ,but now because of the decrease in pay we are in deep trouble as we cant afford to pay them . should i do a dmp and how would this effect my morgage are fixed rate ends in 12mths so im concerned that they would put us on a high rate because are credit rating would be poor . we are 1mths in arrears with the morg but have been paying extra each month to clear it .all advise greatly apprecated xx ty:(

pennypusher

Hi and welcome, post up a Statement of Affairs and people will be glad to help and advise.

Standingtall

sarahjane1972 wrote: »

hi my hubby lost his job , but has been very lucky to get another one straight away. the only thing its 6500 a years less than what he was earning.(better than dole)we have about 17000 of debt that we where struglling to pay them before ,but now because of the decrease in pay we are in deep trouble as we cant afford to pay them . should i do a dmp and how would this effect my morgage are fixed rate ends in 12mths so im concerned that they would put us on a high rate because are credit rating would be poor . we are 1mths in arrears with the morg but have been paying extra each month to clear it .all advise greatly apprecated xx ty:(

Hi and welcome. It is unlikely you would get a mortgage with another lender but you should be able to get another fixed rate mortgage with your current lender. However, according to recent news reports the 'experts' are predicting low rates for the next 5 years in any case, so variable rate may be cheaper. Certainly the Halifax offered me a fixed rate deal when my own finished recently. However it was £75 a month more than the current variable rate on a 100k mortgage. So I am currently paying £524 a month, if that gives you a basis for comparison.

A DMP will destroy your credit rating but so will not paying minimum payments - often it is your only way out other than some form of bankruptcy.

Hope this helps.