Remortgage/ DMP/ defaults

28khelp

Hi. Oct 2008 owed 28k, 5 creditors, went to CCCS (wonderful help/ such relief to have shared burden), now owe under 6k, 2 creditors
Pay £1033 mortgage (fixed rate coming to an end), pay £260 to CCCS. I have 7 years left on repayment mortgage, 75k, over 60% equity.
Have defaults & poor credit score, but have proved that I can be strict to pay off outstanding balances. Want to find a lender who will also lend me the 6k, to pay less per month than I am now.
Is there any lender who will lend to me, except current one? :cool:

Dave_Ham

Almost definitely yes, they are likely to want to repay the current unsecured debt being managed through CCCS although that would probably be beneficial.

Obviously there are other variables including age, income, employment type to consider but given your equity and perceived adverse being historic then there will be a solution.

Likely to be a bank/building society that looks at things manually as the computer will always say no on your case.

All the best

28khelp

Thanks for that.
Employed full time in public sector, job secure, salary 34k (pay frozen, no rises for last 3 yrs none due), age 51.
Defaults are from 2 creditors being paid thru CCCS.
Do I need to look at whole of market broker for best options.

Dave_Ham

Then this will almost certainly be achievable.

You need to possibly go one step further and ensure they are independent and/or whole of life, but also that they are experienced with adverse credit applications..

You are almost certainly going to have to pay a fee to a broker for this case, so do be aware. Ensure you get all of the costs involved upfront and see sight of their solution.

Would be prudent to also get your Experian and Equifax credit reports in order to ascertain your exact credit file position (if not already known)

All the best

Conrad

Check what rate / deal you will migrate to with your existing lender.

Any new sub prime lender will offer you relatively high rates, and bare in mind criteria around the length of term are stricter now, assuming you want to go above normal state retirement age.

Lastly note that sub prime lenders tend to request 3 months Bank stats, and will be looking for good conduct all round.

So step one, get a quote from your existing lender.

28khelp

Thanks for all advice. Will follow all advice and keep fingers crossed.