Advice on arrears c&g

Appreciativeofadvice

Hi, please can you give me some advice?
I have had a fixed rate mortgage with c&g for four years they got me in a desperate situation and the rate is ridiculous! I've been paying interest only and I have arrears of around 8,000 I've been paying them off £170 extra PCM but they aren't budging, the mortgage outstanding is 220k the house was purchased for 265k and I put down a 25k deposit, I can't really afford the house I'm paying £1300 PCM however if I sold it and tried to buy another one i would have no chance as my credit rating is awful.
So...... Am I living in a fantasy world or is this not possible?? Can I find a cheaper house around 210k and stay with c&g paying off my arrears and lowering my monthly payments dramatically or have I got no chance?

opinions4u

Appreciativeofadvice wrote: »

Hi, please can you give me some advice?
I have had a fixed rate mortgage with c&g for four years they got me in a desperate situation and the rate is ridiculous!

My first piece of advice is to accept that you agreed to the rate. You signed the mortgage deed and you got the loan as a result. Take some responsibility.

I've been paying interest only and I have arrears of around 8,000 I've been paying them off £170 extra PCM but they aren't budging, the mortgage outstanding is 220k the house was purchased for 265k and I put down a 25k deposit, I can't really afford the house I'm paying £1300 PCM however if I sold it and tried to buy another one i would have no chance as my credit rating is awful.

Sell up and rent.

So...... Am I living in a fantasy world or is this not possible?? Can I find a cheaper house around 210k and stay with c&g paying off my arrears and lowering my monthly payments dramatically or have I got no chance?

I think you have no chance. Have you asked them?

Thrugelmir

Appreciativeofadvice wrote: »

however if I sold it and tried to buy another one i would have no chance as my credit rating is awful.

Sell up and rent. Then spend some time rebuilding your credit history.

Repaying the arrears at such a slow rate won't help you going forward. If you are on interest only then no capital is being repaid. So you are for all intents and purposes renting already.