Mortgage express wont extend mortgage

caldervalley

I am with a debt management plan. Mortgage express, ex bradford & bingley have told me that they will start court proceedings unless I pay £6700 from a mortgage which was supposed to finish last year. I still have further advances totalling £40000 which finish in 5 years, I have asked them to extend the length of the £6700 mortgage so I can pay it back. I am currently paying £690 per month to Bradford & Bingley. I cannot get a loan to repay the £6700 as I am on a DMP. I dont know how I am supposed to find that sort of money? I dont want to lose my house and I am paying my mortgage every month. I think that Mortgage express are being unreasonable as last year I was told to carry on paying the amount for the £6700 mortgage, on the yearly statement, which they send out in January?

GMS

What is the property worth? How much do you owe on the DMP?

caldervalley

The property is worth £120000 approx. I owe £20000 to my creditors on DMP, pay through payplan each month.

Dave_Ham

With that much equity there will be a solution. Whether it will be cheaper in the short/long run may not be the case.

Good luck