Releasing equity in my house to pay off debt

Bennyg82

I am currently 2 years into a debt management plan that came about from too much debt and being made redundant twice. I have about £17K left to pay with a debt free estimate of 2018.

I own my house and I think it is worth around £95,000 and have roughly £70,000 left to pay. Household earns around £60,000 a year

With the debt management plan I know I am unlikely to be offered a new mortgage deals. My mortgage provider is HSBC (and also one of my biggest debts in the DMP). Is there any chance they will let me remortgage my property despite having a terrible credit record, in order to pay off my debt?

I want to build up my credit rating to eventually move to a bigger property but this feels years away as I can't actually access the money in my property without just selling it which I do not want to do.

Anyone had any similar experience or have any good advice as to how to speak to my bank?

Thanks

Ben

Thrugelmir

On your household income why is it going to take so long to clear your DMP? Not as if you've a large mortgage either.

Can see your lender being interested to be honest. As they've already suffered a considerable loss.

lee111s

Also confused about how you're debt is going to take so long to pay off with your income(s) and such a small mortgage?