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Bit of a pickle
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Hi, Can someone please help or advise... (its a bit complicated)
Me and my ex wife bought a house back in 2007 (just before the market crashed) we were desperate to get on the ladder but didnt have any savings for the deposit so we took out a 115% mortgage (Brilliant idea at the time!!) We have now seperated and sold the house ,which just covered the mortgage. The problem now is that we are stuck with a massive loan of £12k our loan provider are refusing to split the loan into two seperate loans, which gives us the only option of keep this loan for 27 years ( this is how long the mortgage had to run ) or go elsewhere. The problem is my ex can get a £6k loan but as I kept the house when me and my ex broke up and with the divorce etc, I got into financial difficulty so I took out a debt management plan. Now I have a good job and can pay extra off to my DMP but I want a loan to cover my half of the loan so we are no longer financially connected.. Its such a headache and is getting me down as I have extra money left at the end of the month so I could easilly afford a loan. A lot of my creditors have been paid off. I am even considering going to Amigo loans to get 5k (at a stupid rate) and borrowing a further £1k off of a family member
Me and my ex wife bought a house back in 2007 (just before the market crashed) we were desperate to get on the ladder but didnt have any savings for the deposit so we took out a 115% mortgage (Brilliant idea at the time!!) We have now seperated and sold the house ,which just covered the mortgage. The problem now is that we are stuck with a massive loan of £12k our loan provider are refusing to split the loan into two seperate loans, which gives us the only option of keep this loan for 27 years ( this is how long the mortgage had to run ) or go elsewhere. The problem is my ex can get a £6k loan but as I kept the house when me and my ex broke up and with the divorce etc, I got into financial difficulty so I took out a debt management plan. Now I have a good job and can pay extra off to my DMP but I want a loan to cover my half of the loan so we are no longer financially connected.. Its such a headache and is getting me down as I have extra money left at the end of the month so I could easilly afford a loan. A lot of my creditors have been paid off. I am even considering going to Amigo loans to get 5k (at a stupid rate) and borrowing a further £1k off of a family member
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Comments
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I woldnt go to Amigo, and put yet another loved one under risk of financial stress!!
Save up, and save up hard!!0 -
If you have extra money left at the end of the month, use it to pay off the debt. Far cheaper than than an Amigo loan and better for your poor guarantor.0
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