loan until i sell property

dani33

so do these financial industry standards codes of practice mean little?

jonesMUFCforever

dani33 wrote: »

so do these financial industry standards codes of practice mean little?

It means very little to unscrupulous brokers. They will tell you anything you want to know to get their commission BUT after the loan has gone through they will drop you like a stone - especially when you will be complaining about the huge early settlement fees coming your way.

I really could understand you wanting to take this route if you wanted the loan over a long timescale but to go to the trouble of getting a secured loan for a few months until your property sells is sheer folly.

dani33

ejones999 wrote: »

It means very little to unscrupulous brokers. They will tell you anything you want to know to get their commission BUT after the loan has gone through they will drop you like a stone - especially when you will be complaining about the huge early settlement fees coming your way.

I really could understand you wanting to take this route if you wanted the loan over a long timescale but to go to the trouble of getting a secured loan for a few months until your property sells is sheer folly.

i have considered all of the options, had a chat with my father and come to the conclusion that it is pointless borrowing money just to pay off £1000 minimum payments on cards even if it is for a few months + the fact i dont trust this company for some reason.
I have sat down today and drawn up a budget which i can survive on but my ac is overdrawn and the charges are hitting already as i cant pay off cards at all. my plan is to speak to natwest my mortgage company see if they will give me a mortgage holiday, i havent missed a payment in 4 years. If not i will have to speak to creditors or go through cccs and offer token payments until i sell.
my father has kindly offered to pay these repayments until i sell.

I have read through the forums and the advice seems to be to set up another bank ac, where my wages will be paid and and direct debits which arent credit cards will be paid i have a credit card with natwest my mortgage provider also, does this complicate things if you are on a dmp? thanks again for advice.

jonesMUFCforever

Would an interest only mortgage be any good to you?
If this saves you money in short term - it can be used to be reduce your other debts.

If at all possible you need to resist the DMP route to avoid screwing your credit files up.
However DMP is far better than bankruptcy.