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DMP and possible remortgage...
sarriep
Posts: 321 Forumite
Advice welcomed please. We've been on a DMP now for over 7 years and due to finish next September / October (whoop!) but this month we are having a few financial emergencies - one of our cars needs work on it, our boiler has broken (currently no hot water) and a hole in our roof. We cannot afford to have these things done but they are all a priority. We are considering asking our mortgage provider (Santander) if we can remortgage to cover the last £4300 ish of our DMP and the work that needs doing. We pay £580 a month to our DMP. We have about £80,000 equity in our house.
Do you think this is possible?
Thanks
Do you think this is possible?
Thanks
:eek: LBM August 2008:eek:
Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
Proud to be dealing with OUR debt ! :T
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Comments
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You would be better off defaulting on the DMP, saving the £580 quid you pay to it for 4/5 months, get one thing sorted per month, then restart DMP.
Then you would be no worse off, nothing will happen if you default for a while.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks for your reply! Unfortunately the boiler needs replacing completely. The lowest quote we've had is £2000 and we can't manage without hot water for 4 months which is why we wondered if we COULD get a remortgage. We are so close to the end of the DMP and have had to neglect the upkeep of our house for the last few years.:eek: LBM August 2008:eek:Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73Proud to be dealing with OUR debt ! :T0
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Would be worthwhile posting this on the Mortgages & Endowments board.
A number of brokers post on there - they might be able to advise you.0 -
Thank you - I have done that.:eek: LBM August 2008:eek:Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73Proud to be dealing with OUR debt ! :T0
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Thanks for your reply! Unfortunately the boiler needs replacing completely. The lowest quote we've had is £2000 and we can't manage without hot water for 4 months which is why we wondered if we COULD get a remortgage. We are so close to the end of the DMP and have had to neglect the upkeep of our house for the last few years.
What type of boiler is it ?
Gas ?
Electric ?
Oil ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
It's a gas boiler. Still heats the central heating but not the water. Have been advised by 2 separate engineers that it needs replacing. Had a monthly service agreement but cancelled that after being told the boiler is not repairable.:eek: LBM August 2008:eek:Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73Proud to be dealing with OUR debt ! :T0
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Internal fault with the boiler, not economical to repair probebly.
Reason I asked was, if it was an oil boiler, a new one is a couple of grand, but normally it's just the burner that needs replacing, which is about £300, which would of saved you money, but as its gas not as simple.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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