Making offers to creditors

foofoo001

I have had a DMP for a number of years and always paid on time. I am now in a position to borrow a bit more on my mortgage to clear this. Am I still able to make an offer to my creditors? What information will they ask for?

Thank you

sourcrates

Hi,

First question will probably be "have you borrowed this money to pay your debts with ?"

Affordability is the key word nowadays.

Have you really thought this through ?

Turning unsecured debt into secured debt can be a big risk, how do you know you can borrow extra on your mortgage anyway ?

fatbelly

foofoo001 wrote: »

I have had a DMP for a number of years and always paid on time. I am now in a position to borrow a bit more on my mortgage to clear this. Am I still able to make an offer to my creditors? What information will they ask for?

Thank you

That's not clearing your debts - it's shifting them to a more dangerous place.

foofoo001

Thank you for your replies, believe me, I have made this decision based on many things and yes I can afford to do it and believe it is the right thing for me. I know this is not clearing my debts.

However, can anyone help me with my original question?

Thank you.

fatbelly

Yes

They can ask whatever they want