Debt Management Plan and looking for loan or remortgage

-taff

If you asked the same question on the debt free wannabe board whos regular posters have a wealth of experience, you'd be met with a resounding 'don't even think about it'

Yo're in a DMP which means you haven't got that much pare money to throw around for wants, not needs.

Adding more debt is not going to help, because if you do manage to get this money advance, there's no telling it won't push you over the edge of what you can afford, which could lead to bankruptcy and lss of your house - that's the worst case scenario.....

Go to the debt free wannabe board, they may be able to suggest something less drastic.

enthusiasticsaver

One of the conditions of a DMP is no further borrowing. You will need to save up for it or wait until the DMP is repaid.

enthusiasticsaver

evans_ch wrote: »

I was hoping the equity in the mortgage would swallow a large chunk of the money added to pay back

I have to look at all options and possibilities to see if there is a good solution I am sure you understand my thought process

This unfortunately is the reason for many people to think that borrowing when their income will not stretch to it is ok. The equity in your house is false. It only matters if you intend selling it. The key information is will further lending stretch your budget. As you are on a DMP I guess the answer is yes. I am sure there are genuine reasons why you were unable to keep up with your current debts. You have been given a fresh start so don't fall into the debt trap again. Up your income or reduce your outgoings and either save the difference or pay the DMP off sooner.