Need to borrow £20k

AJ2608

I need to borrow £20,000 to buy my estranged wife out of the marital home. I've tried to get a secured loan but due to being in a debt management plan and in a shared ownership home, i've been refused.

So I was wondering if my plan B could work. My parents are both in their mid 70's but own their house outright. I'm not sure if they can either release some of the equity in their house or get the loan for me and i pay it back monthly for them.

Their house is worth around £320k. What advice would you give?

Many thanks in advance.

Sncjw

Of course if your in a debt repayment plan you won!!!8217;t get the credit. Having a debt repayment plan shows you can!!!8217;t afford to pay off the debts you have. Adding 20k dent on top how on earth will you pay that back.

What is the loan for. Could you not save up

BoGoF

My advice would be don't drag your parents into your mess.

Richey_

Sounds very simple

1. Sell the house
2. Pay off your ex
3. Pay off all of your creditors
4. Buy another house that you can actually afford without needing to be on a DMP

bengalknights

Afraid i agree with Richey here best to sell up and take the cash

DCFC79

Sncjw wrote: »

What is the loan for. Could you not save up

Its to buy the estranged wife out of the marital home.

Caz3121

AJ2608 wrote: »

I need to borrow £20,000 to buy my estranged wife out of the marital home.

I assume she will be having her name removed from the deeds and the mortgage will be in your name only....have you applied for a mortgage in your name only?
I would think selling up to be the best bet. If your parents want to help, could you move in with them whilst you address your debts and get yourself into a better position?

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5803963/offers-to-creditors

Asking if he can make offers to creditors

https://forums.moneysavingexpert.com/discussion/5807138/cash-release-on-completion

Says completion is end of March

https://forums.moneysavingexpert.com/discussion/5823112/need-to-buy-wife-out

Asking for £30K from parents house....

Now you need £20K loan - whats happening, did your house sale fall through or do you want to try and keep your property?

You are better off selling up and settling all debts. Sounds like your Ex Wife was in the DMP together.

I dont think you should put your parents in financial difficultly to pay of your Ex, you should let them keep their money for their retirement.

Good luck in what ever you do.