£55K debt

NeverendingDMP

And nooooo to the idea of consolidating the debts by the way. Our dmp was projected to be slightly longer than yours when we first went to step change but with some changes in circumstances and some ideas from the forums we will have it boxed off far sooner. 

PanAction25

NeverendingDMP said:

And nooooo to the idea of consolidating the debts by the way. Our dmp was projected to be slightly longer than yours when we first went to step change but with some changes in circumstances and some ideas from the forums we will have it boxed off far sooner. 

Many thanks. I won’t consolidate the debts because I’m not convinced about that taking into account the fact that it would reduce my equity in the property, take very long time to pay the mortgage etc.

I asked the mortgage advisor this whether whether defaulting or DMP affect my ability to renew the mortgage when the current fixed rate ends  or it would only affect remortgaging with the TSB or different lender?” 

Advisor’s response was that Defaulting or DMP will have a long term impact on getting a new mortgage in the future and I should consider another route ideally whether that is moving the credit cards on 0% balance transfers, consolidating them into the TSB Mortgage or  they can speak to their Partners about a second charge mortgage. And that defaulting on the credit cards will increase my disposable income right now but I will find this will impact my credit for 6 years plus therefore resulting in me finding it difficult to get a future mortgage or will end up on a high interest rate on the full mortgage. 

I don’t think the advisor even answered my question about mortgage renewal which was my main concerned. But from everything I have read on here and on TSB’s website I can renew mortgage online myself. 

 

[Deleted User]

PanAction25 said:

NeverendingDMP said:

And nooooo to the idea of consolidating the debts by the way. Our dmp was projected to be slightly longer than yours when we first went to step change but with some changes in circumstances and some ideas from the forums we will have it boxed off far sooner. 

Many thanks. I won’t consolidate the debts because I’m not convinced about that taking into account the fact that it would reduce my equity in the property, take very long time to pay the mortgage etc.

I asked the mortgage advisor this whether whether defaulting or DMP affect my ability to renew the mortgage when the current fixed rate ends  or it would only affect remortgaging with the TSB or different lender?” 

Advisor’s response was that Defaulting or DMP will have a long term impact on getting a new mortgage in the future and I should consider another route ideally whether that is moving the credit cards on 0% balance transfers, consolidating them into the TSB Mortgage or  they can speak to their Partners about a second charge mortgage. And that defaulting on the credit cards will increase my disposable income right now but I will find this will impact my credit for 6 years plus therefore resulting in me finding it difficult to get a future mortgage or will end up on a high interest rate on the full mortgage. 

I don’t think the advisor even answered my question about mortgage renewal which was my main concerned. But from everything I have read on here and on TSB’s website I can renew mortgage online myself. 

 

I think that the advice from the mortgage adviser is contributing detrimentally to your situation. Why do you need to speak to him anyway? Stay clear!