Advice needed...

tiaramaker

Hi, Good Morning, what a beautiful one it is again!

Right, I need some advice here.
I've currently got my house on the market and (heaven forbid) if I get a buyer, I could comfortably get - in theory - a cheaper house and pay off lots, if not all, of my debts.

My query is this, if I get a DMP and approach all my creditors, is this likely to affect my ability to get a new mortgage? I have played with the idea of renting a place for 6 months or more. There's no question about being in a better position by even doing this, as I've so much equity in the house that I could pay off my debts and still have a decent chunk of money earning interest somewhere.

ATM I almost feel caught between a rock and a hard place and don't know what to do for the best. I'm going to be calling CCCS tomorrow so hope they have some advice for me. This house is like a money-pit and is just making my whole situation worse.

What do you think?

tostao

asset rich cash poor, not uncommon, cccs s/be able to help with dmp if you decide to stay put, a decision to downsize and your judgement on the current direction of property prices, has to be yours, cccs cannot help with financial advice, good luck