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Advice needed...
tiaramaker
Posts: 12 Forumite
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?
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?
Single mum of 2 just trying to get by! :-)
0
Comments
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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 luck0
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