hello! Advice/recommendations needed...

mickey66_2

well im in a bit of a rut,need some advice,what to do,who to talk to etc....i'll try an keep it brief..
right here goes...
im in alot of debt so i went with the CCCS(went with them via sound advice from here),anyway been with them about 2 years,owed £35k,now down to £29k,so it is getting there,but here comes the problem,i have a mortgage(Northern Rock!!) owe about £149k,i also have a secured loan with those nice people at Barclays(thats another story!),owe about £70K(approx)

i pay £600 p/m mortgage at the moment,its interest only and finishes Aug 2008 and NR have told me it will go up to £925!! which is way too high for me!

my secured loan is variable and at the moment is £752,Barclays seem to put it up as they please!

and i pay £360 p/m to the CCCS

my problem is i dont really know what my best option is with regard to my property,its worth about £220k,so in theory i could sell my house and pay off my existing mortgage and the secured loan and just be left with the CCCS payment.

so what is the best option?,we are thinking of maybe renting,which will be a cheaper option OR is it worth remortgaging?,and who if anyone can i talk to about both of these? broker?,financial advisor?? i really dont know who to approach(dont wanna get shafted again!)
will the CCCS/creditors object to this?

in short im not really sure which way to turn,and have come on here because i have been given good advice before on here.

i must say my wife and i are swaying towards the renting idea,as it would also get us out of London,but any help/advice would be greatly appreciated

thanks
mick

misspoppy

Hi

this sounds like a good idea as you may find it very hard to get a mortgage with another company as your credit rating will have been destroyed by the CCCS situation. Before you make any decisions you should get some good advice from an independant financial advisor and speak to CCCS

mickey66_2

misspoppy wrote: »

Hi

this sounds like a good idea as you may find it very hard to get a mortgage with another company as your credit rating will have been destroyed by the CCCS situation. Before you make any decisions you should get some good advice from an independant financial advisor and speak to CCCS

thanks,i did wonder what a mortgage company would make of my credit rating,because as you say its destroyed now.
an independant Financial advisor is the best person to talk to then?
cheers

mickey66_2