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Remortgage to repay Debts

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  • Remortgage to repay Debts


    I started gambling again after stopping for 13 years last year, during this time I managed to get us into 40,000 of unsecured debt.
    This is under control now, and I'm back at Gamblers Anonymous. I did attend for 9 years of the 13 years I stopped, and know I have to attend for the rest of my life.
    As you can imagine my wife is devastated with this, and I just feel so, so bad about it you wouldn't believe it.

    Last May I started a DMP with Payplan and am paying £307 a month, but a couple of the creditors are being difficult. One hasn't stopped or reduced the interest, the other is sending me threatening letters every now and again.

    We have tried to look at remortgaging our house to offer full and final settlements.
    We have a mortgage of 59,000 and the house is worth 115,000-120,000. We thought of getting between 20,000 and 25,000 added to the mortgage.
    My wifes credit rating is excellent, mine is poor. We tried to re-mortgage with our current provider Nationwide, but they declined us. We then tried a mortgage advisor, who recommended just doing the mortgage in my wifes name with Armore bank. They have also declined to give us a remortgage.
    Our joint household income is 56,000, with our earnings split roughly 50/50.
    Other than the debts I've built up, we have minimal debt and it's all up to date.

    My question is. Is there any mortgage brokers that you would recommend us try that specialise in this kind of problem?

    Any advice would be greatly appreciated


  • #2
    Re: Remortgage to repay Debts

    Good evening Phil,

    I've just read your posting and I'm sorry to hear of your gambling issues.

    We have assisted several clients who were on debt management plans - so long as their new mortgage was 70% ltv or below, were able to clear the dmp on completion of their new mortgage and could prove sufficient income.

    We specialise in helping clients who find themselves in difficult circumstances - whereby the high street banks or brokers without specialist knowledge are unable to assist.

    If you would like our help and advice please contact us either on our web site or phone number below.

    Thank you,