Hi,
I wonder if you could help me please as I am absolutely desperate. Almost 2 years ago, I went on a DMP ieth Payplan as I owed £14,000 in credit card debts. I had another credit card with about £500 on it but kept this back in case of emergencies and, as it happended I did need this for an emergency.
I have been paying £190.00 per month to Payplan and the debt has reduced to just over £11,00 but I also now have an additional £8,000 debt through no direct fault of my own and I am worried sick It has made me very ill over the past year and I really need to sort the sitauation once and for all. I have been trying to contact Payplan for the past 2 days but they seem to be very busy, hence my enquiry to yourself
I would like to consider the following but not sure if I can, or if it is allowed:
1. Take out a second mortgage to release £15,000, pay off the new debt of £8,000 and offer a final but reduced sum of money to the initial creditors. This way, I can pay off all debts and clear my name and make a new start. In October this year I am getting married and my fiancee does not know of the situation and I want to shield her from all of this. I have a house in my name worth approx £125,000 and a £78,000 mortgage. Although a remortgage will mean higher interest rates, in a few years I could swap to a normal rate with a cleared name.
I am at my wits end - please can you help.
Thank you
Lee