paying off our debt

[ps9]

Im in debt with four creditors if that is the correct term,(visa companies),I owe 42000 pound. we have a income of 1800 amonth which includes my wages and tax credits with my partner of five years. whom we have 6 children between us,we have 250-300 a month to pay this debt with all in all a month after we have taken out all our outgoings.
our house has about 50000-55000 equity in it but we cant remortgage and we dont want to up root the children again for all what they have been through.
so do we have a risk over our heads of losing our home.
and what do you suggest is our root in paying off our debt.
thanks

[pbeck]

I think you will have to do a debt management plan.

If you can't remortgage then the creditors will not accept an IVA that is just a 5-year payment plan as, were you to go bankrupt, your house would be sold to pay them off, which would provide them with a much better dividend than 5 years at £300 per month.

At £300 per month, expect to take 12 years to clear your debt and that's if the DMP company charges no fees to you and is successful at getting interest stopped on all your debt.

[MelanieGiles]

Is there any particular reason why you could not remortgage?