Yes to pay my debts, I have£ 11,000 of debts and own my house outright , I spoke to debt agent and she came up with equity release to pay off my debts, I tried telling her I dont know what that involves or anything about it but she just told me to ring citizens advice which I did but she didn't know much about it either and told me to ring someone else. I am so fed up speaking to different people telling them same thing I'm no better than I was before yesterday, more stressed if truth be told
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Right -- what they are suggesting is that you raise the money to repay the debt by borrowing it against the house ( a secured loan). This will result in a lower payment each month and repay the debt. However the loan will be longer in time. The benefits are that it will not ruin your credit score.
We have a couple of brokers on the forum who may be able to advise. Hopefully they will see this and respond.
Another possible solution would be a debt management plan, where you offer to pay back an affordable amount --- this could be dealt with by a firm such as Stepchange, who deal with these all the time. Again, with this, depending on the amounts you can afford to repay, it could take a long time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Hi Sandra. I'l try to help. Do you mind me asking how old you are? I'd be interested to try to understand whether they were suggesting an Equity Release Mortgage, which is different (and often confused) with trying to release equity from your property with a standard mortgage to settle your debts.
Also can you tell me what your income is and whether you have already missed payments on the debts you have?
Thank you, I'll be 56 in December. All she said was equity release to pay off my debts and something about when I die, my kids paying it so I have no idea what she meant like I said I spoke to cab and they advised I speak to debt line , I was on hold for 40 minutes with them and so gave up. I just dont know what to do for the best everyone chasing me all at once now , so.e have taken me to court , some threatening to take me to court.
I'm currently working 15 hours a week and bring home £525 monthly , my son gives me £60 month hes only working 12 hours and is 23 so not earning very much.
I have so many debts and yes I'm behind with everything and its getting worse as I try to pay this one so cant pay that one each month .
Yes, that's what I suspected, they are suggesting an Equity Release Mortgage of a type where the interest payments are just added to your mortgage balance and therefore you don't have to meet the repayments on a monthly basis. It's a specialist area of the market, and I'm afraid not my area of expertise.
From what you say I don't think you will qualify for a standard mortgage.
I'd suggest speaking to one of the debt Advisers who contribute to this forum for some advice, they come highly recommended and will be able to look at other options for you.