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Hi there, I have just applied for a DMP pack from Step Change after going through their questionnaire.
After trying for months to get a remortgage, I now realise I have exhausted all avenues.
My credit score has always been good and I have never defaulted on payments, but after being made redundancy and now on a much lower salary I find myself in sky high debt (Tesco personal loan 28k, credit cards 15000k) and my partner has only recently realised to what extent the debt is now that our salaries are so much less.
I have no disposable income, but I do have £50k of equity in my property which would help so much if I could get a remortgage and release this, but have been declined on affordability on several occasions.
I am worried about my property especially as I have two young children, but I also don’t want to burden my partner with this. She has excellent credit score too with borrowings at all besides the mortgage and car finance.
She is worried about this affecting our future, understandably so.
I just don’t know what to do? Carry on paying every month, have no money left, therefore increase the borrowing on my credit card to pay for everyday expenses or sign up to a DMP and affect her credit score aswell as mine and possibly affect our lives too?
Appreciate any feedback, I am so stressed.
After trying for months to get a remortgage, I now realise I have exhausted all avenues.
My credit score has always been good and I have never defaulted on payments, but after being made redundancy and now on a much lower salary I find myself in sky high debt (Tesco personal loan 28k, credit cards 15000k) and my partner has only recently realised to what extent the debt is now that our salaries are so much less.
I have no disposable income, but I do have £50k of equity in my property which would help so much if I could get a remortgage and release this, but have been declined on affordability on several occasions.
I am worried about my property especially as I have two young children, but I also don’t want to burden my partner with this. She has excellent credit score too with borrowings at all besides the mortgage and car finance.
She is worried about this affecting our future, understandably so.
I just don’t know what to do? Carry on paying every month, have no money left, therefore increase the borrowing on my credit card to pay for everyday expenses or sign up to a DMP and affect her credit score aswell as mine and possibly affect our lives too?
Appreciate any feedback, I am so stressed.
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