How likely is someone in my situation likely to be able to re-mortgage or get a secured loan at a favorable rate? My only declarable income is in the form of student loans/grants, and my g/f's JSA, so any loan would obv have to be made on the basis of the property value.
Initially i was worried about my credit rating being damaged, however given that i will be a student for the next 5-6 years it's unlikely i will be able to get any decent sized loan anyway in the current environment. My car is only 4 years old with low mileage for example, so that should see me through a few more years yet, and my house is in good condition so i shouldn't need to spend any money there. And regardless, i have kind of learned a lesson about credit so if i could get myself out of debt i would not be keen to get back in....
if i wrote to my credit card companies to offer them a debt management plan, what should i am for and what is realistic with regards to freezing interest, and making minimum payments?? Ideally i would like both the interest and payments to be as low as possible, but how low would they go? In addition, if i was not satisfied with what they offered, what would be my next step. I would like to formulate some kind of plan of action so i know what my next step should be should any proposal be rejected or something go wrong
Richard
Edit: One option is considering a remortgage. If you have a squeaky clean record, you should be able to raise 80% of the value of the property (c£104k). You could use the £54k to pay off N Rock and a big chunk of the unsecured debt so this is definitely worth investigating.
is it fairly straightforward to get up to 80% of the property value without any proof of income, and at a reasonable rate?? my credit should be fairly good, as i have only sporadically had 1-2 late payments, and then only by a couple of days. The fact that i still have CC's lying around with £8k worth of unused credit i guess suggests that i have a decent record, well that and the fact that i have already been lent £60k unsecured!