Hi ging

Could you estimate the equity in the house and also advise what the total debt is.

Mark

Hi Mark
I think the equity is around, anything between 25,000- 35,000, and the debt is 76,000 !

regards
ging

Hi ging

If you were to look at a trust deed then the equity would be taken into account.

Unfortunately there is no real workable solution in your circumstances which would not impact on the property.

Is the property jointly owned? Do you have anyone else who could assist with payments? Also, how much are you paying to the debt management plan.

Mark

Hi Mark

By impact on the property do you mean I would have to sell the property,as that would be the only way to release the money out of the flat? The property is solely owned by me, and I am paying £100 per month to the plan. I do not mind releasing the equity,if there is a way? as long as I get to keep the flat. As for someone else to help with payments? in what respect? to repay the trust deed? that is a possibility.

regards
ging

Releasing equity through a remortgage nowadays is very hard to achieve. Take advice from experts but if you are sitting on significant sums then creditors will rightly expect a share of it.

Paul

You are right, thank you. Wil take advice from the experts. Just want a way out of this, once and for all.

It is very difficult to release equity without selling these days unfortunately. I'm afraid you may find it difficult to avoid selling unless you can find someone who is willing to help you out in a big way.

If you can't find any way of doing it then at least it might be possible to go through the mortgage to rent scheme so that you could continue to stay in the property as a tenant after it is sold. This can be done in conjunction with a trust deed so that all equity is released and can go to creditors.

Thanks for your sound advice Kevin.

regards ging