I think I know the answer to this but in case there's a miracle out there I thought someone here would know!
This is the short version.... we have a mortgage on our current property but are looking to remortgage. We were in the middle of extended our house when the recession hit, my husband had hardly any work and consequently we racked up debt to get through (needed to finish the work to be able to sell). He has since got a well paid job which would mean that we could live comfortably IF we didn't have all of the debt to pay off. We have looked into remortgaging and we could save over £1000 a month by paying off credit cards and loans for an increase of £110 a month, but we have of course failed the credit check (we missed credit card payments in the dark days - a lot of which were down to my husband not being paid by a large bank for work he had done.). The question is, is there any way that we can show the "mitigating circumsatnces" which meant that we missed payments, or is a credit check just black and white? We are going to have to sell and move otherwise as we just can't survive the repayments. Thanks in advance for any help.
This is the short version.... we have a mortgage on our current property but are looking to remortgage. We were in the middle of extended our house when the recession hit, my husband had hardly any work and consequently we racked up debt to get through (needed to finish the work to be able to sell). He has since got a well paid job which would mean that we could live comfortably IF we didn't have all of the debt to pay off. We have looked into remortgaging and we could save over £1000 a month by paying off credit cards and loans for an increase of £110 a month, but we have of course failed the credit check (we missed credit card payments in the dark days - a lot of which were down to my husband not being paid by a large bank for work he had done.). The question is, is there any way that we can show the "mitigating circumsatnces" which meant that we missed payments, or is a credit check just black and white? We are going to have to sell and move otherwise as we just can't survive the repayments. Thanks in advance for any help.