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HELP are there any solicitors on here?

(3 Posts)
wump Wed 16-Sep-15 12:49:22

Due to an acrimonious divorce i had an extremely high solicitors bill (public funding) that i couldn't afford to pay so have a charge on my house, in short the interest is roughly £10 per day!! I am becoming increasingly concerned that this will eat away all the equity and i will owe more than the property is worth even though my solicitor said he had never heard of this happening i have lived in the house almost 7 years and the bill has increased by almost £27000 on top of £44000 it started at thus halving the current value i am not in a position to to make any repayments and don't know what to do?

Hereward1332 Fri 18-Sep-15 11:57:52

Not a solicitor, but this suggests that the interest rate you are paying is about 7%. Can you increase your mortgage to pay off the debt - mortgage rates should be substantially lower. The most important thing is to do something to avoid the interest continuing to rack up; is selling the property and buying something cheaper feasible, or taking out another loan against it?

DeoGratias Sun 01-Nov-15 19:49:19

www.telegraph.co.uk/news/uknews/4602786/Divorcing-couples-charged-eight-pc-interest-on-legal-aid-loans.html Looks like 8% is normal.

Could you remortgage instead as you'd get a rate under 3% presumably or might you stay in your house 40 years more until you die so never in your lifetime have to pay the charge back?

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