Greetings,

I am nearing the end of a pretty messy and expensive divorce. I am going to be about £35000 in the hole at the end of it all and do not have many options for paying it back in a hurry. Obviously I would like to be able to have a life and still be able to do things. My parents have already re-mortgaged once and have about £45000 outstanding on that re-mortgage.
Is it possible, with their property as equity to get a loan with that property to back the loan up or would they need to re-mortgage again? Is them re-mortgaging again even possible or not.

I earn a reasonable wage and could easily afford the amount of a loan spread over a long term that has been secured on a property. Added to that I am due to receive about £40000 in three years time that I fully intend to use to pay off the outstanding debt that I owe.

I do not want to put my parents in jeopardy but this is the only way I can think of to get the payments down (about £700 a month) to a sensible amount to allow me to re build my life.

In today's world the amount of money that I owe does not seem a great deal, however it is causing me many sleepless nights and a lot of anxiety.
Any advice or help would be greatly appreciated.

Couple of things here.
1/ Have you even asked youyr parents if they would agree to this.
2/ A better course of action would be to contact Nationl Debtline and ask them to help you.
It's a charity, so no fees and they'll deal with all your creditors on your behalf. National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000 (http://www.nationaldebtline.co.uk/)

As a side, these debts, do they include any form of penalty charges, if so these are reclaimable?
Feel free to PM me.

I think jeaopardising your parents home is not a good idea. Obviously if they agree to it, that's their decision, but there are other ways to deal with debt in this country. I would take curlybens advice, also the consumer credit counselling service (CCCS) can do the same thing and again are a charity so don't charge a fee. Remortgaging is expensive and a lot of hassle, taking out a ooan against the house will cost quite a lot of money, so it would just increase the debt further, and lots of the companies that offer these types of loans will chagre a penalty fee for early repayment so that will cost even more!