Re-mortgage to clear debts

rayday2

If you took out the secured loan and then run up more debts, what would happen then you have already said your endowment is under performing. You also say your partner have their own problems. Maybe you should both take advice first and tackle both your problems head on.

If you did take advice then at least you know you made an informed decision, sales people sell loans so you can't get "impartial" advice from them. They make the world sound rosey, you already have one secured loan so you must know that securing debts allows you to run more up?

wendybird

I'm with rayday on this one. I'm not an expert by any means, but it seems to me that you are chronically living beyond your means and you need to look seriously at this. Adding it to your mortgage is the easy way now, but if you don't cut back you are giong to get in serious trouble. If you do cut back now then you can clear your debt without the need to add extra on your mortgage. I hear that your mortgage is going to go down over 10 years - but surely this is what should happen? It sounds to me like you are on a slippery slope here. I would suggest you get some advice from one of the debt charities and postpone your meeting with the bank until you feel clear and comfortable with an informed decision.

I'm sorry if this isn't what you want to hear. Good luck whatever you decide!

amyandjon

Hi so in theory your only -12 on your monthly pay out so lets see whos your tv package with ?? if sky get free broadband ?? if not sack teh tv pack get free view and your saving !! find the minus 12 first.... id remortgae but not add... you need to spend a few months feeling the burn otherwise you will soon slip back i know that too well when u cantuck it in with something else woosh you dont see it anymore and you soon slip back.... does your oh have debt ?? just with you saying own problems bla bla... im no expert .... but i think you need a few months cutting back 180 is expensive on groceries go to aldi and lidl for awhile..... please dont do something stupid we did that... 4 years ago we got a secured loan to pay off debt we paid it off and a few months later soon slipped back because we couldnt feel the debt .... am i making sense ??

get_me_debt_free

I have done this twice and if i had know about this site in 2005 i would not of done it, now I am in much more debt than i was before with a higher mortgage and lower income, Please think about this, as I agree with rayday, you could end up in a mess and lose your house, get on to the charities and look through MSE pages, I wish I had not consolidated my debts, I wish I paid them off as I have just made mine worse, and HSBC let me do it too,
Hope yoou sort it out, x

Junglydaz

Okay have decided to bite the bullet and remortgage without extra borrowing. Time to start being grown up and responsible . I'll go onto a fixed rate for three years and reassess then. Two of the loans will have a year-ish to go and one will be cleared. In the mean time I'll nibble away at the cards with the highest APR first.

Thanks for all your help guys, here's for a brighter future for all of us......:j