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loans to cover credit card debt
Hope I do this right!
I have 25k high interest (credit card/advance product) debt (paying minimum)
Loans of 10k (2 complete in April 09, 1 in Sept 09, left with 7k)
Mortgage of 168k on house just valued at 195k (25k less than 2 yrs ago)
Outgoings are approx 3,000k without living costs - all on above.
Earnings of approx 70k (my contribution 45k)
Now the tricky bit. We are trying to adopt and have a potential match. to do so though I need to take a year off which will reduce our income significantly. We need desperately to reduce our outgoings or we will lose this opportunity becuase of finance and that just can't be right. We need some advice. We can pay back debt when I return to work so I'm not worried about long term impact. Main aim is to reduce so that we can live for one year on 25k.
Don't qualify for mortgage 'holiday' as only just remortgaged. Call centres unhelpful. Mortgage is repayment 1200 pm. Setting up meetings with our bank (as advised) as had same account for over 20 yrs., also mortgage company.
Does anyone have any advice? Do we take out really long term loan and move everything to one thing?
Help!
I have 25k high interest (credit card/advance product) debt (paying minimum)
Loans of 10k (2 complete in April 09, 1 in Sept 09, left with 7k)
Mortgage of 168k on house just valued at 195k (25k less than 2 yrs ago)
Outgoings are approx 3,000k without living costs - all on above.
Earnings of approx 70k (my contribution 45k)
Now the tricky bit. We are trying to adopt and have a potential match. to do so though I need to take a year off which will reduce our income significantly. We need desperately to reduce our outgoings or we will lose this opportunity becuase of finance and that just can't be right. We need some advice. We can pay back debt when I return to work so I'm not worried about long term impact. Main aim is to reduce so that we can live for one year on 25k.
Don't qualify for mortgage 'holiday' as only just remortgaged. Call centres unhelpful. Mortgage is repayment 1200 pm. Setting up meetings with our bank (as advised) as had same account for over 20 yrs., also mortgage company.
Does anyone have any advice? Do we take out really long term loan and move everything to one thing?
Help!
0
Comments
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I doubt you will get a loan to cover all the debt you have. Even if you do, could you afford the repayments?
Are you are saying that you have £35K of debt, not including your mortgage?
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