Mortgage,credit card cant afford to pay both

dancingfairy

Hi. Before you jump in and ring them I think you need to take stock. You need to make sure an offer you make to them is something you can realistically afford. Some may be nice,some will be indifferent and some may start getting nasty so you need to work out exactly what you can offer them to avoid being bullied into paying more and getting in a worse mess.
It is also worth posting an SOA because you may find savings and have more to placate the creit card people with than you thought - or conversely you may miss out things that occur once a year that need to be budgetted for to avoid nasty surprises.
Do you see this being a short term thing - ie a couple of months or realistically do you think you will need to stick to a payment plan for 6 months or more as this will determine how you approach the problem.
Best of Luck
df

DJP_2

dancingfairy wrote: »

Hi. Before you jump in and ring them I think you need to take stock. You need to make sure an offer you make to them is something you can realistically afford. Some may be nice,some will be indifferent and some may start getting nasty so you need to work out exactly what you can offer them to avoid being bullied into paying more and getting in a worse mess.
It is also worth posting an SOA because you may find savings and have more to placate the creit card people with than you thought - or conversely you may miss out things that occur once a year that need to be budgetted for to avoid nasty surprises.
Do you see this being a short term thing - ie a couple of months or realistically do you think you will need to stick to a payment plan for 6 months or more as this will determine how you approach the problem.
Best of Luck
df

Hi , i think a longer term plan is needed of 6 months or more , i'm currently having to pay £155 per month on a £7500 balance , so initially i'm thinking i could afford £70 per month but i may post my SOA up first .

Kind regards.

boredofbeingathome

hi DJP, can't really add to what anyone else has said, other than have you thought of a balance transfer to a 0 % card? This will lower your payments initially, and may even give you a better rate once card is clear. Then any payments you can chuck at it may be more beneficial.
Mortgage always first though.