BIG debts and need friendly advice

jonesy103

OK i will try to lay out where i am at the moment in the hope that someone can offer some advice on my next step.

my income is 38500 gross (1927 per month) and my wife's is 11760 gross (808 per month).

i am very nearly at the end of a five year mortgage term with c&g and i will be looking to remortgage my 88,730 mortgage, current house value 260k, monthly payment at the moment is 495.
i want a mortgage that will be completed by the time i am 65 (16 years time)

i also have a loan with them (previous consolidation of cards over 5 years) which ends at the same time, monthly payment 467

i also have a loan with firstplus (from more cards) current monthly payment is 496, it ends in 2018 and currently has a settlement figure of 45k, this is secured against my house (foolish i know - now)

there is also one more loan (car purchase thru' ge capital) with one year to run at a cost of 201 per month

now for credit cards, without going into all the details this amounts to a total of 40k. some 0% or low rates but most on MBNA cards (2, me and wife)

so i have been looking at the one account but (on the assumption that they would acept me and all the debts) i am bit scared of putting everyting against the house over 16 years.

where do i go now ? advice would be gratefully accepted.
regards

peter

woohoo_postingid

OK, your total income is £2735 p/m
Your 3 loans add up to £1164 p/m

How much is your mortgage and your CC's p/m??

Little_Bear_4

Jonesy

Can i ask a quick question on your annual salary surely you should be taking home about 2300 are you being taxed too much? its a small thing but I guess it adds up? - or am sure there is a good reason for it but just incase......

kingfisher1961

I'm not sure why you want to secure all this debt against your house as you think it was a mistake to have done it before. I understand though that you see it as your only way out. Whatever you do stop spending on your cards.

Hope you get sorted out and I'm sure people will give you some very good advice soon.

skintchick

I was told by others on this site that unless you have savings of around 40% of your mortgage, then a one account is no good.

I was advised to get a mortgage I could overpay, and to do that instead. So I have

HLK

Jonesy

May I ask if you feel you've had your 'lightbulb' moment yet ?

Before you commit to anything else, it seems to me you have already consolidated twice and have cc's back up to 40k. You say you consolidated the first time nearly 5 years ago, and since then what happened? The general rule is you dont' secure any more against your home than tou have to. If you can combine your mortgage and the loan that is already secured that may reduce the overall cost but you would need to look at what penalty you are paying for clearing the loan early. As for other CC debt - securing it against your home is probably a risky thing to do.

Best of luck, lots of people on here to help so you have made a good start.

jellycat40

Hi Jonesy

If I were you I think I should go to an Independent Financial Advisor or an Insolvency Practitioner to get the right thing for you to do. Either will give you advice for your situation. They will spend about an hour - hour and a half with you and will charge you around £300 for the info. However if you choose someone who is not tied to any company then you will get some good advice about many companies. I can hear the groans from others on the site but the Insolvency Practitioner will work for people in debt but will also see the other side from work they do recouping debt for banks etc. Therefore they will know what the creditors will go for. If you then work with them this initial fee will be taken off further work they do. However £300 to get everything sorted and save you at least that much your first month must be worth it.

Good Luck you can get details of the professionals of the web. You could also try Payplan but you have to do it all over the phone. https://www.payplan.co.uk, they are free though.

Louise

jonesy103

woohoo_postingid wrote:

OK, your total income is £2735 p/m
Your 3 loans add up to £1164 p/m

How much is your mortgage and your CC's p/m??

mortgage is currently 495 per month and min payments on cc's add upto 729 per month !!

jonesy103

Little_Bear wrote:

Jonesy

Can i ask a quick question on your annual salary surely you should be taking home about 2300 are you being taxed too much? its a small thing but I guess it adds up? - or am sure there is a good reason for it but just incase......

hi little bear, this is down to taxation on a company car which includes some under payment from last year

thanks for your interest
peter

jonesy103

HLK wrote:

Jonesy

May I ask if you feel you've had your 'lightbulb' moment yet ?

Before you commit to anything else, it seems to me you have already consolidated twice and have cc's back up to 40k. You say you consolidated the first time nearly 5 years ago, and since then what happened? The general rule is you dont' secure any more against your home than tou have to. If you can combine your mortgage and the loan that is already secured that may reduce the overall cost but you would need to look at what penalty you are paying for clearing the loan early. As for other CC debt - securing it against your home is probably a risky thing to do.

Best of luck, lots of people on here to help so you have made a good start.

no just a lightbulb but a whole series of wild and crazy things running through my head.

i must have been in the 'head firmly stuck in the sand' mode for a very long time, i have to say i am a worried and sleepless man at the moment

bluezone

Hi there,

Your total income is £2735 pm
Your outgoings are £2388 pm
This leaves you £347 pm - what else do you pay out? Maybe if you list a SOA statement of affairs on everything you pay out we may be able to help you cut back on a few things.

Can I ask, does your wife know about all the debt? I am not critisising in anyway as I have been there but it does become easier if you tackle it together

bluezone