The Double Debt Attack by Double Trouble

Double_Trouble

I've just won £30 on the bingo first game I have been able to play all day because of the internet the tide must be turning.
:j:j:j:j:j:j:j:j

And they are have just given me another bonus £1 so I am off to try again.

DTxx

lucielle

Whoop! Whoop.
L

Karmacat

Hurray! For all the above reasons!

And if the virtual jaffa cakes have run out, well ........... let them eat cake

:bdaycake::bdaycake::bdaycake:

Double_Trouble

Karmacat wrote: »

Hurray! For all the above reasons!

And if the virtual jaffa cakes have run out, well ........... let them eat cake

:bdaycake::bdaycake::bdaycake:

Cake will do nicely tyvm:T

Actually I think we have doughnuts I am hoping they are jam -my childhood favourites although there is not as much jam in them as there used to be.

DTxx

taxi73

Well done on the bingo..things are definitely looking up.

hypno06

Don't suppose you found my missing passports while you were hunting for yours, did you?

Double_Trouble

hypno06 wrote: »

Don't suppose you found my missing passports while you were hunting for yours, did you?

Sorry no go - but with the amount of decluttering and cleaning you are doing I am sure the jaffa cakes will be winging their way to you soon

DTxx

Double_Trouble

This post has been rendered obsolete due to further investigations. Feel free to ignore:rotfl:

Be gentle with me I want to float an idea.

As I have said my income has been reduced by 1/3 meaning my ability to reduce debt and the mortgage is reduced also especially at the end of this month when I wil receive 1/2 the income I was expecting.

My current mortgage is approx £207K £190K of which is IO my thought is as my mortgage rate at the moment is low should I increase my mortgage to £250k the extra being on a repayment basis. For psychological reasons I dont want to go above £250K and the use this money to pay off my CCs as you will see from my sig this wont clear it all but almost. The balance I would leave on the card that has 0% for another 9 months. I would then concentrate on clearing this from extra money bingo, scratch cards, MS etc. and I also believe we are due a tax rebate which I am waiting to hear about. I would then close all my other cards except my M&S which I use for monthly spending to get vouchers.

I would have to check the figures but I think what I am currently paying on my cards would cover the extra mortgage payments. I would also budget £2000 a month as an extra payment on the mortgage.(I don't want to turn the whole lot into repayment to allow flexibility in case interest rates go up and I can't afford the repayment amount) In addition once the CC was cleared all extra money would go to mortgage

Pros
All my debt (except loan to Mom which she insists she doesnt want repaying but will be repaid and I will have to address at some stage but as I intend to get an offset mortgage when we are due to remortgage next August I could save this as an offset against the mortgage or 3/4 of it as 1/4 would be mine so that it is there when needed to pay my siblings but in the meantime would offset the mortgage) would be in one place.
I wouldn't have to keep trying to get 0% BTs
At present the interest payable would be less than the BT fees
It would in effect be a short term loan as I only have about 8 and half years left on the mortgage term
By the time I remortgage next year with the amount I intend repaying the loan to value would still be less than 70% so hopefully shouldn't affect any deal I was offered

Cons
Turning unsecured debt into secured debt
Interest rates may rise sharply before I have paid off the amount that I have transferred from the CCs although at a minimum of £2000 per month that would be less than 2 years hopefully a lot earlier

I would have to check the mortgage term, the extra mortgage payments v my CC payments and also see if they would make the advance it says they would online but who knows in reality.

What do you folks think I don't intend posting this on the mortgage or CC threads because they would shoot me down in flames.

I wouldn't be thinking this if I wasn't sure that this would then be the end of my CC debt and that I would not allow it to build up again but I find the constant shifting round of debt demoralising and the addition of BT fees to the debt depressing I just want to see the debt coming down steadily even if it does have to be more slowly than I wanted.
Please be honest in your replies for and against as I do genuinely want your opinions.

DTxx

Hopeful1

Hi DT. Because of the fact that you have a short time left on your mortgage, i'm inclined to think the remortgaging is a good idea. This is providing you are not increasing your payments in comparison to what you pay on your credit cards now. I'm also assuming your credit rating will improve even more with less credit card debt. I only wish my credit rating would allow me to shift my debt around

I do wonder though, if you can factor a way to save a little within your budget. This could be back up in case there's an unexpected interest rise. I was listening to Radio 4 the other day, to some financial experts and they seem to think the low interest rates will be around for a while.

Keeping_Motivated

Hi DT

I think it sounds feasable and understandable and the psychological factor of having one debt and less juggling may free up some stress.

Having read your diary from the beginning I think it is clear you have no intentions of remortgaging and then letting the CC debt start to snowball out of control again so you know what you are doing.

I agree with Hopeful, could you factor in a savings pot for emergencies within your budget because if you have an unexpected bill/expense then where will it come from? Probably a CC and then the unitended CC situation could start again.

Good luck