why wont mortgage provider HELP ?

hammy

If I owe so much how much will creditors accept ?

kar

Yes paying off 29000 may take you years. You said you wanted to get at loan over 25 years (it's not gonna take you that long on cc's). Have a look at the snowball site someone else left the link. Put in all your credit cards and how much you can afford to pay each month and it will give you a debt free date to aim for.

Then come back and post an SOA and we can help you save more money.

Consolidation loans are not the way to go.

And i'm sorry but i don't understand your last post.

kar

sophistica

Hi Hammy. My situation is by no means typical but increasing the mortgage worked for me. I am a freelancer and a few years back I hadn't worked for 2.5 years. I was desperate. I had run up a lot of debt. Taken on jobs which barely paid my petrol to get to them...I have two properties and regularly extended my borrowing. Then (thankfully) I got a freelance contract and saved like mad and paid it all back. Sure it would be nice not to be in that situation. But I think you need to look at the total cost of borrowing % rate and doing the mortgage route is usually the cheapest. So you got turned down. There are rules for mortgages before you borrow you need to understand the lending criteria.

calleyw

hammy wrote:

Has anybody heard of good stories regarding consolidating loans?does it work I just feel paying off £29,000 is going to take me years

To be truthful there are not many. Because what happens is people go look at all that lovely credit on my credit card and spend it and end up in more trouble. The bottom line is if you muck this up you will loose your home. What would you tell your children then. Better to tell them the odd no we need X amount of money to pay off Y.

You best bet is to sit down and look at what you are spending and on what. When you can work out where the £29K went. You can then see where you can plug holes in your budget. Becuase if you don't you are never going to get yourself sorted out.

Going with out is not a crime even if you can afford it. I mean I don't even have telly by choice. Saves me tons of money. And means I am not constantly up grading Tv's, spending out on Sky tv etc.

This is going to sound a little bit mean but I really don't think you have had your lightbulb moment. As getting another loan is easy. The slog of paying it back is not. It will hurt and it will mean going with out. But it can be done.

Just look at Miss London she did and if you ask her she will tell you it was not easy and it was hard work.

I wish you all the best.


Yours


Calley

hostie

Hi there, I just wanted to come and give you a big hug because people are being very frank with you and I suspect it will be upsetting. In the replies you have had everyone is worried that if you get a secured loan you could lose your house. They are right. That is a big gamble with your children's future as life brings all sorts of things and you don't know what might be around the corner.
Take your time when you make such a big decision.
If you really want to pay off your cards quickly you could also try generating more income as well as spending less. Your children might even enjoy helping you to have a car boot sale or to list on ebay.
Take care and be very careful about taking a loan against your house.

Xbigman

A good point from hostie, that we are being frank. I've done the consolidation loan route myself and I don't want to be frank, or kind, or anything. I desperately want to scream 'don't do it' and hope that works.

I know that a few people have made consolidation work but only as part of a wider debt *clearing* strategy or where their circumstances have helped. In the situation where debt is run up and is then difficult to afford, consolidation is very rarely the answer. Please think it through very carefully before deciding.
Regards


X

THE_LONE_RANGER_4

dont go down the consolidation road try and pay your cards of slowly what you can afford it may ruin your credit rating for now but if you consolidate you will end up worse of 5 years down the line most who consolidate do i wouldnt do it and as for your mortgage lender not lending he probably thinks you will too by looking at your spending habits

Bloke_with_a_simple_life

Hammy...

As advised/requested, please put your SOA (Statement of Affairs) up please, and get some advice on where you could maybe make savings etc from people on here.

Once you identify opportunities to make savings and start implementing these opportunites, then you can free up money to reduce you debt.

For an outline of an SOA, please look at http://forums.moneysavingexpert.com/showthread.html?t=107280

And use the SOA as a starter for you to customise to your circumstances (your own income / expenditure)

Good luck!

roversbabe

Xbigman wrote:

A good point from hostie, that we are being frank. I've done the consolidation loan route myself and I don't want to be frank, or kind, or anything. I desperately want to scream 'don't do it' and hope that works.

I know that a few people have made consolidation work but only as part of a wider debt *clearing* strategy or where their circumstances have helped. In the situation where debt is run up and is then difficult to afford, consolidation is very rarely the answer. Please think it through very carefully before deciding.
Regards


X

I agree with Xbigman - I also want to scream "Don't do it" as consolidation DOESN'T work unless spending habits are changed. I've learnt that the hard and expensive way.

OP - Post your SOA and I'm certain that cut backs can be found.

Good luck

rb

lynzpower

Hammy, its been a couple of days now since you asked? HOw are you going?