Can I get a mortgage??

JA1000

Is the problem of not being able to pay against not wanting to pay. If you are able to pay, then sit tight, pulling out and going in again with your current credit will cause problems. You cannot lose your house for not paying however you will struggle to get a mortgage.

You are still paying off the cards on the minimum, MBNA may only be £2 per month pay off if you have any!! Aim to pay off a card and you may be able to suffle to 0% give you more money and do the same again, just keep over paying where you can.

Bottom line is you spent yourself into this unsecured debt for whatever reason so you have to save your way out of it.

Easy option is to sell house, pay of debt, rent, but not be able to raise a mortgage and buy again as house prices start rising.

snoopylove

An incredibly scary 80k in unsecured loans/credit cards. No one to blame but ourselves so not looking for sympathy, but needless to say have repaid the initial amount off lots of times, it's the interest that is the killer. Ball park figures - sell house 175, repay mtge 85 other debts 80 leaving 10k

HOWMUCH

Can you not change over onto a CC with 0% balance

snoopylove

Nice idea, but don't think anyone will give me one with the amount of credit I've already got.

JA1000

I have £50k of unsecured debt, some of it due to those people at RBS, not going to go into it but it still is with me. I'd like to know how you are only paying £1k per month mine is £1500 and I hate being ripped off. Before last year I never ever paid interest on credit cards.

You will not get another credit card, I have tried, after years of apps coming through my door beggin me to apply and accepting me hence why I have £60k of available credit they now are not interested.

What you need to do is anything but sell the house. My questions are

Are you capable of paying more than the minimum?
Do you need to move or apply for credit in next 5 years?

If you can pay more than minimum then that's an option, clear a card which you can then transfer on 0% keep going until clear, will take a while but you spent it you have to pay for it.

You have a lot of equity in your house, I don't think you will raise the full amount but have you approached your lender for additional borrowing, some limit consolodation to £30k I know Abbey do.

If not talk to a broker about remortgaging to take into account the debt. You will not clear the full amount and the outstanding will be taken into account for 3% monthly payments.

If you don't need to move or remortgage then you can do an IVA but this will screw up your credit score for 5 years.

So plenty of options but...........DO NOT SELL THE HOUSE, AS LONG AS YOU HAVE A ROOF OVER YOUR HEAD THE OTHER PROBLEMS CAN BE SORTED.