£100k debt in 7 years

happyhaddock_2

Button21 wrote: »

i could, but i think my husband will go absolutely mental if we have to resort to something like this. he sees that as an embarassment. by doing the remortgage it just about puts us in the same position as some of our friends who had to buy their houses from scratch. we are probably in a better position than some of them as they dont have so much savings in their houses as they bought later on in the years. i think if we went to a debt charity that would be the end our our marriage because he would be so angry with me and blame me for it all. this just seems an easy option for us but maybe the best for the long run as at least we will still be together.

Well Poppy, you have to do what's right for you and what you feel comfortable with, it's no good if it's going to start world war 3 with your hubby:) Perhaps just sit down and talk things through with him, my OH wasn't keen at first but came round when he saw how much it would benefit us and get us completely debt free. Good luck:A

Button21

thank you, its really nice of you to take the time to chat to me and offer your advice. if my husband would go for it i probably would think about it too. i know if would cause so much trouble though so not worth mentioning it. good luck too with paying off your debts. nice to speak with you. xxx

WASHER

Hi Poppy,

I have had a quick read.

The thing is though, you wouldn't be wiping the slate clean, you will only be moving the debt from the loans/credit cards on to the mortgage.

Do not think of your friends and their situation, its you that matters.

A remortgage is not the answer, and for goodness sake do not listen to that man at the bank, of course he wants your husband to remortgage, its his job at risk if people don't take his advice and take products out with the Halifax.

Why would your husband walk out on you, if your relationship is in trouble, I am pleading with you DO NOT TAKE YOUR NAME OFF THE MORTGAGE DEEDS. If you remortgage again, their is a high chance you will run up the debts again, and then what?

Button21

thank you washer. i am 100% sure we wouldnt get ourselves into this position again. i think we have learned our lesson but i know i am saying a holiday but its something we have never done and i think the kids deserve it. the bank said something about the matrimonial homes act and he couldnt kick me out and aparently its quite a common thing to do in this day and age if one party cant get a mortgage and in a couple of years when my file is clear i can go back on.

my husband is quite a difficult person, he is very deep and keeps things to himself and sometimes doesnt speak to me for days on end and that is not good for the kiddies. when he is happy everyone is happy and i just know that this would make him happy. he lost his mum when he was a child and spent most of his childhood in and out of foster care.

WASHER

Poppy, I don't agree with you on the remortgage, but I don't judge anyone and I respect your decision.

Take legal advice at least from the CAB before removing yourself from the mortgage, its not only if you seperate but if your husband dies without a will, where will it leave you?

Button21

thank you washer. i do just feel that i spend all my time trying to please him and do things to make him happy. how can i make him see that we should maybe look at other avenues?

WASHER

Poppy, I may be reading this completely wrong, but I suspect their is far more than debts and remortgaging going on, please be completely honest with us, are you having marriage difficulties? PLEASE GET LEGAL ADVICE BEFORE YOU REMOVE FROM YOURSELF FROM THE DEEDS.

Also you already know this, it isn't savings you have in the house, its equity, and should you not be able to pay this remortgage due to job loss, or sickness, you could lose your home - its very important to think very carefully before securing any unsecured debt.

dktreesea

I wouldn't remortgage, only because your current mortgage rate is very good, and there is a possibility that if you remortage, that interest rate could go up.

With the credit card and overdraft, I would just move them to another bank.

The overdraft charge of £1 a day on a £2,000 overdraft is completely extortionate. It sounds like HBOS? Don't reward them with your business, even if they do hold your mortgage - they don't deserve it.

I would look at switching your credit card to another bank, thus benefiting from an interest free period on balance transfers. Plus also I would advise looking into switching your current account to another bank. Our (average balance) £2,000 overdraft with our bank costs around £15 a month in interest.

Are you really doing that badly? It seems to me, even with the status quo, you are managing to pay your mortgage, make usual or minimum payments on your other debts and still have around £400 a month surplus. That's a lot better than many people are handling their finances in the current economic climate. Sure, it seems a bit "hand to mouth," and I can appreciate the desire for a better bathroom - ours just lost six tiles, so I know what it's like living with a very basic bathroom. But to my mind, any family that has £100 or so a week left over after meeting their debt repayments and living costs isn't doing too badly.

JA1000

The Bank have targets, they will get their bonus related to their target performance on selling mortgages. No it's not commission like an IFA it's better!! They are just cutting out the middle man.

Sounds like your husband wants the quick way out not the best way out.

All I can say is remortgage to 'start again' isn't a truth and my guess is we'll all put a date in our diaries for 7 years time and see you on here again. Why also be in the same position as your friends who have had to mortgage but you have NOTHING to show for it, you have gone backwards, they are paying off their mortgage and going forwards.

You have spent nearly £1500 per month more than you earn for 7 years!! and you have NOTHING to show for it, no car, NOTHING just £107k of debt, what you are saying basically is pay it all off so you can start again and build up another £100k of debt.

Leopards don't change their spots unless their lifestyle changes and the only way yours will change is if you look at your SOA again and change your lifestyle to pay the unsecured debt and then look at overpaying on your mortgage.

I am just trying to be the face of truth, if you have survived the 'good' times the true test of a relationship and support is to work through the 'tough' times.

joedenise

Poppy

I agree with dktreesea that you should change your bank account. A&L do a good account particularly if you go overdrawn - 50p per day up to £5 max per month up to your overdraft limit - it's the Premier Account and, I think, you need to fund it with a minimum of £500 per month.

Also agree with everyone else that remortgaging is a bad idea - you really need to start snowballing your debts to get them paid off. DO NOT have your name removed from the house deeds under any circumstances - it leaves you in a very vulnerable position.