Naughty with Credit Card debt but it had to be done

immoral_angeluk

You are presuming they will continue to remain interest free for 2 years. Sorry but that is highly HIGHLY unlikely.

WASHER

You had to inflate your earnings in order to get the mortgage, and the IFA let you so this. (I know they used too before the credit crunch). Your IFA is as irresponsible as you are in my opinion. You should repay your interest on your debts.

Who is your high street lender?

You may have needed to move away, but you should of bought somewhere cheaper, in order to repay your debts including the interest.

WASHER.x.

miss_missy

well said Washer

NPowerUser nobody is saying you shouldnt move out of a bad area however why not buy a house that you could afford to pay for without a mortgage or without doing up as youve stated you only needed a mortgage for 25 % of its value and you keep saying that your wife wont rent cause its a waste of money to me that says the situation isnt that bad then because if it was me and i had druggies etc living next door and the situation was so bad id get out anyway i could and if it ment renting for a while then so be it

i have to say your story is becoming more and more fairytale that your making up as you go along your first post stated

All of this is risky at it destroys my credit rating and my OH but as I am in my late 40's I never want to borrow any money again in the future, if I ever sell again it will be to trade down with no mortgage.

One day I will pay off the credit cards just not for 5-10 years in all probability.

that was yesterday now fast forward 24 hrs and now you will be moving again and paying everything off in 3-4 years and thats not to mention the fact youve also stated that you will be using credit cards again but using both your old address and mothers address to do this

it seems to me your living in a dreamworld

NPowerUser

ILW wrote: »

Out of interest, what were the people who bought your house like?

BTL my friend.

Obviously he never did any research as its still available to rent 3 months after we moved out. He is asking for no HB in the letting advert, yet they are probably the only sort of people that can and do live in the neighbourhood.

I will come back to this thread in 6 months time to see what the cc company say about stick, bust or twist with the repayments.

If I end up mortgage free and an interest free debt I really will have saved some dosh but that of course is down to the cc company. Keep you posted.

JA1000

Have we found out who the BTL lender is, apparently 'high street', probably just down the yellow brick road!!!

NPowerUser

WASHER wrote: »

You had to inflate your earnings in order to get the mortgage, and the IFA let you so this. (I know they used too before the credit crunch). Your IFA is as irresponsible as you are in my opinion. You should repay your interest on your debts.
You may have needed to move away, but you should of bought somewhere cheaper,WASHER.x.

Yes, Yes, No and No

I would have lost my buyer due to missing the stamp duty deadline D Day.

I would have gone to any lengths not to lose the buyer, which I did.

WASHER

Why won't you answer the question which I believe has been asked at least 3 times, who is the high street lender?

I am inclined to think you are leading us up the garden path, I think you wanted a reaction and you got it, why else post what you did, there isn't any mortgage,debts or a house for that matter, is there?

I certainly wouldn't be as proud as you are making out, if it is true, you are guilty of fraud, and that's a crime, and you know what they say, crime doesn't pay. I hope they throw the book at you.

NPowerUser

WASHER wrote: »

Why won't you answer the question which I believe has been asked at least 3 times, who is the high street lender?

It has no relevance to a thread where many seem hell bent on trying to inform my lender I have made a less than honest claim to a mortgage by over inflating my income.

The point of this thread is
1) You can get away without paying interest on credit cards providing you don't mind screwing up your credit rating or intend borrowing money in the short term.
2) IFA's are still offering self cert mortgages. Where is the risk to a high street lender if you are stumping up 75% of your homes value out of your own pocket. They can kick you out if you default and even in a falling market they know they can get their money back.

I really don't know nor care if 1) above turns out to be true, it all depends whether my cc company gets tougher in 6 months/12 months or whenever.

My mortgage payments come first, then my day to day living expenses and credit card debt comes way, way, way down the list.

I have never suggested what I have done is very clever, it enabled me to move house and improve the value and conditions of my new home. I have also never suggested I will not end up paying them back at some point, just not with bucket loads of interest.

It was premiditated and eccentric of me but if the system does allow me to save money by doing things the way I have done, then all it proves I was right to do it.
Morals and bank profits are not connected in my book so lets just wait and see what happens in 6 months/12 months time.

My actions are a last resort but surely as a social experiment in bent IFA's and free cash it has to be worth seeing what the outcome is, even if I end up losing.

vaporate

Why so many bad comments to the OP? who are you guys to judge?

Not enough parental spanking I guess...

vaporate

WASHER wrote: »

Why won't you answer the question which I believe has been asked at least 3 times, who is the high street lender?

I am inclined to think you are leading us up the garden path, I think you wanted a reaction and you got it, why else post what you did, there isn't any mortgage,debts or a house for that matter, is there?

I certainly wouldn't be as proud as you are making out, if it is true, you are guilty of fraud, and that's a crime, and you know what they say, crime doesn't pay. I hope they throw the book at you.

Banks and politicians beg to differ.