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What should I do to save money

emma_nottingham
Posts: 40 Forumite


Hi fellow money savers, this is my first time in the forum and im feeling very reassured by your messages - many of you are doing great!:j
Im hoping for some sound advice with my situation as im feeling totally confused and mad that im being ripped off by my bank.
My two biggest problems are my mortgage and a personal loan both currently with HSBC
Mtg outstanding £75,000 ish SVR 5.1% with 24 yrs remaining this is currently 90% of the value of the property.
Loan outstanding £23,000 ish fixed rate of 6.9% 7.8 yrs remaining (years of stupitity as a student)
monthly repayments on mtg £425.00 & loan £260.00
I do earn a reasonable salary of £26,300 but do have steep child care and pension costs that I have to cover so this does not go far. Im just about surviving month after month and am currently in my overdraft so very worried.
My question is: Is there a company who will take over my mortgage and unsecured loan at a cheaper rate (inc everyday banking) but not exceeding the current terms, with no fees to pay and the option of overpayment (if I ever manage to get some extra cash). My intention is to reduce my current monthly outgoings but also save on interest payments in the long term. I have no accessible savings as the small amount I have is tied up in endowment policies through my employer until 2012.
Advice please!!!!!!

My two biggest problems are my mortgage and a personal loan both currently with HSBC
Mtg outstanding £75,000 ish SVR 5.1% with 24 yrs remaining this is currently 90% of the value of the property.
Loan outstanding £23,000 ish fixed rate of 6.9% 7.8 yrs remaining (years of stupitity as a student)
monthly repayments on mtg £425.00 & loan £260.00
I do earn a reasonable salary of £26,300 but do have steep child care and pension costs that I have to cover so this does not go far. Im just about surviving month after month and am currently in my overdraft so very worried.
My question is: Is there a company who will take over my mortgage and unsecured loan at a cheaper rate (inc everyday banking) but not exceeding the current terms, with no fees to pay and the option of overpayment (if I ever manage to get some extra cash). My intention is to reduce my current monthly outgoings but also save on interest payments in the long term. I have no accessible savings as the small amount I have is tied up in endowment policies through my employer until 2012.
Advice please!!!!!!
0
Comments
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I think the first thing to do is look at your Statement of Affairs (SOA) - basically your incomings and outgoings to see if there are any ways to cut back to at least stop you going in your overdraft.
Have a look at this post for details: http://forums.moneysavingexpert.com/showthread.html?t=107280
Are you able to make overpayments on your loan/mortgage?
Are you getting any help with your childcare costs?"Debt makes plans for you" - A quote from my friend Catherine. How true!0 -
Thanks
Unfortunately we dont qualify for any help from the government with child care cost as apparently we earn too much (chance would be a fine thing) I do benefit from the busybee voucher scheme at work and work mainly evening/half night shifts to reduce my child care requirement. Its now down to two days per week but still costs apprx £270-300. I can overpay on my mortgage up to a maximum of 10% per year. Will look at my SOA and see if there are any more cut backs to be made. A hugh spening for me is transport. Although I own my car (paid for in full)and it is relatively fuel efficient I travel a 50 mile round trip to work. Add this to the cost of other travel my fuel bill is around £170 pm month. There is no public transport in my area for me to use an alternative method and I cannot car share as im in the middle of nowhere and work nights.0 -
You are asking a lot when it comes to finding a company that will take over a debt of 98000 when you have a property worth about 84000 - and charge you a better rate of interest than you are paying already. Why do you feel that your bank is ripping you off?
I looked at the Virgin One account, but their mortgage calculator won't let you borrow more than the value of your property.
Could you decrease your pension contributions temporarily, and then increase them when your child goes to school and things get a bit easier financially?0
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