Loan?? Cards?? DEBT!

scooby1611

I am new to this and need some advice. Current situation:

Me -
Egg card - £5000, min repayment £150, 16.9% interest
Virgin card - £5000, min repayment £50 till Feb next year and 0% interest
In the good - excellent credit rating, no past missed payments or anything, says i have about £7000 available credit left
Earning £20,000

Partner -
Aqua card - £500, min repayment £20, 29.9% interest
HSBC loan - £5000, min repayment £200, not sure on interest rate but is high
Bad credit score, has missed several repayments over 2 years ago now and had 2 accounts default (students huh!), says he has about £2000 available credit left
Earning £16,000 a year

We are getting married next year and therefore will be adding about £3000 onto the current debt.

We currently repay £800 to all of our debts.

We desperately want to move house in the near future.

Could anyone please help us out, would you suggest keeping it on the cards or taking out a loan (would we even be accepted for one), basically any advice would be appreciated.

thanks

Fonz_2

There's simply no way a lender is going to allow you to commit to £34,000 total debt based on £36,000 salary.

Thrugelmir

Firstly decide what you want. Here's a choice for you.

(a) Stay burdened with debt.
(b) Spend money you don't have getting married, and getting further into debt.
(c) Deciding your priorities in life thereby achieving your goals of buying a new home.

With the level of debt you have. You need to start contolling your spending habits before planning futher expenditure. You will need to demonstrate that to any lender you are.

How much is your current property valued at and what's the mortgage?

buffbuff

save up ? :money: