advice on debt

davidm_3

ok quick run down on my situation
£126k mortgage on 2 year fixed rate - 1 year to go
£22K on various low rate life of balance credit cards

I am looking for some ideas to raise some cash short term to see us through to the new year whilst I start a new job - in November. Need about £8k

I have applied a couple of times recently for a credit card to shift from a 0% rate. But so far not been successful. Our credit rating should be ok as we have always paid all c.c's and mortgage on time but it may be we have applied too many times in a short period for credit.

I am thinking I should apply to the Halifax for an additional loan on the mortgage to raise cash and move all the c.c. debt into one place and repay over a longer period. But I am concerned that once I do this and if we get turned down the options are running out.

We are both self employed at the moment so difficult to show earnings

Any suggestions?

I know I could remortgage on a self cert. but that would mean paying the 2%
fee on the current mortgage

lynzpower

what do you need the money for?

Have you done an SOA before with us?

KatrinaC_2

Refinancing and living on cards is not normally the best way to go as it has a nasty habit of biting you in the bum.

Until you get your new job in November (congrats by the way!) is there no way you can boost your income by working part time or selling off some of the junk you have in your house (admit it - there is bound to be a CD or two that you look at and think "why did I buy this?").

Does it have to be £8k? is there anywher you can cut back on your outgoings so that it doesn't have to be such a large amount? Pop an SOA on the board and people will try to help sort out what your best course of action is from here in.

Kat

davidm_3

can anyone advise me on the SOA?
what is it and where do I go
thanks.

quantumleap

David, its a statement of affairs. Detailsing you're income and you're outgoings, so that those on here who can help are able to offer constructive advice based on you're particular circumstances. There is a sticky at the top of the board providing you with a template.

Do fill it in, you'll not be disappointed with the advice you get.

loulouloulou_2

Hi,

Honestly, try to do a SOA on here... i did mine and it really helps.

Everyones really good and looks through it and sees things you dont!

Its surprising!!

GoodLuck:beer: