Re-mortgage - does this sound a good deal??

getmore4less

So you have run up £35k of debt not £25k

over what period?


You need to get clear picture of what has been going on and post the facts if you want options that fit the reality


You are paniking into an expensive remortgage

katsu

Look at the secured loans for 25k as thrugelmir suggested, so your mortgage remains on the good rate.

katsu

Also - even if you don't want to post the SOA, look at the DFW boards for advice on how to make savings, giving you more money each month.

neenmarie

getmore4less wrote: »

So you have run up £35k of debt not £25k

over what period?


You need to get clear picture of what has been going on and post the facts if you want options that fit the reality


You are paniking into an expensive remortgage

This is a break down of what we owe

£10k mortgage reserve - hubby has been using to live on unknown to me!
£4,500 hubby's loan from before we met,I didn't know about!
£2,500 hubby's catalogue
£1,000 hubby's credit card - i didn't know about
£2,500 hubby's credit card - i didn't know about
£5,500 joint loan from Lloydstsb - monthly repayment of £207.50
£8,800 joint loan from my parents - monthly repayment is £100.00

As far as i knew we only had £16,800 worth of debt but it's actually double!!

getmore4less

What's the rates on the debts?

Something just does not add up here?

Why buy a house with a big deposit then borrow money(2 joint loans)?


Going back a bit,
What was the original mortgage and when did you get it?
You said £129k now it is £64k how has £65k been paid off ?

Where did the deposit come from and how big was it?

I think you realy need to do that SOA and find out where the money has been going

katsu

neenmarie,

If your OH has been using the 10k plus the two CCs, where is the money going? It sounds like some serious spending to spend £13.5k more than he had coming in (ignoring his earlier loan of 4.5k). How long has it taken him to spend the £13.5K and when did he stop adding to it?

I suggest you and your OH sit down and agree a budget going forward (starting by doing an SOA looking at the last couple of months of spending to work out where the money is going). Has your OH lost his job or something? Can he and you ebay or sell off some of what he has bought? He needs to change his spending if it was on him, and if it was on both of you, then you need to agree a more moderate lifestyle to fit your new budget.

I honestly think a secured loan, if you could get one, is probably a good idea but you need to get the excess spending stopped asap. Any way your parents would let you have a few months break on their loan? When does the joint loan and mum and dad loan finish?

I really am worried for you as he needs to stop spending right now for you to have a chance to get this straight.

All the best.

getmore4less

http://forums.moneysavingexpert.com/showpost.php?p=41449354&postcount=7

posted 22-2-11 We are also desperate to have a baby

today 28th I have a son who 11 years old and expecting a baby

that was quick.

neenmarie

getmore4less wrote: »

http://forums.moneysavingexpert.com/showpost.php?p=41449354&postcount=7

posted 22-2-11 We are also desperate to have a baby

today 28th I have a son who 11 years old and expecting a baby

that was quick.

Yeah just found out yesterday , we have been trying for over 6 months. Anyway I have come on here for financial advice thank you!!!! How rude are you????

neenmarie

katsu wrote: »

neenmarie,

If your OH has been using the 10k plus the two CCs, where is the money going? It sounds like some serious spending to spend £13.5k more than he had coming in (ignoring his earlier loan of 4.5k). How long has it taken him to spend the £13.5K and when did he stop adding to it?

I suggest you and your OH sit down and agree a budget going forward (starting by doing an SOA looking at the last couple of months of spending to work out where the money is going). Has your OH lost his job or something? Can he and you ebay or sell off some of what he has bought? He needs to change his spending if it was on him, and if it was on both of you, then you need to agree a more moderate lifestyle to fit your new budget.

I honestly think a secured loan, if you could get one, is probably a good idea but you need to get the excess spending stopped asap. Any way your parents would let you have a few months break on their loan? When does the joint loan and mum and dad loan finish?

I really am worried for you as he needs to stop spending right now for you to have a chance to get this straight.

All the best.

Thank you for your kind advice amd not judging me like some on here! I think looking it through we need to stick to our mortgage of .79% at all costs. I am going to look into a secured loan if I can even if we can pay our joint loan and his resolve loan would help for sure! The lloyds loan ends Jul 2013 and the resolve loan is another 6 years!!!

Burridge60

I am afraid you have third party credit and in your circumstances you might have been better consolidating unsecured debt against your home with a rate as low as you are paying. Instead quite rightly according to the powers that be and this websites owner you have kept your unsecured debt and borrowings separate from your mortgage although in your view it appears that one debt is very much like another but the mortgage appears cheaper and more convenient.

There maybe a reserve facility on your current mortgage and hat might be worth exploring but I guess you might have done that.

it might be worth looking at the references to the bad service that the lenders mentioned have provided on adverse debt customers who had fallen in to arrears to decide what their bedside manner is really like.

Lenders who did adverse lending in the past who have now had less than great reviews about their administration of accounts in arrears are now in the sights of the FSA so they might well be better behaved in the future.