Advice sought: paying £650.00 (!) per month in min payments on 2 x MBNA cards...help!

Hannah_10

If you sold one of those flats you probably wouldn't have a debt? (You haven't told us what they're worth). You may well also be in a good position to pay off some or all of your fathers loan to you. Even if the sale of 1 flat would not pay off the entire of your fathers debt, with no repayments being made to creditors you would be in a position to save fast (and earn interest on that). You'd be getting, for arguements sakes £4,000 a month in rental still and £1,300 in wages. Your outgoings would be more like £3,200 say (allowing for an approximate 20% drop in mortgages and service charges). That would leave you with around £2,100 a month to save. It would then only take you 15 months to save what you owe your father and have some left over if you had to start from scratch. Now obviously these figures are approximate as I don't have an accurate valuation for whichever flat you would sell and I don't know which proportion of the mortgage and sevice charge it represents. Even on rough figures though it makes no sense to keep borrowing and paying interest out when you could be saving and getting interest comming in instead. Especially not as you say, in a risky financial landscape.

Loading the girlfriend with debt is dreadful idea.

RAS

Rent from lodgers os tax-free up to the limit, by the way?

dancingfairy

Will any of your cards let you do a balance transfer to them as anything has got to be better than the amount youre paying them.
Can you take a mortgage holiday to allow you to hammer the debts?
df

dancingfairy

With your 1866 a month spare you could aim to try and clear the Natwest Mastercard or another with a smallish balance and see if you can then transfer some of the MBNA onto it - Natwest may even give you a 'special rate'.
df

backinbusiness

something odd here i think

barbarawright

1. Have you made any changes in your finances since you posted the same problems a couple of years ago?

2. Do you really need to spend £450 a month on food?

originalmiscellany

It's all gone quiet here... Any update please original poster?

justjohn

easy get out remortgage the rentals???

then slowly pay mortgages off?

you do have too much debt i would say you have your head screwed on and it should not have got too this stage.

asp746

i wouldnt involve your friend - her heart's in the right place but you should keep friendships and finances apart.

good luck with everything