Dilemma....

edinburgher

To be very honest, I feel a bit of a fool for getting into debt actually, because I've been 'lucky' in many ways (if you can call inheriting a bit of money from my dad when he died lucky, but you know what I mean) and I just feel I've wasted it sometimes - so that's probably why I come across like that - because I think I'm an idiot most of the time!

I'd rather feel a bit silly about my mistakes and sort them out than never realise I'd made any and continue to make it worse - don't be so hard on yourself!

SJ1

The only advice I would offer if you are going to go for the 'theoretic' approach would be to call your mortgage company and see if on your present income etc they would extend your mortgage by the amount you need. You don't need to sign on the line but they usually make a formal offer which tells you you can get it and what it will cost etc. I am not sure how long those last for but I would have thought a month or two but at least you will be reassured that you can put it on the mortgage.

To me the worst case scenario would be for you to pay off the mortgage, get to the end of the interest free zone on the credit card and not be able to extend the mortgage. It will probably be fine but please just check! They companies are being a lot stricter as to what they will let you borrow against your house for obvious reasons.

SJ

theoretica

Yes that is what I meant- put as much as you can into your current account debt/2nd flexible mortgage/whatever your bank calls it as it is the highest interest you are paying and if you need to you can take it all out again (eg to pay thousands off the credit card at once if it starts charging you interest).

Going back to the car issue, you seem to me to be suggesting getting into more debt to buy a car which is maybe two or three years younger than the car you could afford without going into debt. Logically the newer car would then last you two or three year longer. I would advise you to think hard about whether it is really worth it to you to get into more debt, about which you are anxious, just to push the next time you change cars a relatively short time into the future. My own car is around 14 years old, which probably colours my thinking.