Went to see an adviser - tell me what you think

Beatle_Ray

Hello,

Been living with massive debt now for about four years and been fed up and getting to the point where its been making me ill, anyway went to see a financial adviser lunch time who is looking into a way out and will transfer the debt onto the mortgage, i appreciate its taking an unsecured debt to a secured debt but the minimum payments i have to make now are no longer been covered by my reduced salary and i have to do something. Been very happy with waht he said in particular that i can make overpayments on the mortgage to reduce the debt, i did mention my concern about this however one thing he did say was that if i have a poor credit rating then that will be a problem. Only ever did a credit check on myself once in the past year and that came up OK however last week i over spend on one card when i was away, this was because the interest was added to card not my spending, was only using it as an emergency for petrol, i did quickly make a payment to cover it, would this have affected my credit rating and does anyone know of a plcae i could check my credit rating without making a mark on my history?

tHANKS

RAS

Why are you talking to a financial advisor? He will just get nice fat fees for renegoitiating your mortgage deal

You need to speak to a charity debt advisor - http://www.moneysavingexpert.com/loans/debt-help-plan#help

Firewalker

Completely agree with RAS. Apart from that, I think you have been badly advised - you don't get out of debt by taking more debt on. What I would do if I were you (in fact I did it over a year ago) is I'll sit down with all my financial data, blank piece of paper and a pen, and will see how I can pay the debt off. What you may consider doing is to post a SOA and we can comment on it and help with options for payment.

How does this sound?

Firewalker

pmlindyloo

Have just read a few of your other posts re: your possible future redundancy and setting up your own business.

It was suggested then that you should see a free debt adviser so obviously you have already thought this through and are considering all the options.

The folk on here are truly wonderful when they have the full facts so if you post your SOA (sticky at the top - perhaps someone could provide a link?) - before and after redundancy, it would give you a chance to look at other options before you decide.

I appreciate that re-mortgaging seems an easy option at the moment but I think you need to be prepared to look at other options in case this one 'falls through'. I know mortgage companies are extremely careful these days and will want to know all kinds of details eg. current debt, ability to pay in the future etc.

Please look at all options before you decide - this isn't about a short term solution but a long term solution.

elaine12022

I agree with the others re adding debt onto mortgage.

I have also heard that if you take out say a new loan, knowing you may have difficulty paying it off, that new lender may be less flexible than the original one. On the other hand, if you haven't got the money they can't have it.

Is there any money back you can claim off the debts (PPI, Charges), do they have proof you do actually owe them anything?

I have been told (to my surprise) that sometimes lenders can be reasonable if you contact them in plenty of time :eek:,maybe freeze payments for a short time. We shall be testing this ourselves next week,as our (not very large!)income could be going down in September, and my OH will be unable to make loan payments in that case.

also try to focus on positive things as much as possible, as it is that that will give you ideas, attract good things into your life. (saying that, i'm trying not to panic at the minute )