Mortgage holidays

Stitchlover1

Hi there, Ive posted another time about my debt and asked a question but no-one got back to me. I am new to this so maybe I got it wrong, but i just wondered what people thought of me taking some payment holidays from my mortgage to re-pay some of my debt ? I have 3 payment holidays saved up and am due to remortgage with the same company (NR) next year Spet 2012. Thanks

mrsb83_2

Unless you're in imminent danger of default, I wouldn't.

You're just transferring the debt.

Stitchlover1

Ok thanks for your reply :-)

laura2481

I'd say...maybe.It depends if taking a repayment holiday damages you in anyway, if you are allowed to without any penalties and making a couple of big payments off of your other debts would make a big change to your overall situation ie reduce monthly outgoings, interest paid, actually clear off one card or debt then I may consider it... but you are just robbing peter to pay paul, in the end.

Stitchlover1

Well it would mean that overall my payments on my mortgage would go up, but if I took one payment holiday I could pay one of my credit cards off completely and close the account so suppose it is a catch 22 situation really...... :-/ x