My SOA is there any future?

Timmne

fatbelly wrote:

B*ll*cks! You claim what you are entitled to!

Absolutely!! If it's making you worse off by living life a different way then do it this way!

It's the people that have the less willing attitude than the OP that have the problem!

calmspirit

thankyou timmne...I do see this as short term until I can support myself and my kids.
Chief thankyou! I have cut the bcard up........ and will close that after trnasfering remaining balance to lower rate....I hope I get the M&S card! The virgin card...I cut that up as soon as it arrived and only used it to transfer a previous balance when there was a promotional rate...obviouslt that ran out and now high.....again will close this account as soon as i am in position to transfer it ! I have to get figures together to see if worth moving, but logically cheaper house = less debt, although moving costs may change my view on that when i get it worked out! Gettinghouse valued by 3 agents on friday.

piglet ....your kind words made my day thank you xxxxxx

all_hours

If you get the M&S card you could transfer off the barclaycard then wait a month or two with the card empty and ask them for a balance transfer deal to transfer the virgin onto.

If you don't get the M&S card could you transfer onto the virgin card? - if there is no transfer fee it would still save you 4%. Then same as above when the card has been empty a while ask barclaycard for a low l.o.b transfer and transfer all your virgin back onto it.

Then get the credit limit on the virgin reduced to maybe £500 and keep for emergencies - only while you work out your longer term plan for putting money aside.

halloweenqueen_2

I think you need to work out the costs involved in moving. You have estate agens, solictors,stamp duty, mortgage fees, etc before even moving. You may find that once you add up the costs of moving, you won't be any better off and in a smaller house.
Hope it all works out for you.
Make sure you claim your benefits, it could make so much difference to you.

Seaxwyn

Hi calmspirit

Look carefully into all the costs of moving before making your decision. Someone once told me it costs £30k every time you move. I don't know how this figure is arrived at but with agent's fees, legal fees, survey fees, stamp duty, moving costs it adds up and you might not be left with a huge amount from your 15k 'profit'.

Good luck with it and keep posting!

all_hours

I agree with halloweenqueen and Seaxwyn. A £75k mortgage wouldn't be much less than a £90k one. After all the costs you could end up with a similar sized mortgage anyway.

Your SOA is quite tight with not much you can cut back on. I don't say this to be the voice of doom and gloom but at the moment even if you had no debts you would struggle to keep up with a repayment mortgage.

I'd draw up a future SOA as if your current mortgage was repayment and make that your 2 year goal for when the current deal runs out - work out how you are going to increase your income by then.

bobbadog

Just wanted to join in with a 'well done' as you're getting your head around everything so quickly! You're off to a cracking start xx

calmspirit

Hi all,
thanks for help and support!
Future SOA would be interesting thankyou somuch for that idea allhours.....couldnt really think that far ahead.....but it may be that will work out better to stay here bearing in mind the costs of moving....as so many of you pointed out!
Will be getting to grips with costs of moving over the weekend and take next steps........ actually am dreading doing all the sums as I fear even if I manage to pay off cards I will always struggle....thats life i guess ...and having this site makes even that possible!
thanks all

Drunken_Butterfly

Hi,

From memory some lenders will move the mortgage to a new property. Give them a call and ask.

julybride

Have you tried talking to the credit card companies abouta better rate of interest? i managed to shuffle my debt and get it onto the barclay card at 6.9% for life by threatening to move it....but that was about a year ago?