Mortgage Woes

kenny1972

Ok all first post so be gentle...

My current outstanding mortgage is for £64,750 fixed until Sep 2013 @ 5.78%. Value of house approx £110k.

My main problem is credit card debt. Its hung around my neck for long enough and it stands at approx £30k. However it is all interest free and monthly arrangements in place with all 4 cards that are renewed every 6 months.

My wife has about £9.5k on cc's but that is at the standard rate so a bit more painful.

I recently got a new job paying £40k a year and I was looking to consolidate my wife's debt and my own. My 4 credit cards are all keen to accept a settlement with 50%-75% feasable.

However I have 3 defaults on my credit history and nobody will touch me with a bargepole. Nationwide (current provider) knocked me back at the credit check stage and went through a broker who couldn't get me a deal...

Extremely frustrating, as I have good equity in the house and a very secure job....

Even to get my wife's cc cleared would be a huge burden lifted as that costs me £250 a month to service only

I have no loans or HP, all is on credit cards.

Any advice would be greatly appreciated...

thanks!!

vka1

Hello, It sounds like posting on the Debt Free Wannabe board might be a good idea? They'll be able to advise on the bigger picture if re-mortgaging isn't an option right now and provide lots of wise words on mortage stuff also. Good luck with it all,

V

Thrugelmir

Consolidating debt is highly unlikely to be option. .

Either live like paupers or sell your property to tackle the issue head on.

No easy answers.

Meeper

The fact that you have a good job and some (not a lot) equity in your house doesn't mean anything if you don't manage your affairs effectively, which seems to have been the case in the past. Your options to sort out your situation here are either to blast every last penny of your monthly income on reducing your debts or sell your house, pay everything off, move into rented and start again.