Thank You All

Nelle_2

To all DFW

I logged on to this site a few weeks ago to check the bank overcharge help out and it is a lifesaver.

I have accululated credit card, overfraft and loan debts over the last few years with my mistake being taking out 0% balance transfer cards and not destroying old ones - you know that old chestnut.

I kept the extent of the situation a secret from my partner but knew D Day was looming. Fate took a hand and he opened one of my credit card statements and was shocked at the amount of interest I was paying. When I plucked up the courage to tell him that there were 8 more cards with a similar story I expected hom to run a mile but I hadn't given him the credit he deserved (pardon the pun) and the only lecture he gave me was that had I told him earlier we could have begun to sort it out.

We are releasing the equity in our property to pay as much off as possible and some of the card companies have been very good, immediately freezing interest and allowing me to pay reduced minimum payments (Goldfish) where others have been horrible and even increased my interest rate (Virgin).

Anyway, what i was writing to say is thank you one and all - to realise that you are not alone and help and support is out there is wonderful.

dancingfairy

Hi. I personally would not take equity out of your mortgage - you need to look at the reasons you were overspending and make sure you have a realistic budget. Are you sure releasing equity is the best way to go. If you post an SOA we can see how much the debt is and if we can cut back your bills for you and throw cash at the cards to get them cleared.

Sea78

Hi,

I too looked at releasing equity but worked out that a)it wouldn't cover my debt!! and b) it wouldn't change any of the money spending problems I have. Now I am going through CCCS with a DMP and am terrified, but at least I know that this way I will be taking control of my money and my finances in a way I don't think I would have done with a remortgage. Perhaps worth thinking about?

Sea xx

looneyleo

Well done on trying to sort out your debt and facing up to the problem. However, I have to agree with the above two posts. By releasing the equity on the property all you are doing is moving one debt to another type of debt except that mortgages are seen as an acceptable debt! In the long run you will pay more in interest and have the debt around for much longer. However, for some, this option does give the breathing space to start again...but you must do that, and start again with different debt-free spending habits and not just rack up the cards again. good luck!

dinkylou

Please please please rethink remortgaging your house as this is not getting rid of the debt but is securing it against your house.

Many other people on here have done the same and then gotten into worse problems. It doesnt address the fact that you are overspending.

Please post your SOA with details of all your debts and expenditure and we'll help to give you advice on the way forward.

Nelle_2

Hi, whichever way I went, i seemed to be advised that I couldn't get help as i had too much equity in my home. I don't want to go bankrupt and i have cut all my cards up. By doing it this way, I will pay the debt off earlier and have money to save which i am going to try and pay off my mortgage to pay that earlier. My priority is to ensure I am completely debt free by the time I am 50 (I am 41 now) I was lucky enough to have bought my house and have actually earned more than i have paid for it. I can breathe easily now and am going to try and get the CC companies to accept lump sum settlements (wish me luck). Thank you