Cheer Me up, i have just been slated!!

Beetlebug1983

Hi All,

I need some boosting up. Just been to the Mortgage Board on the site and asked for some advice for someone in debt looking to buy their first property. To my surprise, i was totally slated, called stupid and all sorts!!! Hasn't helped my confidence. I know im in debt, im with the cccs and im dealing with it. Grrrrr.

climbgirl

Some of the other boards are a bit more blunt than this one!

Can you post a link to the thread, I'm curious

Beetlebug1983

How do i do that? < Fools guide!!

bobbadog

Post on here instead. I'm in debt but OH and I intend on buying next year

mjdh1957

Beetlebug1983 wrote:

How do i do that? < Fools guide!!

Go to the thread, then copy the url in your browser, then paste it into a post on this thread.

Skint_Catt

to be fair I've just read it. You're looking to take on £100k + mortgage while being £29k in debt.

It's really not a great idea.

Catt xx

Bossyboots

This is the one I presume http://forums.moneysavingexpert.com/showthread.html?t=369506

bobbadog

bobbadog wrote:

Post on here instead. I'm in debt but OH and I intend on buying next year

Have just read your original post... best of luck to you, but if I was you i'd pay more to my creditors now (circa £800 a month which is what your repayment mortgage would be) and get used to the amount you'd be left with....

If you have a combined income of £24K and that much debt, you'd be safer renting for now. Just a couple of years will make all the difference

Beetlebug1983

No i know, but i was expeting some advice. Not to be told off!

Beetlebug1983

Thanks all, ok here is a big question -

How can i pay my debt off quicker. Please, any money making tips welcome, bar ebay and the usual Pigsback (already registered).

climbgirl

Ok, I've just read the thread. Yes, some of them haven't phrased it in the kindest manner possible but from a financial point of view they've got a point....

It would be foolhardy to say the least to take on a mortgage like that when you have debts that total more than your combined income and a bad credit history (if you could ever get a bank to lend you a sum like that at a halfway decent rate).

They might have a point about the whole consolidation issue too. You mention wanting to get a mortgage and add the debt onto that. Not a good idea, to put it mildly....you'll be adding unsecured debt onto secured debt (so they can take your house if you don't make repayments) and you haven't addressed the reasons why you got into debt in the first place, leaving you open to the old consolidation trap....

Not what you want to hear perhaps (and they didn't phrase it all that politely!), but it's sound advice.