Cheer Me up, i have just been slated!!

lfc-news

They're not telling you off - just giving you some, albeit hard to take, harsh advice.

It's not a good idea at all to add £100,000 to your debt at this stage.

I've been renting for 2 years, whilst I sort myself out, and the beauty with renting, all maintenance is catered for, it gives you a sample of living costs, and I can move around every few months! (not that I have).

climbgirl

Beetlebug1983 wrote:

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

Re-read the thread (and ignore the harsh words!). They are giving you advice and very good advice too. Thinking about a mortgage is reckless when you're in the financial position you two are in. Sorry, but it is. You just won't find a lender who will be prepared to lend you that kind of money when you're in that much debt and have a poor credit rating. That's why nobody has suggested any banks or mortgages that will be right for you.

A couple of posters on the mortgage board said that you should clear the debts first, or at least get well on the way.

Search this forum (search button up the top) for ways of making extra money (pigsback, quidco, ebay, amazon), ways to scrimp and save. And maybe think about taking on a 2nd job or getting a another job. Getting that combined earnings total up will help enormously.

Skint_Catt

Work out your expenses if you had a mortgage and full bills to pay (have a look at some SOA's on here to get ideas of costs), then pay this every month from where you are living now.

Mortgage
Council Tax
Electricity
Gas
Water
Insurance
Car MOT/Service/Tax/Insurance
Food & Groceries
House maintenance (a lot more than just cleaning products if you rented!)
debt payments
Going out £
etc
etc

If you can afford it all, then go for it. If not then think again - you don't want to end up bankrupt/homeless if you're house gets repossessed.

Not telling you off, just advising!

My personal opinion is that it's not a good idea until you at least halve your debt. If someone DOES lend you enough for a mortgage plus the debt to consolidate then you are in immediate negative equity. A bad place to be when interest rates are rising rapidly!

Catt xx

black-saturn

if your offended by what anyone has said on this board you can email [URL="mailto:abuse@moneysavingexpert.com"]abuse[/URL] with a link to the thread or click the exclamation mark on individual posts.

sammiboo

I have just read the thread and some of the comments are a little off hand, but they have a point. I only owe 11k of debt and i want to clear that before i put my name to a mortgage.

They are only being harsh to get their point across i suppose

lfc-news

Beetlebug1983 wrote:

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).

Ask your mother, and your partners mother (as per your post in the other forum) for the cash?

Skint_Catt

Post your own SOA so we can find ways you can cutback or do things differently!

Catt xx

sammiboo

Skint_Catt wrote:

Post your own SOA so we can find ways you can cutback or do things differently!

Catt xx

exactly - if you post your SOA i am sure we could take a look and see what we can advise to help cut your debts

Storm

I've just read the other thread through, and there appeared to be one (new) poster who was rude, and the others just offered their opinion.

At the end of the day you are dealing with your debts, but I would second everyone who says you should aim to clear the £29K before taking on a mortgage as it'll mean your credit rating will have improved, you'll be used to not having the monthly payment so can use that to save up for solicitors fees etc and there will be far less stress on you in general.

ollyshaw

Good luck with what ever you do, but it looks like you got some harsh, but good advice previously.

Olly