No more handbags and a lot less chocolate!

ChocaholicHandbagQueen

Hi HH, nice to see you

Its been quiet here this morning, so I've had time to think things over. I'm thinking maybe I should remortgage the house to pay off my cards and the loan.

My house is worth approx 180k and I have 110k equity. I would need to borrow an extra 20k to clear them all.

I can't decide if this is a good idea or a very bad idea. I'd be grateful for any comments please.

Jox

Hi CHQ, when do you think you can pay the debts off by (without remortgaging), could you be debt free in a couple of years?

As the debt gets smaller you may be able to get a cheaper loan to pay the remainder off, or get interest free credit cards as long as you didn't use them for any new spending.

It must be frustrating not being able to pay off the debts quickly but they will diminish in time

ChocaholicHandbagQueen

Hi Jox, thank you for that. I've calmed down a bit now. I think I had a bit of a wobbler this afternoon. Everything feels so hard at the moment, but I've sat down and thought it through. Remortgaging would be the easy option, but in the long term I'll be better off if I can pay them off under my own steam.

So, I've just paid off my Ne*t account using the credit left on my cards, but I have to "fess up" to one more thing - I have an Aqua card with £470 on it

So, I'm coming clean, as of tonight my totals are:-

1. Ne*t £0
2. Aqua £470
3. Debenha* s £1,228.14
4. Nationwide £2,783.91
5. Halifax £3,198.36
6. Loan £12,278.00

Total debt - £19,958.41

Debt clearing targets for 2013

1. Aqua will be gone
2. Debe*hams will be gone

Just after I finished making my payments and working everything out, Ds2 phones and asks for £50 towards a Uni field trip ( fair play to him, the trip cost £230 ), so now my car tax fund is down to £50.

I feel like I'm taking one step forwards and two steps back and I'm back to square one

I also contacted HSBC this afternoon to enquire if I've paid any PPI. I should hear back in about two weeks. I'm almost certain I haven't but there's no harm in checking.

Still no bids on Eb*y

I hope everyone else is having a better day!

beanielou

Remortgaging is only an option if you know exactly why you spent the money and are 110% that it wont happen again.

[Deleted User]

Hi CHQ,
I feel your pain - totally relate to the 'one step forward, two steps back' feeling.

You are being very proactive and positive, I can understand why you feel re-mortgaging is an attractive option. I am doing similar, can't re-mortgage as not enough equity but by selling and buying a much cheaper home, I hope to pay off some of the debt and then have lower monthly outgoings to allow me to have more money at end of month to pay remaining debt.

I know some might say its an easy way out and not tackling the root cause of my debt problem but I really can't face 5 years of the stress of being in debt. I do feel that a large proportion of my debt problem is because of living where we do, with a huge mortgage. We are cutting our cloth accordingly, hence selling the nice car and replacing it with a cheaper one and moving from a detached house to a terraced property.

Hope the weeks go fast til payday for you!

GLx

ChocaholicHandbagQueen

Beanielou - you're absolutely right, lessons need to be learnt, which is why I'm not taking the easy option. I'll get there in the end. When I pay them all off I should have £800 surplus every month. I just can't imagine that at the moment!

GL - what you're doing isn't easy, you're not taking the easy way out at all. I wish you all the luck in the world. Houses have started to sell slowly here, I'm sure it won't be long for you

I've updated my signature, this won't be going up again, that's a promise :A

beanielou

Have you cut up the Next card & closed the account?

ChocaholicHandbagQueen

Yes, just before DS2 phoned

beanielou

Go girl

ChocaholicHandbagQueen

Here we are again

Didn't sleep very well last night. I think I just had too many things going round and around in my head at the same time. Its not just money, although that's enough of a problem. I couldn't stop worrying about my dad, he wasn't well at all last night when I called. Lets hope that camera shows them whats what on Friday.

If anything happened to my dad, my mum would probably have to move in with us. She has Parkinsons and I don't think she'd cope on her own. My brother's not much use. He's married (no kids ) and lives about 35 miles away. He sees them once every couple of months. He knows I call to see them every day and do their washing etc, so he doesn't make much of an effort, but when he does turn up, they roll out the red carpet......then I get all the bedding to wash ...lol.

Take no notice of me, I'm just having a rant. I'd do everything I could for my parents, they've been good to me. I'm a real daddy's girl....he knew I'd married a "wrong un" first time round

NSD today so far but not through choice! I fancied a Yorkie this morning. I don't know why that came into my mind, but I couldn't get one anywhere on my way to work. Have they stopped making them? Nobody told me!

BF has man flu today. He doesn't think I'm being nursey enough so he's feeling sorry for himself :rotfl:

I'd better go and do some work, I'll be back later with an update and hopefully today will end as a NSD x