whats the best way to clear my debt

chrisski

I have £13k debt over two credit cards and i cant seem to pay it off! I own two houses one which i live in, the other I rent out! I get married next yr and will be getting a house next yr! what are my best options to pay off this £13k debt? I have 3 options:
1. remortgage my buy to let property (which needs done anyway)
2. Use what profit i may make from selling my house when i sell it next yr,
3. take out a loan

Id appreciate any ideas from you all!

thanks Chris

lynzpower

Chris,

Your best bet is to post up a statement of affairs.

Remortgaging to include the debt you have isnt a good idea- this secures debt to the home " and your home is at risk if you do not keep up repaymetns on any loans secured on it" plus additionally, you will have to increase the rent on the mortgage to cover the additional % more of loan. Additioanly the interest is less, % but over a longer period of time.

Getitng a loan to pay off the debts works in the same way, you dont "pay off debt" merely shuffle it about. It will cost you more in the long run, plus it does not get you out of the habits of overspending.

Post your statmeetn of affirs & we can have a look where you can make cutbacks to PAY THE DEBT OFF.

Good luck

chrisski

whats a statement of affairs???

lynzpower

sorry have a look at the top pf the board theres a sticky by Southern scouser called "first time posters" it will tell you all you need to know and is bascially

ALL you incomes ( including the rent from the 2nd house)
Every single one of your outgoings
all your debts- the total, who to and the APRs

then we can see what we can do to help you out
x

GirlRacer_2

I agree with Lynzpower here. Do not change unsecured debts into secured debts. Pop up your SOA and we'll all have a look through it.

chrisski

mmmm id only post my soa privately

poppy10_2

We can't help you if you don't give us enough information to go on...

Look through some of the other posts in this forum - other people have managed to do it. I know it's daunting posting your SOA, but it's an anonymous forum and people won't be able to identify you. And noone here will laugh at you or judge you.

Go on....