Noobie - Advice wanted

applegirl_2

Ok

first I should apologise because its probably gonna turn out the advice I ask for is already somewhere on the forum.

Here's my position;
we've just been accepted for a mortgage (god knows how, my credit rating is terrible), but its subject to my debts being cleared. which are:

credit card 3500
car finance 5000
loan 16000
debt agency 9000

the debt agency have said they'll accept approx 6500 as full settlement. and i could get early settlement figures for the loan and car.

my mum has offered to help by getting credit cards.
1. if i'm additional card holder can i transfer the my c/c balance onto hers?
2. can you transfer loan debts?
3. could I use one card to settle the car finance early then transfer it to the other card?

Anyone got any ideas?
any suggestions would be much appreciated.

Thanks

chunky79

Hi hun
Honestly i have no idea lol i didn't want to read and run, I am sure someone will be along soon with far better knowledge than i have x

findingmyownway

Hi

I've never heard of a mortgage been offered on the condition other debts are cleared so you'll have to wait for someone else to advise on that one.

As for your mum getting cards to help you out - do you really think thats a good idea? Its not paying your debt off, its just moving it around. The mortgage company clearly doubt your ability to pay both currents debts and mortgage. If you can't afford the repayments now, how are you going to do it when you have a mortgage to pay as well?

You already have £33,500 worth of debt - maybe you should deal with that first rather than adding to it?

applegirl_2

I won't be paying the mortgage, my husband is.
I would be shuffling the debts round, but it wouldn't be showing on my financial record and if its 0% the payments I would make would be reducing the debt rather than only just covering interest.