Rescue My Finances

moneymoron1

lynz68 wrote: »

I understand you see it as an option. I obviously don't know your personal situation but you earn a decent salary which has jumped from £22k to £35 and due to jump again to £45 some on here can only dream of earning that. So when your salary jumped to £35k did you have these debts then, have you paid off other debts or generated more? Your imminent pay rise should help significantly as long as you don't take on anymore debt. If the mortgage is in both you and your mothers name both of you will need to apply but you are putting her in an awful position because she will have to know about all the debts do you expect her to keep that a secret from your wife? How would your wife feel if she found out at some point anyway and that your mother knew? At the minute your house is rented out but what happens if your tenant moves out who pays the mortgage then I am assuming the rent you receive covers the mortgage. I think you can do this without the securing the debt it may take a bit longer than you want but your pay rise should help as long as you use it all for debt repayment and don't start spending it.

The majority of the debt came before the pay increase, following the pay increase I've had a lot of expenses that have mounted up leaving me in a mess.

I feel I can get around my mum with the debt situation, and I could potentially have the loan cleared in 3 or so years, which will be before we buy a house together.

It is a big risk because she may find out, but I've got to try and avoid that for as long as possible

moohound

If you can bin off the pay day loans by getting rid of the car, do you really need the secured loan? The other debts didn't look that bad and are easily sorted with snowballing.

Getting the secured loan seems like an uneccessary complication.

Put what's left in the snowball calculator and see what comes out.

moneymoron1

moohound wrote: »

If you can bin off the pay day loans by getting rid of the car, do you really need the secured loan? The other debts didn't look that bad and are easily sorted with snowballing.

The car unfortunately needs a little bit of repair work before I can sell it, which I cannot afford at the moment if rolling the PDL's over.

In theory I would use the secured loan to sort out what I have explained earlier and repair the car, I would then sell the car and clear what else I have remaining with the car sale money, then I would hopefully only have the secured loan and a small amount of unsecured debt that I could easily service.

I know the risk of me not clearing and closing the rest, but I've already learned that the hard way, I can't keep living like this anymore, so wouldn't make the mistake again. I'm constantly thinking about my problems, and its getting me down really